Asia's fast fashion market size will exceed approximately USD 155.01 billion in 2030, recording a CAGR of 7.8%

Fast fashion refers to inexpensive clothing collections that imitate current luxury fashion trends. It is mass-produced to meet rapidly changing trends to meet Asia's growing middle-class population.

BURLINGAME, Feb. 22, 2024 (Globe Newswire) — coherent MI We published a report titled Asia's Fast Fashion Market Valuation. USD 91.63 billion in 2023 is expected to reach USD 155.01 billion by 2030,in CAGR 7.8% During the forecast period 2023-2030.

Market dynamics:

Increase in disposable income: With the increase in disposable income of individuals in Asian countries, the demand for fashion apparel has increased significantly. Consumers are willing to spend more money on trendy and fashionable clothing, which is driving the growth of the fast fashion market in Asia. Easy availability of fashion clothing at affordable prices also contributes to the growth of the market.

Changing fashion trends: Fashion trends in Asia are constantly evolving and consumers are always looking for the latest styles and designs. Fast fashion brands offer a wide range of clothing options that align with current fashion trends. Additionally, these brands are quick to respond to changing consumer tastes, ensuring consumers always have access to the latest fashion apparel. This flexibility and adaptability has made fast fashion a popular choice among Asian consumers.

Asia Fast Fashion Market Report Coverage:

Key points in the market:

• Asia fast fashion market size is expected to grow at a CAGR of 7.8% during the forecast period 2023-2030 due to increasing demand for trendy and affordable fashion options among consumers in the region It has been.

• Based on product type, the top wear segment is expected to maintain its dominant position due to its popularity among consumers.

• In terms of end users, men are expected to dominate the market, driven by increased fashion awareness and a desire to experiment with different styles.

• The mid-sized segment is expected to dominate when it comes to price points, as Asian consumers prefer affordable yet stylish options.

• Young people are expected to dominate the market by age group as they are more fashion conscious and have higher disposable income.

• Online distribution channel is expected to maintain its dominant position throughout the forecast period due to its convenience and wide choice.

• The major companies operating in the Asian fast fashion market are: New Look, River Island, Matalan, Velomoda, Only, Jack & Jones, Stradivarius, Bershka, Pull & Bear, Uniqlo, H&M, Zara, Mango, Forever 21, Topshop, Marks & Spencer, GAP, C&A, Benetton, Esprit . These companies have a strong presence in the market and offer a wide range of trendy and affordable fashion options.

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Market trend:

E-commerce boom: The rapid growth of e-commerce platforms in Asia is having a major impact on the fast fashion market. Online retailers offer consumers convenience, competitive pricing, and a wide range of choices, drawing consumers to shop online. Fast fashion brands have capitalized on this trend by expanding their online presence, offering exclusive online collections, and enhancing their e-commerce capabilities.

Sustainable fashion: Sustainable fashion is receiving increased attention in Asia as awareness of the fashion industry's environmental impact increases. Consumers are now more conscious of ethical and environmental aspects in their clothing choices. Fast fashion brands embrace sustainable practices by using eco-friendly materials, reducing waste, and promoting fair trade practices. This shift towards sustainable fashion is gaining attention and support from environmentally conscious consumers and driving the growth of sustainable fast fashion brands in Asia.

Recent developments:

• In March 2022, H&M (a shopping site for fashion, home, beauty, children's wear and more) launched a new sustainable fashion line made from recycled polyester and organic cotton. This collection is targeted at young, environmentally conscious consumers.

• In January 2021, Uniqlo announced the new UTme! A personalization service that allows a customer to customize his T-shirt with his own designs and text. We offer a unique fast fashion experience.

Read the complete market research report. ”Asian fast fashion market, by product type, by end user, by price range, by age group, by distribution channel, and other segments forecast 2023-2030“, published by CoherentMI.

Market opportunity:

Growing demand for fast fashion in Asia

The Asian fast fashion market is expected to witness significant growth during the forecast period due to the rising demand for fast fashion in the region. The market is expected to reach new heights in 2023 with a market size of $91.63 billion and a CAGR of 7.8%.

The major segment of the fast fashion market by product type is topwear. This segment is expected to maintain its dominant position during the forecast period due to its popularity among consumers. It's a favorite among fashion-conscious people, as it offers a wide range of trendy and affordable tops.

For end users, men are expected to dominate the market. This can be attributed to men's increasing fashion consciousness and their increasing willingness to try different styles. The fast fashion market attracts a significant male consumer base due to the availability of trendy and affordable options.

In terms of price range, the mid-sized segment is expected to maintain its dominant position. Asian consumers prefer affordable yet stylish fast fashion products. The medium segment has a good balance between price and quality, making it the most preferred choice among consumers.

By age group, young adult segment is expected to dominate the market. This can be attributed to young people's fashion-conscious mindset and higher disposable incomes that allow them to frequently purchase fast-fashion products.

Online distribution channels are expected to dominate the market. The convenience of online shopping, along with attractive discounts and wide range of options, has made it popular among consumers. However, offline channels such as directly managed stores and select shops still hold a large share of the market.

Asian fast fashion market segmentation:

• By product type

  • top wear

  • bottom wear

  • dress

  • Jumpsuit

  • coat

  • Jacket

  • Others (lingerie, swimwear, accessories, etc.)

• By end user

  • male

  • woman

  • kids

  • unisex

  • plus size

  • petite

  • Others (Maternity, Tall, Big & Tall, etc.)

• By price range

• By age group

  • infant

  • infant

  • kids

  • teens

  • young adult

  • adult

  • senior citizen

• By distribution channel

  • online

  • off-line

  • Directly managed store

  • multi brand store

  • Department store

  • Supermarket/Hypermarket

  • Others (TV, catalogs, etc.)

You can purchase this special report here: https://www.coherentmi.com/industry-reports/asia-fast-fashion-market/buyNow

Frequently asked questions (FAQ) about this report:

1. What are the factors hindering the growth of the Asian fast fashion market?

2. What are the key drivers driving the growth of the Asian fast fashion market?

3. Which segment reigns as the key component in the Asian fast fashion market?

4. Who are the major players actively participating in the Asian fast fashion market?

5. Which region is expected to lead the fast fashion market in Asia?

6. What is the predicted CAGR of the Asian fast fashion market?

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About us:

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