Research and Development Company, CoherentMI recently released a report titled “US Fast Fashion Market,” revealing that the market was valued at US $ 41.15 Billion in 2023 and is projected to reach US $ 59.85 Billion by 2030, with a Compound Annual Growth Rate (CAGR) of 5.5 per cent during the forecast period from 2023 to 2030.
The growth of the US fast fashion market is primarily attributed to two key factors – Firstly, the proliferation of online retail channels and secondly, the fast fashion industry’s agility in responding swiftly to evolving fashion trends and providing affordable and stylish clothing has also fueled market growth.
Key insights from the report include:
The US Fast Fashion market is expected to grow, driven by the increasing popularity of fast fashion brands among consumers seeking trendy and cost-effective clothing options. The clothing segment is anticipated to dominate the market, attributed to high demand for items like tops, dresses, and jeans in the fast fashion sector.
Women are projected to lead the market, followed by men and children, due to women’s fashion-conscious preferences. Lower price ranges are expected to dominate the market as consumers seek affordable fashion options.
Online retailing is set to be the primary distribution channel in the US Fast Fashion market, with a significant increase in online sales for fast fashion brands. North America is forecasted to hold a dominant position in the US Fast Fashion market due to its robust economy, high disposable incomes, and fashion-forward population. Key players in the US Fast Fashion market include River Island, Mango, Bershka, Missguided, New Look, Fashion Nova, Shein, Romwe, PrettyLittleThing, Nasty Gal, Miss Pap, Boohoo, ASOS, H&M, Zara, Forever21, UNIQLO, Topshop, C&A, and Primark. These players continuously expand their product offerings to meet evolving consumer demands in the fast fashion industry.
The US Fast Fashion market offers promising opportunities for industry players to leverage the growth of online retailing and the increasing demand for sustainable and ethical fashion. By following the market dynamics and aligning strategies accordingly, key players can gain a competitive edge and achieve long-term success.