What’s Happening: The hoopla around the Met Gala has been a tad lighter than usual this year, sparking another round of conversation about the state of fashion’s biggest party.
Night at the Museum: The exhibit, “Super Fine: Tailoring Black Style,” has received heaps of praise for shining a big spotlight on the influential but often overlooked culture of Black dandyism. You can read more about it here, and look out for our coverage of the exhibit and the event on Tuesday, as well as in an upcoming episode of The Debrief.
No Mood to Party: Where doubts are creeping in, it’s at a more meta level, namely whether this is the moment to be holding an over-the-top gala, as well as whether this particular over-the-top gala is past its prime. You can find similar talk percolating on social media just about every year around this time, with climate change, income inequality, reproductive rights and other issues cited as reasons to tone it down. Luxury’s deepening slump isn’t helping.
And Yet, Party We Must: Typically, these challenges are swept aside by the avalanche of red carpet coverage. The same is likely to happen this year. Someday the public may turn on the Met Gala – or perhaps worse, stop paying attention at all. But for now, party on.
A Big Decision
What’s Happening: On Wednesday, the Federal Reserve will most likely hold interest rates steady, even as President Donald Trump calls for cuts to stimulate growth.
No Pressure: The Fed will likely wait a bit to see how Trump’s trade war plays before taking steps that would lower borrowing costs. While the economy is clearly slowing – US GDP contracted for the first time since 2022 in the first quarter – a rate cut could fuel more inflation on top of the price increases triggered by tariffs.
The Fashion Angle: Retailers probably wouldn’t mind a rate cut right now, as they project weaker sales should the faltering economy cause consumers to reduce spending. They’ll likely have to settle for a nod from central bank officials that cuts may come sooner rather than later.
Secondhand Indicator: In addition to the Fed, the fashion industry should keep an eye on a pair of earnings releases from leading resale platforms. ThredUp reports on May 5, while luxury focussed The RealReal reports on May 8. Intuitively, secondhand sellers should be among the few winners in a trade war, as the clothes they sell are already in the US and not subject to tariffs.
Google searches and app downloads for some resale sites have seen an uptick since the tariffs were announced, though it’s not yet the mad rush one would expect if consumers were planning to embrace the thrifting lifestyle en masse.
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