On today, which is Canada Day, let’s reflect on the Canadian fashion industry. Or, more importantly, what does it mean to Canada’s purse strings?
The Ontario government released a report that looks at the economic contributions of the fashion industry to Ontario’s economy. Here’s a quick look:
- Toronto’s fashion industry employs more than 50,000.
- Fashion designers generally live where they work: a survey indicates that 73% live in Toronto.
- Toronto is home to 550 apparel manufacturers that bring in $1.4 billion annually.
- Shopping opportunties abound in Toronto. There are 4,600 retail stores in Toronto, which generate $2.6 billion in revenue.
- Toronto’s LG Fashion Week draws crowds. Almost 35,000 people attended the fashion week that debuted Fall 2011 fashion lines. Given that the LG Fashion Week occurs twice annually, that’s a lot of tourism.
- A survey indicates that Canada’s fashion industry will need to hire 7,000 more people over the next 2 years.
Makes you proud to be a Canadian, eh?