Guess How Much Money New York City Makes Each Fashion Week
There’s often talk about how much people spend on Fashion Week, but never how much they make from it. Which is exactly why IMG, the company that makes New York Fashion Week happen, commissioned a study to find out just how beneficial the eight days of glamour are for the Big Apple.
The study, written by graduate students at the Fordham Business School, found that the city gets a multi-million dollar boost each time the tents set up at Lincoln Center. Last season, the area around the Center made almost $21 million. On an annual basis, combining the influx of cash from rounds of presentations in September and in February, the area rakes in over $41 million.
So where does all that scratch come from? The New York Times reports that about $6 million gets spent on hotel rooms (all those fancy foreign editors need somewhere fancy to stay, don’t they?), another $7 million gets spent in stores, and $9 million in restaurants. And you thought fashion people didn’t eat anything.
In 2008, the city’s Economic Development Corporation estimated that citywide, Fashion Week brings in $233 million per season. If Lincoln Center gets 21 of those millions, then only ten percent of that money is actually spent around the tents.
We’re not sure that will come as a big comfort to residents of the area who said last season that pollution from the generators that power the tents made them sick. Then again, who wouldn’t want the economy-stimulating, fashion center of the world to reside in their own backyard?