Sustainability in the Fast Fashion Industry: An Amazing Combination

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HYDERABAD, India, May 10, 2022 /PRNewswire/ — Fast Fashion refers to a business model that rapidly replicates catwalk or celebrity culture or high-end fashion designs and makes them available in retail stores quickly and at a lower price. This industry has seen phenomenal growth in the last two decades as people like to associate themselves with celebrities by wearing similar outfits. However, the environmental and social costs associated with fast fashion brands can discourage users from choosing such clothing.

Market Overview

According to ReAnIn, the global fast fashion market is valued at USD 88.9 billion in 2021 and is projected to reach USD 126.8 billion in 2028, registering a CAGR of 5.2% over the forecast period. Rapid availability sometimes within a week of the catwalk, significantly lower prices, increased social media penetration and high demand among adults are the main drivers of the global fast fashion market. These cheap-quick-available products have caused a variety of problems including lower wages for employees, and a wear-and-dispose attitude among adults that has a negative impact on the environment. This negative aspect of fast fashion has resulted in sustainable or ethical fashion growth.

Download free sample: Global Fast Fashion Market Growth, Share, Size, Trends and Forecast (2022 – 2022)

Fast Fashion Evolves, Not Dies

As generation Z (Gen Z) who care deeply about the environment and sustainability, various analysts have predicted that the death of fast fashion is certain, perhaps sooner rather than later. However, recent surveys suggest that it will be difficult for Gen Z to leave fast fashion in the next few years. According to a Vogue Business 2020 survey, more than 50% of people who buy most of their clothing from Boohoo and other fast fashion e-tailers will continue to buy from Boohoo-owned brands even after hearing about Leicester supply chain malpractices (2020). Almost all the leading brands have seen growth in recent years. Boohoo revenue grew by 41% in 2021 and 14% in 2022; Zara reported its net profit more than doubled in 2021, and Mango saw profit soar to its highest level in more than a decade.

The revenue or profit growth further validates the fact that fast fads will remain, while some correction in their work culture and marketing strategy may be needed. For example, Zara has set various sustainability goals including achieving net zero emissions by 2040 and using only organic, sustainable or recycled for most of their products by 2025. Other leading brands are also expected to follow the same path to compete with sustainable clothing. .

Main Highlights of the Report:

  • Among the age groups, adults account for the majority (over 80%) of the market share in 2021 and are expected to remain dominant during the forecast period. Effective market strategies including campaigns on social media have helped increase adoption among adults.
  • Offline channels such as shops and malls are the main distribution channels, while online channels have gained market share in recent years. The COVID-19 pandemic is further driving sales through online channels.
  • In 2021, Asia Pacific accounted for the highest market share, followed by North America and Europe. Chinaas the country with the largest population, leading in Asia Pacific region due to high disposable income, and the presence of local producers such as Shein.
  • Sustainable or ethical fashion growth in developed countries such as: North America and Europe will have a negative impact on the fast fashion market in the region. However, fast fashion is expected to witness double-digit growth in emerging economies including Latin America and Africa.

Access the report description at: Global Fast Fashion Market

Market segmentation:

ReAnIn has segmented the global fast fashion market by:

  • Gender
  • Age group
    • Adult Clothes
    • Teen Clothes
    • Children’s clothes
    • Other Ages
  • Region
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • the middle East & Africa

Competitive Landscape

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

About ReAnIn

ReAnIn provides end to end market research services spanning various support areas such as syndicated market research reports, customized market research reports, consulting, long term engagement and express delivery. We are proud to have more than 100 Fortune 500 companies in our clients. We are a client-first organization and we are known not only for meeting our clients’ expectations, but for exceeding them.

Media Contact:
Name: Deepak Kumar
Email: [email protected]
Phone: +1 469-730-0260

SOURCE Reanin Research & Consulting Private Limited

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