Published On : 15 Nov 2018
Fast fashion is a term that is associated with inexpensive designs that quickly move from runway to stores to cater to an audience that is constantly looking for new trends in fashion. The global consumer becomes more conscious of the constantly changing fashion trends and the rising influx of new product lines in terms of material, design, fits, and cuts, and is becoming more open on spending a sizeable share of their monthly incomes on adopting these trends. In response, the market for fast fashion is massively expanding.
New companies are entering the market at an impressive pace, bringing in new ideas and new products for consumers of all races, ages, and economical backgrounds. In the next few years, the global fast fashion market will expand at a promising pace and will be influenced majorly by the following factors:
Rising Disposable Incomes in Emerging Economies - In the past few years, there has been a massive improvement in the financial growth prospects of a number of emerging economies in regions such as Latin America and Asia Pacific owing to rise in industrialization and the resultant rise in job prospects. As a result, the disposable incomes of people have notably increased and the middle class has become increasingly affluent.
This working, affluent middle-class is becoming more open to spending funds on fashion trends, clothes, accessories, and shoes. This trend is different as compared to the past in the sense that these purchases are not focused on needs but trends in the field of fashion. With increased numbers of people across the globe becoming ardent users of fashionable clothes, accessories, and footwear, the market for fast fashion is also expected to massively expand in the near future.
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Increased Popularity of E-commerce Retail Model - the E-commerce industry has emerged as a big component of the global retail industry in only the past few decades and spans a number of regions and countries. The E-commerce mode of retail allows vast benefits to consumers as well as retailers. For consumers, e-commerce websites bring a vast store of products right where the consumer wants without having to move out of their comfort zones through portable computing devices. The added convenience makes it easier to shop or just browse through new collections from favorite brands or promising new brands.
For retailers, the mitigation of the need to invest in physical shops for reaching out to consumers brings down operational costs massively, allowing new ideas and designs to be introduced without worrying for the massive losses that failed business with physical outlets bring. As a result, e-commerce is becoming the favorite retail model for new and small-scale fashion companies wanting to bring their ideas and designs ahead of a consumer that is becoming more open to bold statements and novelty in idea and is not afraid of spending for it.
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