Fast FashionMarket Size And Forecast
FastFashion Market size was valued at USD 1000.3 Billion in 2020 and is projectedto reach USD 1,412.5 Billion by 2028, growing at a CAGR of 4.4% from 2021 to2028.
TheFast Fashion Market is expected to increase due to growth in media development,increase in expenditure on fast fashion, growing youth population, and growth ofemerging economies. The increasing adoption of affordable clothes by the risingyouth population drove the Fast Fashion Market. Yet the market faces somechallenges such as the decline in spending on apparel, inventory management,perishable and volatile demand. The Global Business Travel Market reportprovides a holistic evaluation of the market. The report offers a comprehensiveanalysis of key segments, trends, drivers, restraints, competitive landscape,and factors that are playing a substantial role in the market.
GlobalFast Fashion Market Definition
TheFast Fashion Market consists of sales of clothing and apparel in trend andrelated services. Fast fashion means garments that move quickly from thecatwalk to the stores to meet the new trends. Fast fashion clothing collectionsare supported by the foremost recent fashion trends presented at Fashion Week.Fast fashion is the delivery of the latest runway trends but at a minimalpricing and low maintenance cost; thus, having a mass appeal. In the otherwords, fast fashion refers to the ability to capture the latest fashion trendsand bring them to the public as quickly as fast food.
FastFashion has risen from ‘out-of-the-box thinking that departs from convention,which includes a shift from planned production to quick response production, ashift from local business to global business, a shift from following trends toleading trends, and a shift from media-centric marketing to spatial marketing.The major advantages of fast fashion are short production time, more styles,and lower quantities. The disadvantages of fast fashion are an imitation oforiginal products and false price notion.
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GlobalFast Fashion Market Overview
Virtualand augmented reality is being used by online and offline retailers in the FastFashion Market. The use of virtual or augmented reality in the Fast FashionMarket is to fill the gap between online and offline channels. Thesetechnologies enable the customer to try the product and see how it looks whenthey try the clothes or make-up on them by using virtual reality mirrors orcameras in their smartphones. For instance, applications such as Dressing Roomis using augmented reality technology to enable shoppers to try outfits on anavatar. Virtual and augmented reality enhance the in-store experience and thisis driving the market for fast fashion.
Theincreasing adoption of affordable clothes by the rising youth population drovethe Fast Fashion Market. The youth population is attracted to unique, trendy,and affordable clothes. The apparel manufacturing companies are thereforefocusing on bringing fashion clothes from the most recent fashion trendspresented in fashion week. The growing preference for affordable fast fashionclothes by increasing youth population boosted the Fast Fashion Market.
However,worker’s low living wages and poor working conditions hamper the growth of fastfashion. In the fashion industry, the workers, women especially (womenrepresent nearly 80% of the world’s garment workers), are paid very little.Women also face workplace abuses. Moreover, female garment workers in topcompanies of fast fashion in Asia face exploitation and mistreatment whichincludes poor conditions of work, low salaries, and overtime which leads to alack of efficiency. By this, most people will not prefer the fashion industryto work. Therefore, low wages and terrible working conditions are affecting thegrowth of the Fast Fashion Market.
GlobalFast Fashion Market: Segmentation Analysis
TheGlobal Fast Fashion Market is Segmented based on Type, Application, andGeography.
FastFashion Market, By Type
- Adults wear
- Teens wear
- Kids wear
- Others
Basedon Type, the market is bifurcated into Adults wear, Teens wear, Kids wear,others.
FastFashion Market, By Application
- Men
- Women
- Children
Basedon Application, the market is bifurcated into Men, Women, and Children.
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FastFashion Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
Basedon regional analysis, the Global Fast Fashion Market is classified into NorthAmerica, Europe, Asia Pacific, and Rest of the world. North America was thelargest region in the Fast Fashion Market in 2019. The Asia Pacific is expectedto be the fastest-growing region in the forecast period.
KeyPlayers
The“Global Fast Fashion Market” study report will provide valuable insight with anemphasis on the global market. The major players in the market are Zara (Inditex), H&M Group, FastRetailing (Uniqlo), Gap, Forever 21, L Brands, Mango, Esprit, Primark, and NewLook. Thecompetitive landscape section also includes key development strategies, marketshare, and market ranking analysis of the above-mentioned players globally.
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