We Answer: Can You Make A Lot Of Money In The Fashion Industry?

Being in the fashion industry has afforded many people the chance to make a living doing something they love. According to Tommy John, the fashion industry employs approximately 1.8 million people in the United States. Unfortunately, there have been several factors that have played key roles in a signific ant decline in employment in the fashion industry lately. Of all the jobs that are available in the industry, fashion designers account for less than 32,000 as of 2021. With this recent decline, those employed in the fashion industry can’t help wondering if there is a chance to succeed in fashion. This begs the question, “Can you make a lot of money in the fashion industry? Well, let’s take a look at a few of the key factors that will help determine whether or not you can be successful, and if there is a chance for you to make a lot of money doing what you love.

The fashion industry has become a profitable market in the United States, and is valued at approximately 368 billion dollars. However, the amount of money fashion designers earn annually will depend on the market.

You can make money in the fashion industry. The median salary for fashion designers is $74,410 per year, with the top 10 percent earning $130,900 per year and the bottom 10 percent making $32,320 annually. A few factors that may determine the average salary of a fashion designer include their experience; their location; the direction in which the industry is heading; the type of industry, and their educational qualifications.

In this article, we will take a closer look at the fashion industry, and how each of these factors helps influence the amount of money you can expect to earn in the fashion industry. Let’s read along to find out how fluctuations in the fashion industry have a significant impact on tthe amount of money you can earn if you choose to be a fashion designer. As a bonus, we will also see how the salary of a fashion designer can fluctuate, depending on the location of the designer, and which states have the highest average salaries for this career.

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Why Does the Salary of a Fashion Designer Fluctuate So Much?

While the fashion industry can be quite fickle, several factors can directly impact your potential earnings as a fashion designer. Perhaps two of the most influential factors in your ability to earn a living as a fashion designer are your location and the amount of experience you have in the fashion industry. Trends will vary in different regions in the United States. The amount of experience you have will provide you with the foresight to predict which trends are on the horizon, as well as which trends will be making a comeback. Experience also gives you the chance to build a bigger portfolio, which can also influence your earnings in fashion.

Another area of the fashion industry that will significantly influence your earnings as a fashion designer is the direction in which the fashion industry is heading. If you can utilize your skills as a fashion designer in conjunction with the direction of the industry, you should see greater potential for earnings than those who cannot adapt to changes within fashion. There are also different Industries within fashion, and your salary will change depending on the industry you choose to work in. For example, if you work in apparel and piece goods, the average salary is $73,150 per year, while fashion designers who are employed in the performing arts industry earn an average of $53,270 annually.

Like with most other occupations, your educational experience will also help to determine how much money you can earn in the fashionn industry. Let’s face it. Most employers will want to hire somebody that has a degree the field in which they are working. Now, this may not always be the case, but it is usually how things work in the majority of Industries. Potential employers will want to see that you have had the appropriate training and education that will provide you with the skills necessary to be a successful fashion designer. Acquiring the training you need to become a successful fashion designer is an investment in your future. If you look at things from this perspective, this may provide you with the encouragement you will need to be successful in unique industry, including fashion.

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Experience

As is the case with most occupations, your ability to earn a high salary will be predominantly dictated by your experience in that field. As you become more experience in the fashion industry, you will gain a better understanding what people like, and the direction and which fashion is heading. Being able to predict the next big fashion trend is yet another perk that acquiring experience in this industry can afford you. Because most trends are cyclical, accruing more experience should provide you with the knowledge you need to determine which fashion trends will make a comeback, which will also directly impact the amount of money you can earn in the fashion industry.

Obviously, entry-level fashion designers are going to earn significantly less money than those who are more experienced. According to Indeed, fashion designers who are less experienced in the industry can you make less than 2,500 per month, or $30,000 annually. However, once you begin to build your fashion portfolio, you will have the potential to make more money. Designers with significantly more experience have the potential of making upwards of $130,000 per year. Still, the average median salary of a fashion designer in the United States amounts to slightly more than $74,000 annually.

Location

Fashion trends are going to vary quite a bit, depending on where you are located. A few factors that may influence fashion trends in different regions of the United States include the economy in that region; the climate of that area, and the opportunities available to you. We have all heard of fashion meccas like New York, Paris, London, and Los Angeles. While there are several factors that may affect your potential earnings in one of these locations, you will have a significantly better chance of making more money in the fashion industry if you are located in an area that prioritizes fashion.

While larger metropolitan areas like New York and California may have traditionally given you a better chance to earn more money as a fashion designer, the highest paying location in the United States may surprise you. The highest average salary of a fashion designer in America is in the state of Pennsylvania, where designers earn approximately $6,600 per month. However, if you want to be successful in fashion, most trends indicate that the Southern United States does not provide you with the potential to be as successful as you would in Northern America. Still, if you take into account the average economies and climates of these areas, you will understand why you have a better chance of succeeding in the fashion industry if you take your talents up north.

Direction of the Industry and the Type of Industry

If there is one thing that is constant about the fashion industry, it is that it constantly changes. To be successful in this industry oh, you will have to be able to adapt to these changes. The most successful people in the fashion industry are those who have shown the flexibility to be able to adapt to changes, and adjust accordingly. The ability to predict trends in the fashion industry will also help you to be more successful. If you aim to be successful in your career in fashion, this is just one small area of the industry that you need to recognize and embrace. By doing so, you can arm yourself with the tools necessary to be successful in fashion.

Now that we have covered your ability to recognize where the industry might be heading, let’s discuss another area that may impact your ability to make a lot of money. I am referring to the type of job you do. Just like with any other industry, your pay will fluctuate depending on be specific job you were hired for. For example, if you choose to be a fashion designer for an apparel line, your salary will be much larger then if you are a fashion designer who works in performing arts. The difference in your salary can be as much as $20,000 per year. However, the area of the fashion industry that will give you the best opportunity to be successful is the video industry, where the average salary is $92,850 annually.

Educational Qualifications

Last, but certainly not least, your education will greatly influence how much money you will be able to earn in the fashion industry. A good education can prove to be quite valuable by giving you the training and knowledge you need to be successful. What you may not know is that where you went to school is just as important as other aspects of your education. Per the website PrepScholar, the top fashion design schools in the United States include the following:

Fashion Institute of Technology (FIT), New York
Parsons The New School, New York
Pratt Institute, New York
Savannah College of Art and Design (SCAD), Georgia
Kent State University, Ohio

In addition to where you study, the degree you pursue is just as important . As of 2021, the most popular degree in the fashion industry is fashion design. However, if you do not want to go into fashion design, there are many other opportunities for you to earn the degree in the fashion industry. Some of the most popular fashion degrees you can earn are as follows:

Fashion Marketing and PR
Fashion Merchandising and Buying
Advertising
Fashion Production and Management
Fashion Technology
Fashion Journalism and Publishing

Conclusion

In conclusion, there are many avenues that you can pursue if you want to make a lot of money and be successful in the fashion industry. However, there are several factors that can determine how successful you will be. The amount of experience you have in fashion will affect how much money you will be able to make. Your location is another important factor in how successful you can be. Different regions of the United States have economies, populations, and climates that fluctuate. They will have an impact on how much money you will make. The direction in which the fashion industry is heading coupled with the job you have in fashion play a key role in the success you can expect as well. Finally, your educational qualifications will have some effect on the success you have in the fashion industry. Give some thought to where you choose to study, along with what you choose to study. It will make a difference in your ability to achieve long-term success in fashion.

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