LONDON, July 21, 2021 (GLOBE NEWSWIRE) — As per The Business Research Company’s research report on the fast fashion market, the slowed-down economic activity due to COVID-19 across the globe has resulted in a decline in the apparel market demand. The fashion apparel manufacturing industry is experiencing a cut in spending and poor consumer confidence due to fear over coronavirus spread. This low consumer demand keeps investors away from new investments in the sector. For instance, according to the Statista report, global GDP will decline by 2.9% due to the COVID-19 impact.
To take advantage of the opportunities available in the market to adjust to the pandemic’s impact and to counter it, The Business Research Company recommends that fast fashion companies enhance their business presence in the e-commerce sector through investments and initiatives taken towards the development of advanced technological solutions to integrate physical stores and the online marketplace or platform, focus on the development and launch of webstores to increase the accessibility and convenience towards the customer, focus on expanding their business and operational presence through strategic agreements and plans to expand and establish stores and manufacturing facilities in developing regions, and companies can also focus on growth via strategic acquisitions.
The Business Research Company’s report titled Fast Fashion Global Market Report 2021: COVID 19 Growth And Change to 2030 covers major fast fashion companies, fast fashion market share by company, fast fashion manufacturers, fast fashion market size, and fast fashion market forecasts. The report also covers the global fast fashion market and its segments.
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According to fast fashion statistics 2020, the market was worth $25.09 billion in 2020 and is expected to reach $30.58 billion in 2021 at a compound annual growth rate (CAGR) of 21.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $39.84 billion in 2025 at a CAGR of 7%.
Asia Pacific accounted for 29.7% of the total market, giving it the largest fast fashion market share 2020. It was followed by North America, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the fast fashion market will be South America and the Middle East, where growth will be at CAGRs of 32.4% and 28.9% respectively. These will be followed by Africa, and Eastern Europe where the markets are expected to grow at CAGRs of 25.2% and 23.0% respectively.
In addition to stockpiling of fashion apparels from physical retail store shelves such as INDITEX, Uniqlo, and H&M, online ordering has gone up. Due to lockdowns and travel restrictions around the world, people have less desire or need to purchase or wear much beyond casual clothing. As many companies announced the remote working option to their employees due to physical distancing restrictions, the market has witnessed a gradual increase in demand for work-from-home wear. Fashion retailers shifted their sales channel to online platforms focusing on new trends based on evolving consumer. For example, according to the Facebook-BCG joint study report, around 90% of consumers purchased clothing online during lockdown. During the pandemic, consumers find it safer to order fashion apparels online rather than going outside to physical stores, which is why it is important for market players to alter their activities accordingly.
Fast Fashion Global Market Report 2021: COVID 19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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