Another reason to support the local fashion industry
Yet another reason to support Toronto’s fashion industry (if backing freedom of expression and artistic talent don’t do it for you): the big bucks.
A new report by U.S. congresswoman Carolyn B. Maloney and the Joint Economic Committee of Congress leaves no doubt that fashion events can seriously boost a city’s economy.
The report shows that New York Fashion Week results in nearly $900 million worth of economic impact each year, including approximately $532 million in tourism dollars. That’s almost $400 million more than the 2014 Super Bowl brought in to the city.
The report also states that the fashion industry accounts for 6 per cent of NYC’s workforce and almost $2 billion in tax revenue each year.
If we can’t convince local politicians to support our industry and Toronto Fashion Week for artistic reasons, perhaps the potential tourism dollars, jobs and resulting taxes we’re missing out on will get them on board.