Celebrities, microinfluencers, and photo-based platforms: How they're used to influence fashion

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The economic principle I examined was that institutions are the "rules of the game" that influence choices. The specific institution I'm focusing on is culture and how that includes celebrities, the use of everyday people as influencers, as well as media. There are many examples of how this economic principle can be applied to the real world.First is how celebrities have a positive impact on brand exposure and sales. This demonstrates how our society is highly influenced by Hollywood figures and how they are looked up to for the latest fashion and even lifestyle trends. As a result, brands take notice and endorse these celebrities to use their products. Second, I studied how micro influencers are being used to promote brands via social media, and how they, too, are an effective way of advertising for brands. Even though micro influencers may not have the same fame and fanbase as celebrities do, it still shows how our society can be influenced in a different way - more specifically, they feel that they have something in common because they are the average, everyday person who shares a similar lifestyle, thus showing how consumers are influenced by this sense of honesty and genuinity that micro influencers tend to provide. Third, I studied the different types of social media brands use and how platforms like Instagram and YouTube are among the most popular due to how they communicate through mainly photo and video. This shows how the visual component in advertising is effective to society because of how consumers, for example, especially in the fashion industry, tend to visualize what outfits or beauty products would look like on them before purchasing.