February 24, 2024
U.S. Fast Fashion Market

U.S. Fast Fashion Market Is Expected To Be Flourished By Rising Demand For Latest Fashion Trends At Affordable Prices

The U.S. fast fashion market consists of major clothing brands that manufacture trendy apparel and make it available at affordable prices by reducing the time to market and adopting latest technologies. Fast fashion brands cater to the rising demand for trendy outfits among millennials and generation Z by offering new collections within two to three weeks resembling latest runway shows. They primarily focus on casualwear and partywear ranges made from affordable fabrics. Fast fashion is gaining traction owing to convenience and flexibility offered to customers in frequently changing their outfits as per trends at low costs.

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 Dynamics:

The growing demand for latest fashion trends at affordable prices remains a key driver for the U.S. fast fashion market growth over the forecast period. Fast fashion brands offer trendy designs quickly mimicking high-end fashion shows within 15 days at nearly one-third cost of luxury brands. They design for mass audiences and connect with trends in various regions and communities by adopting data analytics tools. This allows customers to stay updated with changing trends at pocket-friendly prices, thereby increasing their spending on multiple clothing items. Moreover, the rising adoption of digital technologies by fast fashion retailers to enhance supply chain operations, improve customer engagement, and streamline inventory management will continue fueling market expansion through 2030.

Segment Analysis:

The U.S. fast fashion market is dominated by the apparel segment which accounts for around 60% market share. Affordable clothing with latest fashion trends sees high demand among Gen Z and millennial population in the country. Footwear segment holds around 25% share owing to rising preference for comfortable yet trendy shoes and sneakers. The remaining share belongs to accessories segment wherein handbags and wallets are most popular products.

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

PEST Analysis:

Political: no major trade policies or regulations impacting imports. However, “Buy American” initiatives can potentially boost domestic manufacturers.

Economic: stable economy and rising disposable incomes driving high spends on affordable yet trendy apparel. Online shopping growth amid pandemic further propelled market revenues.

Social: emphasis on social media influencer marketing and celebrity endorsements to stay abreast latest trends. Sustainability and size-inclusivity are growing consumer considerations.

Technological: e-commerce platforms and mobile apps catapulted online sales. digitally native brands employ AI, AR to enhance virtual try-ons and personalized recommendations.

Key Takeaways:

The U.S. Fast Fashion Market Size is expected to witness high growth supported by increasing popularity of on-trend yet affordable apparel and footwear among younger demographic. 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.

Western region holds leading share currently led by states like California and Washington owing to high spending capacity and denser population.

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. Fast fashion giants H&M and Zara have been dominating market for over a decade while online native brands like Fashion Nova and Shein saw meteoric rise in last five years. Evolving consumer preferences around sustainable and size-inclusive products provide lucrative opportunities for players differentiate through responsible business practices.

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