Consumers are always right and brands, no matter how high-end or popular have no say but to conform. Defying seasons and time, consumers want the freedom to wear what they like irrespective of the trend.
Out with fast fashion, it’s the era of ultra-fast fashion! Brands are listening and meeting the demand of their consumers. Zara, a Spanish fashion chain, produces 24 new collections every year. H&M has 16. Their competitor in the East, Shein drops new styles on its portal nearly every day. Similarly, other brands and fashion houses are increasing the number of their collections and it’s more than the traditional seasonal (spring, summer and autumn, winter) offers.
Valued at USD 17 Billion in 2020, the global ultra-fast fashion market is projected to register a CAGR of around 30 percent by 2031. Consumers are looking for easy and quick access to the most recent fashion trends. A recent report highlighted that 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.
Fast fashion is a strategy, whereby the design, development and marketing of apparel designs that places an emphasis on giving consumers access to fashion trends fast and affordably. As such, garments can move quickly from the catwalk to the stores to meet the new trends. According to the report, pants, coat, and skirts among others are the main types of fast fashion. The fast fashion market is being driven by increasing adoption of affordable clothes by the rising youth population.
Moreover, virtual and augmented reality (AR) is being used by online and offline retailers in the fast fashion market. New age technology is filling the gap between online and offline channels, enabling customers to try the product and see how it looks when they try the clothes or make-up on them via VR mirrors or cameras in their smart phones.