Trendy Fashion and High Spending Capacity to Expand Fast Fashion Demand

Fast fashion means to define apparel that moves quickly. The term is frequently used by retailers and manufacturers to express designs that can move quickly from runways and catwalks. The clothes are trendy and affordable. The concept of fashion is to get the newest trendy clothes as quickly as possible so that consumers can purchase them quickly. The market growth is attributed to the increasing demand for fashionable clothing, the rise in purchasing power, and the high demand for affordable and trendy clothes. Increased demand for online shopping among the growing population and innovation in the supply chain is anticipated to drive market progress. The rapid adoption of advanced technologies and unique marketing strategies among market players is predicted to push market progress. Growing demand for fast clothing among the youth population and increasing promotion of the products. Further, the increasing number of fashion influencers and the rise in the adoption of social media marketing are expected to fuel market performance in the coming years.

As per Business Research Insights, the market size of Fast Fashion was USD 210.421 billion in 2021, the market is projected to touch USD 261.104 billion by 2028, exhibiting a CAGR of 3.13% during the forecast period.

COVID-19 Outlook: Disruption in Supply Chains to Limit Market Progress

Lockdown restrictions in several countries affected numerous businesses. The COVID-19 pandemic affected the disruption in the supply chain. The low availability of raw materials and the closure of shopping malls restricted the market growth. The concept of fast fashion is based on strong supply chain management, during the pandemic period ban on transportation and lower demand for the product obstruct market progress. Gaps in the supply and demand chain affected sales of the market.

Below is the list of the top 7 market players who are also recorded as pioneers in their respective fields:

1. Inditex

Inditex’s largest multinational clothing company is situated in Spain. The company owns several fashion brands such as Bershka, Oysho, Zara Home, Massimo Dutti, Pull&Bear, Uterque, and Stradivarius. The company is the biggest fashion group in the world, having more than 7,200 stores in 93 markets globally. The goal of the company is to be quick and respond to the market.

2. H&M

H&M group or Hannes &Mauritz AB is a multinational clothing company based in Spain. The company focuses on fast-fashion clothing for women, men, teenagers, and children. H&M was founded by Erling Persson and the company is the second-largest international clothing retailer.

3. Fast Retailing

Founded as Men’s Shop Orgori in 1949, in Japan. The company owns several other brands such as Princesses Tam-Tam, J Brand, Comptoir des Cotonniers, GU, and Theory. The mission of the brand is to create truly great clothing with a unique and new value and to bring satisfaction to wearing great clothes.

4. GAP

The famous American worldwide clothing brand was founded in 1969 by Doris F. Fisher and Donald Fisher. The company’s product targets the younger generation and has a talented executive management team to drive profits forward.

5. Forever 21

The company sells women’s and men’s clothing, accessories, home goods, and beauty products. The multinational company is situated in the United States. The company has over 540 outlets worldwide.

6. Mango

Mango is a Spanish clothing manufacturing and designing company. The company is dedicated to designing and manufacturing men’s and women’s clothing and accessories. It is the biggest clothing brand in Spain and Turkey has the largest number of Mango stores. Several renowned celebrities such as Zinedine Zidane advertise as Mango Man Brand Ambassadors.

7. Arcadia

The multinational clothing brand is headquartered in London, England. The company was founded in 1929. The purpose is of the brand to design and manufacture high-quality clothing at an affordable price. The brand is known for its unique and trendy design in clothing.

Revolution in Fashion and Change in Consumer Preferences to Support Market Growth

Today, fashion ideas are changing and high demand for trendy clothes at affordable prices is estimated to foster market growth. The market is growing for its logistic methods and speedy manufacturing that can cater to buyers’ last-minute styles. Also, the high need for different outfits and unique fashionable designs among the growing population is expected to drive market growth in the forthcoming years.

About the Author:

Tanisha Bhattacharjee is an M. A graduate in English. She is passionate about reading & creative writing. Her interest is also found in dance & music.