Nowadays, an increasing amount of people prefer to buy accessories and other clothes from popular foreign brands. In my opinion, this causes negative development due to the fact it impacts small local brands and in turn country’s economy.
People lean towards purchasing branded clothes as they believe they will have higher social status if they wear branded items. This leads to them not buying clothes from local homegrown brands. Although, the homegrown brands are unique and inexpensive merely for the purpose of showing off people are against shopping local brands. This impacts their business negatively, which more frequently than not leads them to shutting down. Something similar happened to one of my friend’s boutique. He had an online t shirt store where he used to sell customized tshirt but he had to shut it down because of the rise in the purchase of international branded clothes by people. Therefore, I believe international brands negatively impacts small businesses.
Secondly, from my point of view if business continuously goes out of the country, the growth of said country is hinder as their revenue is decreased. due to the fact of the hype of international cars these days, younger population gravitates towards buying international cars and pay hefty amount of money to purchase the car. As manufacturing of these cars are not done in the same country as they are purchased from, the car do not contribute towards the regional economy of the country. For example, currently Tesla is not manufactured in India, therefore if an Indian decides to buy a Tesla they do not contribute towards growth of India’s economy.
Because of the above reasons of less economic growth and diminishing of local brands, I believe the trend to buying from famous international brands negatively impact the development.