May 24, 2024
U.S. Fast Fashion Market

The U.S. Fast Fashion Market Is Driven By Evolving Fashion Trends And Increasing Disposable Income

The U.S. fast fashion market involves clothing collections that mimic current luxury fashion trends at a lower price point. Fast fashion clothing is trend-focused, affordable, and mass-produced to give consumers access to the latest styles quickly without breaking the bank. This allows fashionistas to refresh their wardrobes frequently by quickly capitalizing on the newest looks. Fast fashion items are also disposable, meaning they are not designed with longevity in mind since consumer demand is centered around novelty and rapid product turnover. With Instagram and celebrity-led trends spreading faster than ever, the fleeting nature of fast fashion styles aligns well with consumers’ constantly evolving tastes.

The U.S. Fast Fashion Market is estimated to be valued at US$ 41.15 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Key Trends:

One of the key trends in the U.S. fast fashion market is an increased emphasis on sustainability. Fast fashion’s rapid production model has contributed to immense textile waste, with over 85% of clothing ending up in landfills each year in the U.S. alone. Consumers are more aware now of fast fashion’s environmental impacts and demanding apparel companies take greater ownership of their waste streams through recycling and sustainable fabric initiatives. Fast fashion brands are responding by launching collections with organic, recycled, and eco-friendly materials and vowing to curb overall waste. This focus on sustainability aims to retain lucrativeMillennial and Gen Z customers who heavily influence trends and prioritize socially responsible brands.

Porter’s Analysis:

Threat of new entrants: The threat of new entrants is moderate due to high capital requirements and competition from established brands. However, the threat is comparatively lower due to short lead times and fast response to fashion trends.

Bargaining power of buyers: The bargaining power of buyers is high as the market offers variety of choices to buyers. Buyers can easily switch between brands based on pricing and styles.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers providing raw materials and designs. However, established brands rely on a limited number of key suppliers.

Threat of new substitutes: The threat of new substitutes is low as fast fashion complements trends in premium and luxury fashion. However, online retailers and rental/resale platforms pose a moderate threat.

Competitive rivalry: Competition in the market is very intense with frequent new product launches and emphasis on quick response retail.

U.S. Fast Fashion Market Segmentation:

  • By End User:
    • Clothing, Footwear
    • Accessories
    • Others
  • By End User:
    • Men
    • Women
    • Unisex
    • Kids
  • By Price Range:
    • Low
    • Medium
    • High
  • By Distribution Channel:
    • Online
    • Company Outlets
    • Multi-brand Stores
    • Others

Key Takeaways:

The U.S. Fast Fashion Market Size is estimated to be valued at US$ 41.15 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.

The U.S. Fast Fashion market is expected to witness high growth over the forecast period. the South is the fastest growing region due growing working population and high fashion consciousness. Key cities like California, Texas and Florida contribute nearly 40% of the market revenue in the region.

Key players operating in the U.S. Fast Fashion market are 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, Primark. H&M and Zara dominate the organized fast fashion retail market in the U.S. However, online-only retailers like Shein and Fashion Nova are gaining popularity among young consumers due to wide assortments at affordable price points.

*Note:
1.Source: CoherentMI, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it