Ganeev Kaur: Fa$hion

The struggle of one who tries to keep up what's “in style,” often mirrors that of Sisyphus. Just when the boulder makes its way up the hill, the “90’s come back" –or low-rise jeans are out — and the boulder rolls right back to the bottom all over again.

Fashion cycles through stages of trends, as innovation and boredom prompt the introduction of fresh vogue and nostalgia, and collective memory evokes the return of vintage fads.

These stages loop endlessly through the decades, mannequins, and silhouettes.

Similar to the curse of a fashion fanatic on a fickle runway, economists grapple to make sense of constantly fluctuating markets. Sentiment, speculation, and unexpected conflicts, such as geopolitical tensions or consumer shifts, mirror the caprice of the fashion world. The economy, much like the cyclical nature of fashion, operates in rapid waves of booms, busts, and recoveries.

Both domains revolve around perception, timing, and mood, and they can unravel like a delicate chain of dominoes at any second.

This finance-fashion connection is not just a clever allegory, but a deeper relationship, as George Taylor highlighted in 1926.

Indeed, Taylor suggested that stock prices are directly proportional to the hemline of women’s dresses. Hence, as the economy takes off, “..hemlines creep up to match the feel-good vibe of the period, only to fall back down with recessions, reflecting the somber mood of empty bank accounts” (instyle.com).

For example, during the 1920s, as the growth of the stock market brought about jolly attitudes, skirts got shorter and birthed the iconic “flapper era.” Then, during the Great Depression, particularly the late 1920s to the mid 1930s, conservative ideals from the shrinking market prompted hemlines to extend past the knee (federalreservehistory.org). The late 1930s flipped the switch, as booms led to midi-skirt fashion, and knee length styles remained during wartime prosperity in the 1940s. In fact, fashion writer Marlen Komar proposes that Dior’s voluminous skirt collection in 1947 foreshadowed the recession of 1949. About a decade later, slowing of unemployment and increasing wages led to the miniskirt craze, with lengths shorter than ever before. These promiscuous styles lasted until the stock market crash of 1987, when midi lengths returned (oaklandpostonline.com).

In the present day, fast fashion and social media allow trends to change in moments rather than by year, making it significantly tougher to identify skirt-length patterns (Mallory Waligoria). However, the general idea still holds true: worsening economies lead to resurfacing of conservative ideals and more minimalist wardrobe currents, while stable markets allow for more self-expression and resurgence of playful glamor.

As skeptical as it sounds, the Hemline Index is one of countless theories correlating fiscal health and prevailing styles. For instance, the Lipstick Index, proposed by Leonard Lauder, highlights the rise of lipstick sales during economic downturns. Experts believe the reasoning behind this phenomenon is that when consumers can’t afford luxury items like vacations or handbags, they turn to small indulgences like cosmetics to feel a sense of control and gratification (chase.com).

Overall, these relationships between what’s “in style” and how markets move underlines a daunting truth: we don’t always have as much free will in our choices as we believe. When you go to your mom’s closet and reach for a vintage maxi dress, that isn’t an action dictated solely by personal style but a reflection of the changing financial climate. Our attire and the way we decorate our bodies respond not just to culture and personal inclination but also to capital.

In the 21st-century, this dynamic plays out in more subtle ways. The rise of the “old money” aesthetic, consisting of neutral tones, classic silhouettes and muted pieces, reflects a shift towards traditional values. Logos become less prominent and frills reduce to simplicity, suggesting a “stealth wealth” movement. People reach for clothing that signals stability, timelessness, and safety — even if it's only on the surface.

Interestingly, this fashion shift often coincides with cultural changes: when anxiety rises in the market, so does a subliminal sway towards conservatism. This shift may not always be apparent, but clothing and lifestyle preferences begin to lean towards reservation. The rebirth of “preppy” classics like plaid skirts, trench coats, and headbands may appear as harmless nostalgia, but often suggest a desire for simplicity and structure in a seemingly unpredictable world.

About the Author:

Ganeev Kaur is a soon to be junior at Stuart Country Day School of the Sacred Heart. She partakes in speech and debate, musical theatre, and in her free time she often watches the Office. She enjoys writing about topics involving anthropology, and relating fascinating theories and phenomena to paint a broader picture.