Fast Fashion Market size to grow by USD 49.13 Bn, Market Research Insights highlight burgeoning demand for fast-fashion clothing from the youth as Key Driver – Technavio
According to the research report, the Fast Fashion Market will witness a YOY growth of 8.12% in 2022 at a CAGR of 8.55% during the forecast period. The report is segmented by gender (female and male), distribution channel (offline and online), and geography (North America, Europe, APAC, the Middle East and Africa, and South America).
NEW YORK, Oct. 24, 2022 /PRNewswire/ — According to the research report, the Fast Fashion Market will witness a YOY growth of 8.12% in 2022 at a CAGR of 8.55% during the forecast period. The report is segmented by gender (female and male), distribution channel (offline and online), and geography (North America, Europe, APAC, the Middle East and Africa, and South America).
The factors driving the fast fashion market in North America are the vast population, an increase in money, changes in consumer purchasing behavior, and changes in lifestyles. International fast fashion vendors frequently visit nations like the US and Canada. To appeal to North American consumers who are price-conscious, many vendors have launched low-cost brands. Fast-fashion merchants are filling the void and expanding their market share. Quick product changes by garment marketers generate a sense of scarcity that encourages clients to frequent their establishments more frequently. The rising disposable income in North America is responsible for the market’s expansion. This will give the area a fantastic opportunity.
The youth’s growing demand for fast-fashion items is a significant factor in the market’s expansion. Several mass-market firms imitate the most recent fashion trends in their clothing in the quick fashion sector. Zara, H&M, Forever 21 Inc. (Forever 21), Urban Outfitters Inc. (Urban Outfitters), Mango by Punto Fa, SL (Punto Fa), Gap, and United Colors of Benetton by Benetton Group SRL are some of the well-known fast fashion companies in the globe (Benetton Group). Keeping up with the newest fashion trends while maintaining a flexible budget is a priority for millennials.
Vendors of fast fashion apparel are investigating new business strategies. As a result, retailers in the fast fashion sector have embraced online clothing services as a long-term strategy to boost their revenue flow. Online shopping companies are predicted to benefit from fast fashion and rapidly changing fashion trends. Therefore, the fast fashion market is anticipated to soar over the forecast period along with the rise of the fast fashion sector.
The main obstacle to the growth of the fast fashion business is the availability of counterfeit goods. The worldwide fast fashion sector has a large selection of fake goods, which fragments the market. In turn, this leads to unfair competition, a lack of pricing standardization, and a loss of market share. Fake brands compete with worldwide names by selling their goods at lower prices than the latter, despite their inferior durability and quality. Low-income consumers favor imitation goods despite the fact that they seem cost-effective and are inferior in quality. During the projected period, these problems are anticipated to severely impede market expansion.
Fast Fashion Market Scope
Who are the Major Fast Fashion Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- ARCADIA SRL
- ASOS Plc
- BERSHKA BSK ESPANA S.A
- BESTSELLER AS
- C&A Mode GmbH & Co KG
- Charlotte Russe
- Cotton On Group
- Esprit Holdings Ltd.
- Fast Retailing Co. Ltd.
- Forever21 Inc.
- Future Lifestyle Fashions Ltd.
- H & M Hennes and Mauritz GBC AB
- New Look Retailers Ltd.
- New rue21 LLC
- Primark Stores Ltd.
- River Island Clothing Co. Ltd.
- The Gap Inc.
- The New Yorker
- Victoria’s Secret and Co.