The fast fashion industry is big business – and it’s only getting bigger.
According to new research, the industry has grown 21% over the past three years. When compared to the luxury market, which saw mediocre growth in 2016, it’s clear that fast fashion retailers are growing in favour.
Despite many retailers struggling on the high street - with the likes of House of Fraser, GAP, and Forever 21 announcing store closures in the past few years – the online fast fashion industry has continued to generate growth.
According to Hitwise data, fast fashion retail (compared to mid, premium, and luxury brands) accounted for 66% of all online fashion traffic in the first half of the year.
The McKinsey Global Fashion Index forecasts overall fashion industry growth of 3.5 to 4.5% in 2019. But interestingly, it predicts the best-performing segment to be luxury, fuelled by fast-growing Asia-Pacific economies. However, value and discount retailers are also predicted to see continued growth.
So, what’s fuelling the fast fashion boom? Here’s how brands are capitalising on the consumer desire for instant and affordable fashion, as well as tackling new challenges within the retail industry.