The global fast fashion market was valued at $130.2 billion in 2022 and it is expected to reach $278.9 billion at a CAGR of 7.9% between 2022 and 2032. Fast fashion is defined as clothing that is quickly transitioned from the runway to the retail setting to follow emerging trends. The sale of fashionable clothing and associated services is a part of the fast-fashion industry. The newest fashion trends revealed during Fashion Week serve as support for the fast-fashion industry. Fast fashion provides the newest runway trends at affordable prices and with little upkeep.
The phrase "fast fashion" refers to clothing designs that are quickly transferred from runways to retail outlets to capitalize on trends. The fashions seen in Fashion Week catwalk shows or worn by celebrities frequently serve as the inspiration for the collections. Fast fashion enables average consumers to affordably buy the hottest new look or the next big thing. Zara, H&M Group, UNIQLO, GAP, Forever 21, Topshop, Esprit, Primark, Fashion Nova, and New Look are significant brands in the fast-fashion industry. While many businesses combine manufacturing and retailing, they frequently contract out the actual clothing manufacturing.
Source: SAI Research
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Zara, H&M Group, UNIQLO, GAP, Forever 21, Topshop, Esprit, Primark, Fashion Nova, and New Look are significant brands in the fast-fashion industry. While many businesses combine manufacturing and retailing, they frequently contract out the actual clothing manufacturing. Moreover, sales of fashionable clothing and apparel as well as related services make up the fast-fashion market. To keep up with the latest trends, clothing is referred to as "fast fashion."
Fast fashion is still widely used despite its damaging effects on the environment. It's a strategy that depends on the rapid design to draw in people who are drawn to the newest trends. Additionally, people believe that it is more economical to purchase cheap clothes with shorter lifespans than to invest in pricey, high-end clothing brands that progressively become outdated.
Although historically firms would prepare new ranges many months or even years in advance, fashion brands have traditionally leveraged new trends and cheaper pricing to draw customers. There were fewer things available, and the rate of change was somewhat modest. In contrast, the goal of fast fashion is to adapt as soon as possible to the constantly shifting preferences of the consumer.
Based on product type, the adults wear segment has led the market growth with a significant share and is also anticipated to propel the market in the future. Fast fashion refers to clothing that is mass-produced quickly and cheaply to keep up with the market's constantly shifting fashion trends. Additionally, the worldwide trend of adults seeking out distinctive, contemporary, and other reasonably priced clothing can become a major source of income for fast fashion.
In terms of gender type, female and children segments have been driving the market and are also expected to boost market growth with more opportunities. Women are more likely to engage in compulsive spending than men or children because they place higher importance on purchasing than males. Women enjoy shopping because they have a strong interest in fast fashion trends, which motivates them to make purchases. These elements are encouraging the need for the Fast Fashion application category within these businesses.
Geographically, the Asia-Pacific region has dominated the market and is also projected to hold its dominant position during the forecast period due to increasing demand for various types of fast fashion clothes among a large number of customers in several nations such as India, China, Japan, and others. Furthermore, fast fashion is expanding in the Asia Pacific region as a result of rising standards of living, rising disposable income, social media influencers, rising knowledge of fast fashion, and rising populations in nations like China, Japan, India, etc. This will encourage the fast fashion market to expand quickly, creating profitable growth opportunities for the business in the ensuing years.
According to the study, key players such as Authentic Brands Group (U.S), COFRA Group (Switzerland), Cotton On (Australia), Esprit Holdings (U.S), Future Lifestyle Fashions (India), Fast Retailing (Japan), Gap Kids (India), H&M Group (Sweden), Inditex (Spain), L Brands (U.S), New Look (U.K), Punta Na Holding SA (Spain), R21 Holdings (U.S), River Island (U.K), Wittington Investments (U.K), among others are leading the global fast fashion market.
|Market Size in 2021||US$ 130.2 Billion|
|Market Volume Projection by 2032||US$ 278.9 Billion|
|Forecast Period 2023 to 2032 CAGR||7.9%|
|Historical Data||2019 and 2022|
|Forecast Period||2024 to 2032|
By Product Type: Adults Wear, Teens Wear, Kids Wear & Others
By Gender Type: Male, Female, Children & Others
North America, Europe, Asia-Pacific, LAMEA
|Companies covered||Authentic Brands Group (U.S), COFRA Group (Switzerland), Cotton On (Australia), Esprit Holdings (U.S), Future Lifestyle Fashions (India), Fast Retailing (Japan), Gap Kids (India), H&M Group (Sweden), Inditex (Spain), L Brands (U.S), New Look (U.K), Punta Na Holding SA (Spain), R21 Holdings (U.S), River Island (U.K), Wittington Investments (U.K), among others.|
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