Fast Fashion Market Report 2024

The fast fashion market size has grown rapidly in recent years. It will grow from $122.98 billion in 2023 to $142.06 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The historical growth can be ascribed to an increase in foreign direct investments, the growth of emerging markets, advancements in media development, technological progress, and urbanization.

The fast fashion market size is expected to see strong growth in the next few years. It will grow to $197.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period can be associated with the rising preference for fashionable attire among the expanding youth population, the widespread influence of social media, increasing requests for sportswear and performance wear, cost-effective production, and the escalating presence of organized retail in developing economies. Prominent trends in the forecast period encompass the utilization of virtual reality and augmented reality (VR/AR), integration of blockchain technology in the market, incorporation of artificial intelligence in clothing design, implementation of the Internet of Things (IoT), novel ownership models, 3D printing, and a heightened demand for manmade fibers.

The fast fashion market witnessed growth due to the increasing adoption of affordable clothing by the expanding youth population. According to United Nations projections, the global youth population is expected to grow by 7.9% to 1.3 million by 2030. This demographic is particularly drawn to unique, trendy, and cost-effective clothing options. To cater to this demand, apparel manufacturing companies focus on swiftly bringing fashion items inspired by the latest trends showcased in Fashion Week. The preference for affordable fast-fashion clothing among the growing youth demographic has significantly contributed to the market's expansion.

The fast fashion market is expected to experience further growth due to the increasing prevalence of social media platforms. These platforms, including websites and mobile applications, enable users to connect, share content, and engage with fashion trends. Social media plays a crucial role in disseminating fashion information rapidly, promoting trend awareness, and fostering user-generated content and real-time engagement. Additionally, it supports influencer marketing, flash sales, limited editions, social commerce, and facilitates customer feedback and data collection for personalization. The potential for viral trends further fuels the growth of the fast fashion industry. For example, a report by Kepios Pte. Ltd. revealed that the global social media user base increased by 227 million over the past year, reaching 4.7 billion by the beginning of July 2022. The world collectively spends over 10 billion hours on social media platforms daily, highlighting the significant impact of these platforms on global communication and trends. Hence, the increasing penetration of social media platforms is a key driver of the fast fashion market's growth.

Online and offline retailers in the fast fashion market are increasingly utilizing virtual and augmented reality technologies. The integration of virtual and augmented reality addresses the gap between online and offline channels, providing customers with immersive experiences. These technologies empower customers to virtually try on products, allowing them to visualize how clothing or makeup looks on them. This is achieved through the use of virtual reality mirrors or smartphone cameras. Applications such as Dressing Room employ augmented reality to enable shoppers to virtually try on outfits using an avatar. The incorporation of virtual and augmented reality enhances the overall in-store experience, contributing to the growth of the fast fashion market.

Major companies in the fast fashion market are integrating artificial intelligence (AI) into their applications. For example, in August 2023, Sizekick GmbH, a Germany-based software development company, introduced sizing AI for fashion e-commerce stores. This AI-powered technology utilizes precise individual body measurements to recommend accurate clothing sizes, aiming to minimize size-related uncertainties and reduce returns in online shopping. It provides two size recommendation options, BodyFinder, which suggests realistic body shapes, and BodyScanner, allowing users to scan their bodies using a smartphone. This innovative technology is designed to mitigate size-related returns, gaining recognition from industry leaders and forming partnerships with prominent brands.

Major companies operating in the fast fashion market report are Inditex (Zara), H&M Group, The Gap, Inc., Fast Retailing (Uniqlo), Associated British Foods plc (Primark), ASOS PLC, Urban Outfitters, Mango, New Look, Esprit, C&A, Forever 21, Esprit Holdings Limited, Gap Inc., Cotton On Group, Topshop, Bershka, Levi Strauss & Co, United Arrows Ltd., Allen Solly, Future Lifestyle Fashions, Jack Wills, Boohoo Group, Debenhams, Topshop, MoroZoni, Colin's, Diesel, Wrangler, Rifle, Gloria Jeans, LPP SA., Aeropostale, American Eagle Outfitters, Abercrombie & Fitch, Ralph Lauren, Old Navy, Nike, Calvin Klein, Zumiez, Converse, Hollister, Houpa, Adidas, Puma, WinCraft, Gildan Activewear, Chanel, Reinaldo Lourenço, Colcci, Havaianas, Zadea Group, Osman Jamjoom Group, Next.

Western Europe was the largest region in the fast fashion market in 2023. Asia-Pacific was the second largest region in the global fast fashion market share. The regions covered in the fast fashion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Fast fashion is a strategy that focuses on the rapid and affordable delivery of fashion trends through the design, development, and marketing of apparel. This approach ensures that consumers have quick access to the latest fashion trends at an affordable price point, with garments swiftly transitioning from the catwalk to store shelves. The collections of fast fashion clothing are influenced by the most recent trends showcased at Fashion Week.

The primary categories of fast fashion encompass items such as pants, coats, skirts, and others. A skirt, specifically, is described as a garment worn by women and girls, secured around the waist and extending down around the legs. These fast fashion offerings cater to various genders, including women's wear and men's wear, as well as different age groups such as adults, teenagers, kids, and others.

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.

The countries covered in the fast fashion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

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.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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