Fast fashion has made its way into Australian consumers’ wardrobes over the past five years with anticipated growth of 10.4 per cent in 2010 to 2015, and increased growth of 11 per cent in the period 2015 to 2020.
The fast fashion industry has benefited from design and cost conscious consumers as the rise of social media and online shopping fueled consumers’ desire for new styles and trends on demand.
As the nation prepares for Fashion Week Australia, April 12 to 16 in Sydney, business analysts at IbisWorld have identified the world’s most famed fashion houses and highly popularised fashion shows as two of the key drivers behind fast fashion’s meteoric rise.
The concept of fast fashion is derived from the fast market delivery of the latest runway fashion trends. As a result, the ability of fast fashion retailers to quickly capture and deliver to market the newest trends in fashion is crucial to attract customers.
Meanwhile, luxury retailing is likely to enjoy strong growth of 9.8 per cent in 2010 to 2015, continuing at a brisk 8.5 per cent in the years 2015 to 2020.