HYDERABAD, India, May 10, 2022 /PRNewswire/ -- Fast Fashion refers to a business model of rapidly replicating recent catwalk or celebrity culture or high-fashion designs and making them available to retail stores quickly and at a cheaper rate. The industry has seen phenomenal growth in the last two decades as people like to associate themselves with celebrities by wearing similar clothes. However, environmental and social costs associated with fast fashion brands may discourage the users to opt for such clothing.
According to ReAnIn, the global fast fashion market was valued at USD 88.9 billion in the year 2021 and is projected to reach USD 126.8 billion by the year 2028, registering a CAGR of 5.2% during the forecast period. Quick availability sometimes within a week of the catwalk, significantly lower price, increasing penetration of social media, and high demand among adults are leading drivers for the global fast fashion market. These low-cost-quickly-available products have caused various problems including lower wages for the employees, and use-and-throw attitudes among adults which have negatively affected the environment. These negative aspects of fast fashion have resulted in the growth of sustainable or ethical fashion.
Download free sample: Global Fast Fashion Market Growth, Share, Size, Trends and Forecast (2022 - 2028)
Fast Fashion is Evolving, Not Dying
As generation Z (Gen Z) deeply cares about the environment and sustainability, various analysts have predicted that the death of fast fashion is certain, maybe sooner than later. However, recent surveys have shown that it will be difficult for Gen Z to abandon fast fashion in the next few years. According to the 2020 Vogue Business survey, more than 50% of people who are buying most of their clothes are from Boohoo and other fast fashion e-tailers will continue to buy from Boohoo-owned brands even after hearing about the Leicester supply chain malpractice (2020). Almost all the leading brands have seen growth in the last few years. Boohoo's revenue grew by 41% in 2021 and 14% in 2022; Zara reported its net profit more than doubled in 2021, and Mango witnessed profits soar to the highest level in over a decade.
The growth in revenue or profit further validates the fact that fast fashion is here to stay, while some correction in their work culture and marketing strategies may be required. For instance, Zara has set various sustainability goals including reaching net-zero emissions by 2040 and using only organic, sustainable, or recycled for the majority of their products by 2025. Other leading brands are also expected to follow the same path in order to compete with sustainable clothing.
Key Highlights of the Report:
- Among age group, adult accounted for the majority (more than 80%) of the market share in 2021 and is expected to remain dominant throughout the forecast period. Effective market strategies including campaigns on social media have helped in increasing adoption among adults.
- Offline channels such as stores and malls are the primary distribution channel, while online channels have gained market share in the last few years. COVID-19 pandemic has further fueled the sale through online channels.
- In 2021, Asia Pacific accounted for the highest market share, followed by North America and Europe. China, being the largest country by population, is leading in the Asia Pacific region owing to high disposable income, and the presence of local manufacturers such as Shein.
- Growth of sustainable or ethical fashion in developed economies such as North America and Europe will negatively affect the fast fashion market in these regions. However, fast fashion is expected to witness double-digit growth in developing economies including Latin America and Africa.
Access the report description on: Global Fast Fashion Market
ReAnIn has segmented the global fast fashion market by:
- Women's Wear
- Men's Wear
- Age Group
- Adults Wear
- Teens Wear
- Kids Wear
- Other Ages
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Key players operating in the global fast fashion market include Inditex (Zara SA), H & M Hennes & Mauritz AB, Missguided, Shein, Fashion Nova, Fast Retailing Co., Ltd. (Uniqlo Co., Ltd.), Forever 21, Inc., and Boohoo.
Know more about this report: Global Fast Fashion Market
ReAnIn provides end-to-end market research services which span across different support areas such as syndicated market research reports, custom market research reports, consulting, long-term engagement, and flash delivery. We are proud to have more than 100 Fortune 500 companies in our clientele. We are a client-first organization and we are known not just for meeting our client expectations but for exceeding them.
Name: Deepak Kumar
Phone: +1 469-730-0260