“Fast fashion consumption is expected to recover in 2023 as consumers are eager to participate in various outdoor activities, show their personality and taste. Consumers now expect more quality and durable products in a variety of styles from fast fashion. It’s high time for fast fashion brands to rekindle consumer affection through refined fabrics and outstanding designs.”
– Diana Shao, Category Director
Key Issues covered in this Report:
- Fast fashion spending overview, the key consumers and potential product category to drive growth.
- Most anticipated features of fast fashion.
- Consumer spending sentiment towards fast fashion.
- Decode sustainability trend in fast fashion.
- Opportunity for premium fast fashion.
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Overview
- What you need to know
- Key Issues covered in this Report
- Covered in this Report
- Excluded
- What you need to know
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Executive Summary
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- The market
- Fast fashion retail sales are recovering as the impact of COVID subsides
- Figure 1: Retail sales of fast fashion, 2016-23
- Consumers returning to fashion spending underpins retail sales recovery
- Figure 2: Forecast of retail sales of fast fashion, 2018-28
- Macroeconomy, sustainable fashion and new technologies will have an impact on fast fashion business
- Companies and brands
- Leading brands further differentiate by premium fast fashion
- Japanese brand UNIQLO strengthens design
- Enrich in-store experience by lifestyle-themed events
- Engage local consumers with local culture
- Raise sustainable fashion awareness
- New products highlight sustainable materials
- Gaining a spiritually young and uplifting look attracts consumers to fast fashion
- Collaboration with designer brands to inject fresh design in fast fashion clothing
- The consumer
- Tops and trousers are the critical categories for fast fashion sales
- Figure 3: Spending on fast fashion, by category, 2023
- Offline stores are important touchpoints to strengthen brand awareness
- Figure 4: Ways to get inspiration for fashion style, 2023
- Showing how a garment would fit on a real person is key to driving purchase interest
- Figure 5: Attractive services and activities by fast fashion brands, 2023
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- Figure 6: TURF analysis of attractive services and activities by fast fashion brands, 2023
- Consumers anticipate more style choices and quality products from fast fashion
- Figure 7: Expectations for fast fashion, 2023
- Domestic emerging fast fashion brands respond to the needs of diverse fashion style
- Figure 8: Fast fashion brand impression, 2023
- Fast fashion remains an integral part of consumers’ daily wear, and there are opportunities for premium collections
- Figure 9: Attitudes towards fast fashion, 2023
- What we think
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Issues and Insights
- Quality materials and collaboration editions are engines to drive fast fashion spending
- Figure 10: Expectations for fast fashion (any selected), by fast fashion spending, 2023
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- Figure 11: Purchase pillars across various fast fashion categories, 2023
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- Figure 12: Collaboration edition between UNIQLO and Marni, 2022
- Premium fast fashion can tap into sustainable fashion
- Figure 13: Attitudes towards premium fast fashion, by gender and age, 2023
- Figure 14: Attitudes towards premium fast fashion, by monthly personal income, 2023
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- Figure 15: Attitudes towards sustainable fashion, by interest in premium fast fashion, 2023
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- Figure 16: ARKET communicates sustainable clothes to consumers, 2023
- Fast fashion’s key consumers define good value for money as outstanding designs
- Figure 17: Selected perceptions of Japanese fast fashion brands (a) among female respondents in tier 1 cities, by monthly personal income, 2023
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- Figure 18: Selected perceptions of American and European fast fashion brands (a) among female respondents in tier 1 cities, by monthly personal income, 2023
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- Figure 19: Savoir Collection by & Other Stories, 2023 summer
- Quality materials and collaboration editions are engines to drive fast fashion spending
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Market Size and Forecast
- Fast fashion market is recovering as the impact of COVID subsides
- Figure 20: Retail sales of fast fashion, 2016-23
- The growth trajectory of fast fashion market is expected to continue over the next five years
- Figure 21: Priority of fast fashion in clothing consumption, by monthly household income, 2023
- Figure 22: Forecast of retail sales of fast fashion, China, 2018-28
- Fast fashion market is recovering as the impact of COVID subsides
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Market Factors
- Macroeconomy in slow recovery
- High youth unemployment rate curtails young people’s spending power on fashion
- Figure 23: Spend more on clothing and accessories (a) compared with last month, by age, 2023
- Sustainable fashion can be a way to promote premiumisation of fast fashion
- Emerging generative AI could impact the fashion industry profoundly
- Macroeconomy in slow recovery
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Key Players’ Performance
- Inditex and H&M Group further differentiate themselves with premium fast fashion
- Figure 24: Massimo Dutti Studio product line by Inditex, 2023
- Fast Retailing collaborates with artists to enhance designs of UNIQLO
- Figure 25: UNIQLO’s collaboration collection, 2023
- Inditex and H&M Group further differentiate themselves with premium fast fashion
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Marketing Activities
- Enrich in-store experience with lifestyle-inspired events
- Figure 26: Plant-dyeing workshop by MUJI in Kunming, 2023
- Engage local consumers with local culture
- Figure 27: COS’s marketing campaign “Looking for City in City” in Chengdu, 2022
- Raise sustainable fashion awareness
- Figure 28: Social media Xiaohongshu launched sustainable fashion market in Shanghai, 2022
- Enrich in-store experience with lifestyle-inspired events
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New Product Trends
- Sustainable fashion using recycled materials
- Figure 29: MUJI and H&M use recycled materials in products, 2022 and 2023
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- Figure 30: ZARA uses recycled and reproduced fabric developed by Circ, 2023
- Gaining a spiritually young and uplifting look attracts consumers to fast fashion
- Figure 31: Discus Mart’s offline store, 2023
- Collaboration with designer brands to inject fresh design in fast fashion clothing
- Figure 32: H&M and Mugler collaboration edition, 2023
- Sustainable fashion using recycled materials
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Spending on Fast Fashion
- Tops and trousers are the critical categories for fast fashion sales
- Figure 33: Spending on fast fashion, by category, 2023
- Footwear is a potential category to stimulate fast fashion spending
- Figure 34: Spending on fast fashion among respondents who have bought specific category in the last 12 months, 2023
- Fast fashion should primarily target female high earners in tier 1 cities
- Figure 35: Fast fashion spending among female respondents in tier 1 cities: any spend, by monthly personal income, 2023
- Tops and trousers are the critical categories for fast fashion sales
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Ways to Get Inspiration for Fast Fashion Style
- Bricks-and-mortar stores are the touchpoint to strengthen brand awareness
- Figure 36: Ways to get inspiration for fast fashion style, 2023
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- Figure 37: Ways to get inspiration for fast fashion style: repertoire analysis, 2023
- Social media can stimulate men’s purchase interest in pillar categories of fast fashion
- Figure 38: Spending on fast fashion among male respondents – spend more, 2023
- Bricks-and-mortar stores are the touchpoint to strengthen brand awareness
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Attractive Services and Activities by Fast Fashion Brands
- Showing how a garment would fit on a real person is key to driving purchase interest
- Figure 39: Attractive services and activities by fast fashion brands, 2023
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- Figure 40: TURF analysis of attractive services and activities by fast fashion brands, 2023
- A brand’s WeChat is more suitable for communicating retail store activities rather than brand concepts
- Figure 41: Attractive services and activities by fast fashion, by online fashion information channel, 2023
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- Figure 42: Attractive services and activities by fast fashion among brands’ WeChat fans, 2023
- Showing how a garment would fit on a real person is key to driving purchase interest
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Expectations for Fast Fashion
- Rich choice of style is the most anticipated
- Figure 43: Expectations for fast fashion, 2023
- Fast fashion offering occasion-specific options can help build brand loyalty among Gen-Zers
- Figure 44: Expecting fast fashion brands to launch clothing for specific occasions (a) – any selected, by age, 2023
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- Figure 45: Respondents aged 18-24 who usually keep buying from the same fashion brand, by expectations for brands to launch clothing for specific occasions, 2023
- Rich choice of style is the most anticipated
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Fast Fashion Brand Impressions
- Domestic emerging brands need a clearer fashion identity to strengthen competitiveness
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- Figure 46: Fast fashion brand impression, 2023
- Domestic emerging brands need a clearer fashion identity to strengthen competitiveness
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Attitudes towards Fast Fashion
- Premium fast fashion brands have chances to win consumers
- Figure 47: Attitudes towards fast fashion, 2023
- Loyal consumers tend to shop economically
- Figure 48: Attitudes towards sales promotion of fast fashion, by brand loyalty, 2023
- Premium fast fashion brands have chances to win consumers
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Appendix – Market Size and Forecast
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- Figure 49: Retail sales of fast fashion, 2018-28
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Appendix – Methodology and Abbreviations
- Methodology
- Fan chart forecast
- Abbreviations
- Methodology
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