𝐓𝐡𝐞 𝐈𝐧𝐯𝐢𝐬𝐢𝐛𝐥𝐞 𝐇𝐚𝐧𝐝

The Met Gala, a flagship fashion event for a cause, has left the entire world in fascination, as people discuss and judge each outfit. However,its effects on the economy are often left undiscussed. 

Firstly, the fashion industry experienced a significant boost. Celebrities walked the red carpet in outfits by celebrated designers, and these influential figures instantly enrich the brand image, persuading others to start wearing the over-the-top expensive brand. Not only does this significantly increase the demand for designer labels and hence their profits but also vitally reduces the level of savings by the household and introduces an opportunity cost of using the same amount of money efficiently, elsewhere.

Additionally, the gala is a platform that allows a degree of marketing, which is unlikely to be matched by other forms of marketing in the given period of time. The Met Gala 2024 broadcast drew over 800,000 peak viewers, and in the subsequent 24 hours, it was the hottest gossip in town, discussed by millions of people out there. This also notably impacted the audience and hence the revenue of Fashion Magazines, News Websites, Television Networks and more.

The Met Gala also contributed to generating employment for photographers, hairdressers, makeup artists, event managers, security personnel, and technical support staff, causing a rise in incomes. Moreover, local businesses such as caterers, florists, and transportation services benefited from providing goods and services for the event and related parties. 

An Indian celebrity, Alia Bhatt walked the carpet wearing a “saree”, a traditional garment that not only uplifted the Indian culture and ethnicities but also created employment for the under-privileged, as the Sabyasachi saree took 163 craftsmen to make. 

From an overall perspective, guests and staff flew from around the country as well as the world, through air and accommodated themselves at hotels, showcasing a spike in the revenues and demands of the tourism industry, even though, externally the carbon emissions rose due to the high-profile guests utilising private jets. A multiplier effect is hence witnessed wherein money is being circulated around the local economy. The revenue generated exceeds the expenditure, leading to economic growth. 

What is often forgotten is the main “incentive” of hosting this event, fundraising. This year’s event raised about $26 million for the Metropolitan Museum of Art’s Costume Institute, according to a spokeswoman.In 2024, individual tickets at the Met Gala cost $75,000, while entire tables cost $350,000. These revenues are cumulatively allocated towards the museums operating expenses, exhibition expenses, programs of the Costume Institute throughout the year, and Acquisitions and Collections of historically enriching garments and items. 

The residual amount is entirely charitable, in several ways that augment well-being in the economy. The Met Gala, poses their concerns towards educational outreach by organising lectures and workshops for scholars by designers and industry experts. Similarly, online resources, symposiums and conferences and outreach programs are planned to promote fashion as a career as well as its historical significance. Furthermore, in order to aid the underprivileged at pursuing their passion of fashion, the Costume Institute funds scholarships, research fellowships, provides internships and travel grants in order to alleviate financial barriers and efficiently engage in the industry and foster appreciation as well as innovation.

The economic impact of the Met Gala ranges from fashion, tourism, educational outreach, small businesses, media, amplifying its cultural influence and aiding a prominent development in the economy but at the same time we also need to be aware of the harm it causes.

– Yug Khakhar, AS B