In a society that is familiar with efficiency exists fast fashion, defined as the development of trending products and services for mass consumption.
According to Ms Oo for IBIS World, companies including Cotton On Clothing Pty Ltd, who operate retailers including Cotton On and Factorie, and Group Zara Australia, trading as Zara, “have short production and distribution lead times, which enables them to adapt their product range… in as little as two weeks.”
Attending to efficiency and convenience, fast fashion retailers offer an extensive range of products including women’s, men’s, children’s and infants clothing, and accessories and footwear.
In a study by IBIS world, it was determined that fast fashion holds greater appeal to women while accessories and footwear are considered low in value and therefore, “account for a low proportion of industry revenue”.
“Fast fashion purchases tend to decline when consumers grow older, as industry retailers typically target younger, fashion-conscious consumers with lower disposable and discretionary incomes” according to Ms Oo.
Ms Oo explains, consumers aged 55 and over prioritise “greater importance on comfort, quality and durability.”
Defined by Ms Oo for IBIS World, industry revenue refers to the total sales of industry goods and services, subsidies on production, operating income from outside the firm (including commission income), and capital work by rental or lease.
Growth from 2011-12 through 2014-15 is on account of the internet, offering a new means of shopping and marketing online, and industry revenue is expected to rise to $2.3 billion in 2022-23, with women’s fashion accounting for over half.
However, while this presents a promising insight, it is revealed a growth in consumer environmental awareness poses a threat to the fast fashion industry.
In The environmental price of fast fashion, Kirsi Niinimäki, Greg Peters, Helena Dahlbo, Patsy Perry, Timo Rissanen and Alison Gwilt explain, “each production step has an environmental impact” “from water and chemical use during fibre, yarn and textile production to CO2 emissions during the manufacture, distribution and consumption of clothing.”
Relative to the slogan, reduce, reuse, recycle, consumers are encouraged to donate, swap, rent or repair their clothing rather than bin them and source fast fashion.
In consideration of this movement, figures by IBIS world predict industry revenue to continue to reach $2.6 billion in 2026-27.
Renewed consumer interest in vintage clothing and thrifting, in favour of being environmentally conscious, has threatened demand for new and fast fashion.
(Featured Image: ROCHELLE PUTNIKOVIC)
