what it is and how it relates to fashion
what is the orange economy?
The orange economy encompasses visual arts, performing arts, crafts, design, research and development, fashion, film, music, advertising, TV, radio, video games, software, toys and games, and publishing.
Fashion, like the rest of the activities encompassed by the orange economy, represent great business and transformation opportunities for those who dare to face innovation and early adoption.
There is great potential in the development of creative industries through innovation and their cultural heritage.
Today more than ever it is important to redefine our conception of value by addressing qualitative variables other than monetary ones. Therefore, the orange economy, in addition to profit, the orange economy pursues the development and promotion of culture.
Curious facts about the orange economy and its potential
- The intangible capital that resides in the orange economy represents 77% of the world’s wealth according to the World Bank
- Latin America is particularly differentiated by the wealth that exists in its natural and intangible capital, with its intangible capital accounting for 69.3% of its overall capital (natural, intangible, and produced capital)
- In 2012 the export of creative goods and services grew by 134%, according to the United Nations Conference on Trade and Development (UNCTAD)
- If we insert their exports in the classification made by the International Trade Center (ITC), they would be the fifth most traded goods on the planet.
- According to the report “IMPACT OF ORANGE ECONOMY”, (commissioned by the Organization of American States, the Inter-American Development Bank and the British Council, and prepared by the consulting firm Oxford Economics) If the orange economy were a country, it would be the 4th economy with a value of 4.29 trillion US dollars.
- According to the BID, the global labor force of the orange economy (29.5 million jobs) exceeds that of the automotive industry in the European Union, the United States and Japan.
- Fashion, like the rest of the activities of the orange economy, implies a powerful potential for growth, as well as new scenarios and the insertion of new technologies always represent an opening towards new areas of opportunity.
New technologies applied to creative industries
Today twelve disruptive technologies are predicted to transform life, business, and the global economy by 2025 according to McKinsey global institute.
We share with you the 6 technologies applied to creative industries with an estimated economic impact MGI of 8.8 billion US dollars:
- New forms of communication through the mobile internet
- New forms of differentiation with the internet of things.
New forms of sharing and aggregation in cloud technologies
- New forms of portability with energy storage
New ways of making from 3D printing
- New materials with the application of advanced materials and in general new business models.