Fashion in Times of Crisis. A Necessary Luxury or a Dispensable Expense? – THISDAY Style

As Nigeria grapples with one of its most severe recessions in recent history, the ripples are felt across all sectors, including the dynamic world of fashion. 

The current economic downturn, characterised by soaring prices of essentials and a general increase in the cost of living, is challenging the conventional approach to fashion and consumerism. With each aspect of our lives, from housing to clothing, under the microscope of financial constraints, the Nigerian fashion industry stands at a crossroads.

“The most impactful problem Nigerian fashion brands are facing today is the very fast decline of the naira—it’s hard to keep up! We have seen basic items shoot up in price within hours! As most components required for successful garment production are imported, items are constantly increasing in the market, making it very difficult for brands to set their prices and restock. The increasing price of diesel is also a problem, as it increases the cost of production. As I wear the shoes, I know where they hurt.” says luxury fashion designer Banke Kuku

This is why some argue that fashion is an unaffordable luxury in times like this. Others, however, see it as an evolving entity, adaptable and resilient. Regardless of perspective, one thing is certain: change is inevitable. And this change will affect everyone connected to fashion, from designers to retailers and stylists to models and consumers.

Fashion Spending in the Recession

Nigeria is no stranger to economic crises. This isn’t the first rodeo, though the current situation seems to be biting harder than previous ones.

As incomes shrink, many argue that fashion has become an unaffordable luxury. However, others, like renowned stylist Moses Ebite, see it differently. “Fashion is more than clothing. It’s a form of self-expression. It’s not disposable; it’s adaptable,” he asserts. This perspective echoes through the corridors of the industry, suggesting a need for a strategic pivot rather than a complete shutdown.

Understanding the Economic Impact

Learning from the past, we can anticipate certain shifts. The rise in unemployment and inflation will inevitably lead to decreased consumer spending, hitting retail sales hard, including clothing and accessories. While luxury brands may retain their footing due to their affluent target audience, many companies will struggle with production and distribution, leading to a notable decline in the business landscape.

Consequently, consumers are revising their fashion budgets. For the average Nigerian, fashion spending is under scrutiny. Torn between essential expenses and the desire to express themselves through fashion, many are reevaluating their priorities. They’re either investing in fewer, higher-quality items or turning towards more affordable options. Nowadays, the choice between necessities like rent and a new pair of trousers has become stark, with essentials taking precedence.

“Nigerians love to shop regardless. But these days, it’s different. I would say it’s now more about finding a balance between affordability and maintaining personal style,” shares Ozinna Anumudu, online fashion retailer and founder of Ozinna.com.

Do We Still Need Fashion During an Economic Crisis?

For fashion industry players, this presents loads of challenges. They must align with shifting consumer expectations while staying afloat in a turbulent market. This again leads us to a crucial question: In an economic crisis, do we still need fashion? While opinions vary, the consensus leans towards the affirmative—fashion isn’t fading into obscurity. It remains a significant economic contributor and a large employer. More importantly, the desire to look good and express personal style doesn’t wane, even in hard times. People will adapt and find new ways to express themselves within their means.

The Shift in Consumer Behaviour

Understanding the shift in consumer behaviour is crucial. With limited budgets, customers are becoming more conscious and selective. There’s a growing trend towards sustainable and versatile fashion—pieces that offer longevity, both in style and durability. This shift isn’t just a survival tactic but a conscious choice reflecting global concerns about sustainability and ethical fashion. “The future of Nigerian fashion lies in its ability to adapt, innovate, and resonate with the changing times,” says designer Lanre da Silva.

Adapting to New Realities

As the industry navigates these troubled waters, several strategies emerge. Emphasis on sustainable, versatile fashion, investment in online platforms, and fostering a culture of local craftsmanship are among the top approaches.

The economic downturn is an opportunity to turn inward—to local resources. There’s a burgeoning appreciation for homegrown indigenous fabrics. This not only supports the economy but also helps carve a unique identity for Nigerian fashion on the global stage.

Technology will also be a game-changer. From virtual fashion shows to online retail platforms, technology offers innovative ways to keep the industry alive. Social media will play an even more pivotal role in marketing and customer engagement, offering a cost-effective alternative to traditional advertising.

Interestingly, the luxury segment of the Nigerian fashion industry continues to hold its ground. This sector caters to a niche market that is less affected by economic fluctuations. However, even luxury brands need to adapt, focusing on exclusivity and personalisation to maintain their appeal.

As clothing becomes more expensive, fast fashion, thrift and second-hand markets, and fashion rentals will experience a surge. These markets offer affordable fashion choices while also aligning with sustainable practices. It’s a win-win situation in a recession-hit economy.

For professionals in the industry, this period is an opportunity for skill development. Diversifying skills, understanding market trends, and adapting to new technologies are essential for survival and growth.

The Way Forward

The future of the Nigerian fashion industry in these tough times hinges on adaptability and innovation. Brands and designers need to think out of the box, creating fashion that is affordable, sustainable, and reflective of the changing societal norms. The way forward involves a collective effort from designers, retailers, and consumers.

Adversity breeds creativity. We are a nation of resilient people, and this is the time to innovate and redefine our fashion narrative.