I came across an interesting CBC article suggesting that cheaper fashion affected the Canadian inflation rates.
Yes cheaper fashion does benefit the Canadian economy, allows us to spend our hard earned money on other items and so on. But what the article does not say is that someone pays. There are not breakthroughs in clothing manufacturing that make it cheaper to produce. Items still need to be sewn by people.
I highly doubt the fashion companies are dropping their prices altruistically – somebody pays for the cheap fashion and it usually is the garment worker in a factory a long way away from here.