Even those living in the 'Big Apple' who oppose the bi-annual fashion extravaganza known as New York Fashion Week cannot escape the fact that the event has a large financial impact on the city's economy. A huge one in fact, generating 900 million US dollars in revenue - more than the US Open, the New York City Marathon and the 2014 Super Bowl, highlighted US Representative Carolyn B. Maloney during a press conference at Milk Studios earlier this week.
With the event taking place twice a year and drawing in approximately 232,000 people per season, New York Fashion Week has become the city's biggest revenue driver with 532 million dollars coming in directly from visitor spend, according to the New York City Economic Development Corporation (NYCEDC.) The US Open in comparison brought in 800 million dollars in revenue, the Super Bowl in 2014 approximately 550 million dollars and the New York City Marathon roughly 440 million dollars.
New York Fashion week eclipses other fashion weeks in size and revenue
Maloney stressed that New York is currently leading the way for US fashion industry, employing 180,000 individuals in the greater metropolitan area - equal to 6 percent of the total population in the area, according to NYCEDC. "The fashion industry puts a good number of New Yorkers to work — it’s not just about glitz and glamour," said Maloney as she revealed the statistics of the newest report from the US Congress’ Joint Economic Committee named: 'The Economic Impact of Fashion Industry.'
"I’ll tell you when I asked for this report, I was stunned by the economic impact of the fashion week and the impact of fashion in general, especially in terms of the many good-paying, middle-class jobs for American." The fashion industry in New York is said to be worth 98 billion dollars, generating 2 billion dollars in tax revenue each year whilst bringing in 18 billion dollars in retail sales per year, added the NYCEDC.
Overall, New York Fashion Week has already eclipsed London, Paris and Milan as the biggest fashion week. This NYFW season saw 181 shows and presentations listed on the official NYFW schedule, and a total of 308 events filed on the Fashion Calendar, according to a spokesperson for the Council of the Fashion Designers of America. London Fashion Week in comparison will see 78 designers show on schedule, with 52 catwalk shows and 26 presentations, according to a press release from British Fashion Council.