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The report includes a comprehensive outlook on the market offering forecasts for the industry segmented by Gender, which comprises female and male. Additionally, it categorizes Distribution Channel into offline and online and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments. The report covers market trends and analysis and also includes an in-depth analysis of the growing emergence of augmented reality mobile apps for online shopping, premiumization through well-positioned brands, and growing security and privacy concerns about online shopping.
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Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
ARCADIA SRL - The company offers fast fashion products under brands including Never Fully Dressed, Monki, Topshop, Collusion, Weekday and others.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including Aditya Birla Management Corp. Pvt. Ltd., ARCADIA SRL, ASOS Plc, BESTSELLER AS, C and A Mode GmbH and Co KG, Conde Nast, Cotton On Group, Esprit Holdings Ltd., Fast Retailing Co. Ltd., Forever21 Inc., The Gap Inc., H and M Hennes and Mauritz GBC AB, Industria de Diseno Textil SA, New Look Retailers Ltd., Primark Stores Ltd., PUNTO FA SL, Reliance Industries Ltd., boohoo.com UK Ltd., River Island Clothing Co. Ltd., and Victorias Secret and Co.
Qualitative and quantitative analysis of market growth and trends of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, market growth and forecasting are also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The growing emergence of augmented reality (AR) mobile apps is notably driving market growth. AR technology allows consumers to virtually try on clothing and accessories from the comfort of their homes, enhancing the online shopping experience and mitigating concerns related to fit and style. By leveraging AR, users can see how a particular garment looks on them in real-time, contributing to more confident purchasing decisions and reducing the likelihood of returns. For example, the AR-powered app from ASOS Plc, a major online fashion retailer. ASOS Plc utilizes AR to enable users to virtually try on clothes using their smartphones.
Moreover, the integration of AR in online shopping aligns with the fast fashion ethos of immediacy and trend responsiveness. It provides a unique and immersive shopping experience, fostering customer engagement and loyalty. As more fast fashion brands adopt AR technology, the global market is witnessing a transformative shift in the way consumers interact with and make purchases from these brands, ultimately contributing to the industry's continued growth and evolution, which boosts the growth of the market during the forecast period.
Premiumization through well-positioned brands is an emerging trend shaping the market development. A wide variety of products of different qualities are available in the market; however, currently, the consumer inclination toward premium and high-end brands is high. High-end brands usually symbolize quality, style, and status to most people. As such, customers opt for brands that are well-positioned in the market and do not hesitate to pay an additional price for these brands. Premium brands, such as The Gap Inc., H and M Hennes and Mauritz GBC AB, and Industria de Diseno Textil SA (ZARA) (which enjoy strong brand recognition among customers), are positioned for affluent customers who can afford high-priced and superior-quality products.
However, premium apparel for all genders, which includes tops, dresses, coats, jackets, jeans, and suits, is growing and is expected to witness further growth in the coming years. Manufacturers operating in this space have started focusing on expanding their presence in the luxury sector to cover the full spectrum of apparel, from tops to bottom wear. These factors are driving premium apparel, which, in turn, boosts the growth of the market during the forecast period.
Expanding the presence of local and unorganized players is a significant challenge hindering the market growth. While established international brands dominate the landscape, the rise of local and unorganized players introduces increased competition and disrupts the traditional market dynamics. These players often leverage lower production costs, quick response times, and an intimate understanding of local consumer preferences to gain traction. Local and unorganized players can quickly adapt to regional trends, offering more tailored and culturally relevant fashion at competitive prices.
Moreover, the challenge arises as these local players may not adhere to the same industry standards regarding labor practices, sustainability, or ethical sourcing. The presence of unregulated practices can impact the reputation of the overall fast fashion industry and pose a risk to consumer trust, which, in turn, hinders the growth of the market during the forecast period.
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The market share growth by the female segment will be significant during the forecast period. The female segment has emerged as the leading contributor to the market due to the high inclination of women to purchase premium brand products that make a style statement. Women also have a keen interest in the latest fashion trends in clothing. College-going youngsters constitute a major consumer category for this segment. The female segment was the largest and was valued at USD 52.71 billion in 2018. Fashion consciousness and evolving fashion trends also result in the exponential growth of fast-fashion clothing. Fast-fashion brands such as H&M Hennes Mauritz GBC AB and Forever21 Inc. are continuously expanding their regional and global operations. They are entering emerging markets such as Mexico, Brazil, China, Russia, and India. A rise in women's spending power, with more women joining the workforce, also adds to the increased demand for women's apparel. In developing countries, an increasing inclination toward Western clothes and the advent of organized retailing and urbanization will favor the growth of the market during the forecast period.
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Based on the distribution channel, the market has been segmented into offline and online. The offline segment will account for the largest share of this segment.?
North America is estimated to contribute 42% during the forecast period.
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The growth of the market in North America can be attributed to its increasing disposable income. This will create a huge opportunity in this region. The regional market is expected to grow during the forecast period owing to the shift of the regional fashion industry toward wearing customized clothing. The growth of the regional market is also driven by the high proliferation of the e-commerce industry in the region. Countries such as the US, Canada, and Mexico are witnessing a rapid growth of e-commerce activities.
Moreover, with the presence of a huge young population, several startups in countries such as the US and Canada are offering fast fashion apparel and accessories. The regional entertainment industry is contributing to the regional fast fashion market growth as a large number of people, especially movie fanatics, have been buying apparel as their favorite celebrities wear on the ramps. The fans willingly spend a good amount on purchasing apparel the same as their favorite celebrities wear. Hence, such trends are expected to contribute to the growth of the market in North America during the forecast period.
Fast Fashion Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.65% |
Market Growth 2024-2028 |
USD 67.2 billion |
Market structure |
Fragmented |
YoY growth (%) |
9.2 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 42% |
Key consumer countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Aditya Birla Management Corp. Pvt. Ltd., ARCADIA SRL, ASOS Plc, BESTSELLER AS, C and A Mode GmbH and Co KG, Conde Nast, Cotton On Group, Esprit Holdings Ltd., Fast Retailing Co. Ltd., Forever21 Inc., The Gap Inc., H and M Hennes and Mauritz GBC AB, Industria de Diseno Textil SA, New Look Retailers Ltd., Primark Stores Ltd., PUNTO FA SL, Reliance Industries Ltd., boohoo.com UK Ltd., River Island Clothing Co. Ltd., and Victorias Secret and Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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