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The business research firm’s Fast Fashion Market research report expands on the key drivers, trends, and growth opportunities in the market.
London, September 21, 2022 /PRNewswire/ – Fast fashion market growth is expected to be driven by the growing organized retail industry in emerging economies. Organized retailing provides companies with a transparently competitive environment to develop strong businesses and encourage innovation that increases efficiency and reliability. For companies in the fast fashion market, organized retail provides well-established distribution channels to increase product reach to a wider customer base. Healthy economic growth, changing demographics and consumerism are expected to boost the growth of the growing retail industry, especially in developing countries. Thus, the growing retail business in developing countries is expected to provide global marketing opportunities for products and fuel the rapid growth of the fashion market during the forecast period.
The size of the global fast fashion market is expected to grow from here 91.23 billion dollars In 2021 to 99.23 billion dollars In the year at a compound annual growth rate (CAGR) of 8.8% by 2022. The fast fashion market is expected to grow 133.43 billion dollars by 2026 at a CAGR of 7.7%.
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Fast fashion companies are investing in artificial intelligence and machine learning.
Fast fashion companies are investing in artificial intelligence (AI) and machine learning to predict trending styles, images, colors, patterns and customer sentiment around the product. Assists in trend forecasting to support the design team’s intuition and creativity by predicting what styles will work or not. For example, In March 2022, San FranciscoStitch Fix, which delivers clothes to customers online with the help of stylists, is working with AI. Stitch Fix is now designing algorithmically generated outfits based on consumers’ favorite colors, patterns, and fabric combinations selected by AI systems.
Western Europe was the largest region in the fast fashion market.
Western Europe It was the biggest range in the fast fashion market and it was worth it. 26,741.1 million dollars In the year The fast fashion market in 2021 will be supported by the presence of a well-developed textile manufacturing industry and high spending on apparel and fashion in the region. High-end luxury clothes are produced in rich Western European countries, e.g ItalyUK, FranceAnd Germany. The presence of a large retail industry also supports the consumption of fashion clothing in the region. Strong demand for fast fashion in the region is underpinned by the presence of major European clothing retailers Inditex SA and Heinz & Moritz AB as consumers try to return to a more familiar identity.
Inditex (Zara SA) took the largest share in the fast fashion market
Inditex (Zara SA) was the largest competitor in the fast fashion market in 2021, with a 7.61% market share. Inditex’s (Zara SA) growth strategy is focused on integrating physical stores and an online marketplace or platform by investing in the business in the e-commerce sector and developing advanced technology solutions. For example, in June 2020Inditex has announced plans to invest 1 billion dollars Over the next three years, to integrate the system with physical stores and deploy advanced technology solutions to enhance the online shopping platform.
See more in the Fast Fashion Market Report
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Global Apparel Market Report 2022 – By Type (Women’s Wear, Men’s Wear, Kids Wear), By Distribution Channel (Retail Stores, Online Stores), By Fiber Type (Synthetic Fiber, Cotton Fiber, Animal Based Fiber, Vegetable Based Fiber ) – Market Size, Trends and Global Forecast 2022-2026
Ethical Fashion Global Market Report 2022 – By Type (Fair Trade, Animal Cruelty Free, Eco friendlyWellness Products), by Product (Organic, Synthetic/Recycled, Recycled, Natural), by End-User Sex (Men, Women, Kids) – Market Size, Trends and Global Forecast 2022-2026
Fashion E-Commerce Global Market Report 2022 – By Product (Apparel/Apparel, Accessories, Footwear, Cosmetics), By End User (Men, Women, Kids), By Model Type (Business to Business (B2B); Business to Consumer (B2C)) – Market Size, Trends, and Global Forecast 2022-2026
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