Fast fashion is a method for the creation, production, and marketing of clothes designs that focus on providing customers with quick and affordable access to current trends. Fast fashion refers to items that travel swiftly from the runway to the stores in order to satisfy current trends.
Figure 1: Fast fashion refers to items that travel swiftly from the runway to the stores in order to satisfy current trends.
The countries covered in this report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK and the USA.
The global fast fashion market will grow from $106.42 billion in 2022 to $122.98 billion in 2023 at a compound annual growth rate (CAGR) of 15.6%. The war between Russia-Ukrain and post-COVID-19 has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The fast fashion market is expected to grow to $184.96 billion in 2027 at a CAGR of 10.7%.
Figure 2: Fast fashion market statistical analysis from 2022 to 2023 at a compound annual growth rate of 15.62%.
Western Europe was the largest region in the fast fashion market in 2022. Asia Pacific was the second largest region in the fast fashion market.
The global fast fashion market is segmented as-
1) By Gender: Women's wear, Men's wear
2) By Age: Adults wear, Teens wear, Kids wear, Other Ages
3) By Type: Pants, Coat, Skirt, Other Types
Increasing adoption of affordable clothes by the rising youth population drove the fast fashion market. According to the United Nations estimates of the world's youth population, in 2019 the youth population totalled 1.2 billion and it's projected to grow by 7.9% to 1.3 million by 2030.
Unique, stylish, and economical clothing appeals to the youth demographic. As a result, garment manufacturers are focused on providing trendy clothes from the most recent fashion trends. The increased young population's penchant for inexpensive quick fashion clothing has bolstered the fast fashion sector.
Fast fashion's rise is hampered by workers' low living salaries and terrible working conditions. Workers in the fashion sector, particularly women, are paid relatively little. Women are likewise subjected to job harassment.
Figure 3: Global fast fashion is divided into three types.
According to the Global Labour Justice study, female garment workers at leading fast fashion businesses in Asia experience exploitation and mistreatment, including terrible working conditions, low wages, and overtime, which contribute to inefficiency. As a result, most individuals will not want to work in the fashion sector. As a result, poor salaries and deplorable working conditions are hampering the expansion of the fast fashion industry.
Online and offline shops in the fast fashion sector are utilizing virtual and augmented reality. In the fast fashion sector, virtual or augmented reality is being used to bridge the gap between online and physical channels. Virtual and augmented reality improve in-store experiences, which is propelling the fast fashion business.
Fast fashion business market is expanding to several regions of the globe and trending from youth to older generation of people. Fast fashion is a significant parameter for our country. The significant growth of fast fashion should be checked and acted accordingly to create a balanced industry structure in Bangladesh.
