Dubai, UAE, Aug. 07, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Kings Research, the global Fast Fashion Market valuation reached USD 93.66 billion in 2022 and is anticipated to grow to USD 167.50 billion by 2030, exhibiting a healthy CAGR of 7.70% during the forecast period. The younger generation is attracted to fashionable yet affordable clothing, which encourages clothing producers to create stylish clothing that reflects the most recent fashion trends displayed during fashion weeks. This market has experienced tremendous growth as a result of young people's increased demand for inexpensive fast-fashion clothing.
Fast fashion is a business concept that incorporates the fast-paced production of contemporary apparel products to cater to consumer demands. The increased attraction for inexpensive apparel among the youth population has propelled the fast fashion industry share. According to the UN, there were 1.2 billion young people in the world in 2019, and this number is expected to increase by 7.9% to 1.3 billion by 2030.
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Global Fast Fashion Market Snapshot:
| Report Attributes | Details | |
| Revenue CAGR | CAGR of 7.70% from 2023-2030 | |
| Revenue Forecast by 2030 | USD 167.50 Billion | |
| By Type |
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| By Application |
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| By Distribution Channel |
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| Regions and Countries Covered |
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| Base Year | 2022 | |
| Historical Year | 2018 to 2021 | |
| Forecast Year | 2023 to 2030 |
Competitive Landscape
Market participants are focusing on the introduction of innovative products to promote market growth. Key companies use a range of strategic techniques to grow their business internationally and strengthen their position in the industry, including acquisitions, mergers, partnerships, product launches, and collaborations.
Key players operating in the fast fashion market include:
- Authentic Brands Group LLC
- COFRA Holding AG
- Cotton On
- Esprit Holdings
- FAST RETAILING CO., LTD.
- Future Group
- H&M Group
- Inditex
- New Look Retailers Limited
- River Island
- THE GAP, INC.
- Victoria's Secret
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Trending Now: Shein and Temu Could Be the Future of the Fast Fashion Market
According to a March 2023 survey conducted by Civic Service, pricing appears to be a minor concern for frequent consumers of fast fashion. This is likely due to the availability of affordable apparel and accessories from online-only retailers, such as Shein and the e-commerce marketplace Temu, which offer highly inexpensive items. The survey findings highlight the influence of these newcomers in the fast fashion market and their ability to provide budget-friendly options to shoppers.
10% of respondents say they have used Temu, while 16% of them have used Shein. Temu, an online marketplace comparable to Amazon that mainly sells inexpensive clothing, does, however, show a higher percentage of customers who are interested in giving it a try (11%).
The global Fast Fashion Market is segmented as:
By Type
- Women
- Men
- Children
Compulsive Purchasing Behavior of Women to Promote Market Growth
The women segment dominated the global fast fashion market with a valuation of USD 56.49 billion in 2022. High-end fashion companies are continually addressing the current fashion trends, encouraging women to engage in compulsive purchasing.
Women exhibit a higher inclination towards valuing purchases and enjoying the shopping experience, thereby elevating their propensity to purchase fast fashion. Contrarily, men and kids may have different motivations and interests, which makes them less likely to indulge in impulsive spending. The fast fashion market has experienced significant growth due to the need of considering women's fashion preferences and impulsive purchasing behaviors.
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By Distribution Channel
- Offline
- Online
Personalization and Greater Visibility of Offline Stores to Support Market Growth
The offline segment dominated the global fast fashion market with USD 53.79 billion in revenue in 2022. Fast fashion companies such as Zara and H&M have gained popularity due to their capacity to keep up with rapidly changing design trends and offer reasonably priced apparel options. Brick-and-mortar establishments offer brands the chance to design an environment that distinguishes them from their rivals.
Physical stores in India provide additional advantages including personalization and improved market presence. Furthermore, customers typically prefer the tactile sensation of handling and inspecting products. These elements highlight the significance of creating a physical presence for businesses looking to increase their market share.
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Rising Deployment of AR/VR Technologies to Propel Fast Fashion Market
Virtual and augmented reality (VR and AR) technologies have been incorporated into the fast fashion industry to improve user experience and increase sales. Customers may virtually try on products from the comfort of their homes with the help of augmented reality (AR) technology, which enables them to visualize how they might appear in various clothing options without having the need to physically try them on.
Numerous companies, such as Zara, have tried out AR in their stores by setting up AR displays to improve the shopping experience. Luxury and high-end fashion firms have both used AR to increase sales and consumer engagement. It has become one of the most prominent technological innovations that is changing the fashion business. The incorporation of augmented reality (AR) and other virtual experiences into fast fashion may become more common as technology advances.
Asia Pacific to Lead the Global Market Owing to Rising Disposable Income
Asia Pacific led the global fast fashion market, accounting for a significant share of 34.50% in 2022. The rising popularity of fast fashion among consumers, especially in developed nations such as China, Japan, and India, is boosting the growth of the regional market. This trend is being fueled by several factors, such as rising living standards, higher disposable income, a greater awareness of prevailing fashion trends, and the impact of social media influencers.
As a result of the growing population in countries such as China, Japan, and India, the APAC fast fashion market is anticipated to expand significantly in the upcoming years. For instance, the partnership between ESPRIT and HBX in January 2022 brought a modern and traditional clothing line to the market with a cutting-edge online hub that influences fashion and culture.
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Major Points from TOC:
1 Introduction of the Global Fast Fashion Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Fast Fashion Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Fast Fashion Market, By Gender
7 Global Fast Fashion Market, By Application
8 Global Fast Fashion Market, By Distribution Channel
9 Global Fast Fashion Market, By Geography
……….
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