Americans aren’t the only ones feeling the effects of the struggling economy. Paris Fashion Week kicks off today, and people overseas are buzzing over whether or not the final set of spring 2010 collections this season will acknowledge the continuous decline in consumer spending and an obvious need for more affordable retail options. The question on everyone’s lips: Will design houses like Chanel, Lanvin, and Yves Saint Laurent, known for their luxury goods, cater to the changing economic climate?
While France boasts one of the largest economies in Europe (second out of 16 countries in the eurozone union), the country is still struggling to regain its economic strength; unemployment is at the highest it’s been in three years at 9.5 percent. And as Fashion’s Night Out firmly drilled into our consciousness, a decline in jobs translates to a lack in shopping. In August, consumer spending on manufactured goods in France dropped for the second month in a row.
As the shows in the fashion capital commence today, we’ll be on the lookout for signs that designers are keeping our dwindling bank accounts in mind– Karl and Alber, have mercy on us! Will consumers finally find inspiration and reasonably-priced reasons to start shopping again? We’ll just have to wait and see…
Stay tuned this week for more juicy details on Paris Fashion Week, from the top celebrity sightings to our favorite collections of the season!