NEW YORK, Feb. 17, 2023 /PRNewswire/ -- Major players in the fast fashion market are Zara (Inditex), H&M Group, Fast Retailing (Uniqlo), Gap, Forever 21, Mango, Esprit, Primark, New Look, and River Island.
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The global fast fashion market will grow from $106.42 billion in 2022 to $122.98 billion in 2023 at a compound annual growth rate (CAGR) of 15.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The fast fashion market is expected to grow to $184.96 billion in 2027 at a CAGR of 10.7%.
The fast fashion market consists of sales of polyester, acrylic, and nylon.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Fast fashion refers to a strategy to the design, development, and marketing of apparel designs that places an emphasis on giving consumers access to fashion trends fast and affordably.Fast fashion means garments that move quickly from the catwalk to the stores to meet the new trends.
Fast fashion clothing collections are supported by the foremost recent fashion trends presented at Fashion Week.
Western Europe was the largest region in the fast fashion market in 2022.Asia Pacific was the second largest region in the fast fashion market.
The regions covered in the fast-fashion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of fast fashion are pants, coat, skirt and others.Skirt is defined as the garment worn by women and girls that are secured around the waist and hang down around the legs.
It is available in different genders such as women's wear, men's wear and various age including adult's wear, teens wear, kids wear and others.
Increasing adoption of affordable clothes by the rising youth population drove the fast fashion market. According to the United Nations estimates of the world's youth population, in 2019 the youth population totalled 1.2 billion and it's projected to grow by 7.9% to 1.3 million by 2030. The youth population is attracted to unique, trendy, and affordable clothes. The apparel manufacturing companies are therefore focusing on bringing fashion clothes from the most recent fashion trends presented in fashion week. The growing preference for affordable fast fashion clothes by the increasing youth population boosted the fast fashion market.
Worker's low living wages and poor working conditions hamper the growth of fast fashion.In the fashion industry, the workers, women especially (women represent nearly 80% of the world's garment workers), are paid very less.
Women also face workplace abuses.According to the Global Labour Justice report, female garment workers in top companies of fast fashion in Asia face exploitation and mistreatment which includes poor conditions of work, low salaries, and overtime which leads to a lack of efficiency.
By this, most people will not prefer the fashion industry to work. Therefore, low wages and terrible working conditions are affecting the growth of the fast fashion market.
Virtual and augmented reality is being used by online and offline retailers in the fast fashion market.The use of virtual or augmented reality in the fast fashion market is to fill the gap between online and offline channels.
These technologies enable the customer to try the product and see how it looks when they try the clothes or make-up on them by using virtual reality mirrors or cameras in their smart phones.For instance, applications such as Dressing Room are using augmented reality technology to enable shoppers to try outfits on an avatar.
Virtual and augmented reality enhances in-store experience and this is driving the market for fast fashion.
The countries covered in the fast fashion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The fast-fashion market research report is one of a series of new reports that provides fast-fashion market statistics, including fast-fashion industry global market size, regional shares, competitors with a fast-fashion market share, detailed fast-fashion market segments, market trends and opportunities, and any further data you may need to thrive in the fast-fashion industry. This fast-fashion market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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