The global fast fashion market is poised to expand at a remarkable CAGR over the forecast period (2017 to 2022). Frequently changing consumer behavior in terms of fashion and increasing disposable income are likely to fuel the adoption of fast fashion by retailers. Major fashion retailers are adopting new production and marketing strategies to match consumer demands.
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Growing demand for branded and fashionable clothes at reasonable prices is anticipated to propel market growth. Innovations in supply chain management among fashion retailers can further fuel market growth. Constant introduction of new products by major fashion retailers to encourage consumers to shop more is likely to generate revenue for the market. Increasing preference for trendy clothes over conventional styles can further foster the market in the coming years.
The custom of introducing new fashion lines on seasonal basis is fading with time. Fast shifting consumer demand is compelling fashion retailers to launch new products multiple times within a week. To cater to consumer demand, most retailers are producing new trendy clothes as quickly as possible and launching them in the market at cost-efficient and affordable prices.
For instance, Woodland has recently launched a new line of jackets for winter. The specialty of these jackets is that they are overly lightweight yet excessively warm. Through these techno-jackets, the brand is likely to target outdoor-loving consumers.
In another instance, Adore Me launched its very first luxury designer collection of lingerie named “Bijou by Adore Me”. To add a luxurious feel to the product, the company has used luxurious raw materials such as velvet and French lace. The company’s core value is to sell quality products at affordable prices.
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Encouragement towards a throwaway attitude among fashion retailers owing to fast-shifting consumer demands is likely to hinder market growth. In addition, increasing criticism from designers alleging that retailers mass-produce their designs illegally can also create obstructions in the growth of this market. On the other hand, growing consumer demand for fast fashion owing to rising disposable income and changing lifestyles is anticipated to create lucrative opportunities for manufacturers in this market.
The fast fashion market can be segmented on the basis of type, application, and region. Based on type, the market can be divided into men, women, and kids’ series. Based on application, the market can be divided into business, leisure, and sports.
Regional segmentation includes North America, Europe, China, Japan, India, and Southeast Asia. In North America, the fast fashion market is likely to face tremendous growth in the coming years owing to swiftly increasing number of fast fashion retailers in the region. The European market is pegged to foster high revenue in future owing to growing adoption of new fashion trends.
In India, China, and Japan, the market is poised to expand further in the coming years due to high purchasing capacity and penetration of major fast fashion retailers in the region. Marketing strategies adopted by retailers such as heavy discounts, attractive merchandizing, and social media ads is likely to fuel market growth in these markets.
Some of the prominent companies operating in the fast fashion market are Zara, Topshop, H&M, New Look, and Gap.
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