by The fast fashion industry in Europe allows clothing manufacturers and retailers to push new fashion trends to the market at an extremely fast pace to meet consumer preferences. Fast fashion products such as tops, jeans, sweaters and dresses are made with low-cost synthetic fabrics like polyester, nylon and acrylic. These trendy yet affordable items feature styles directly inspired by catwalk designs and latest celebrity looks. The aim of fast fashion is to give customers latest fashion for less. With multiple new collections hitting stores every week, fast fashion has become popular among the young mass audience who want regularly refreshed wardrobes.
The global Europe Fast Fashion Market is estimated to be valued at US$ 48.34 Mn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the Global Europe Fast Fashion Market Size is rising consumer demand for on-trend yet low-cost apparel. Younger shoppers in particular want to emulate celebrity styles at affordable prices without compromising on variety or newness of designs. This has prompted retailers to speed up design, manufacturing and distribution cycles by removing seasonality from their processes. They now produce fleeting micro-trends that last a few days to a week and involve trend-analysis to accurately predict constantly changing consumer preferences. Sustainable and eco-friendly fabrics are also gaining traction as socially-conscious customers demand environmentally friendly fast fashion. Players are responding by increasing use of recycled polyester, organic cotton and other sustainable materials in their collections.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in Europe fast fashion market as it requires large capital investments to set up manufacturing facilities and supply chain networks. Established brands have strong brand recognition and economies of scale.
Bargaining power of buyers: The bargaining power of buyers is high as the market has presence of large retailers that source garments from multiple brands. Buyers can negotiate on price and demand high quality at low costs.
Bargaining power of suppliers: Fabric suppliers have moderate bargaining power due to availability of substitute fabric sources. However, design companies have lower bargaining power due to dependency of brands on unique designs.
Threat of new substitutes: Threat of substitutes is high from emerging trend of thrift stores and rental fashion. Sustainability concerns are also driving consumers towards slower fashion concepts.
Competitive rivalry: The market has several global and local players competing on price, quality, design and rapid response time. Frequent collection changes and competitive pricing have increased rivalry.
Key Takeaways
The global Europe fast fashion market is expected to witness high growth during the forecast period. The global Europe Fast Fashion Market is estimated to be valued at US$ 48.34 Mn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024-2031.
Spain & UK dominate the Europe fast fashion market with presence of global brands. Low cost of production and presence of textile industries drive the market in Spain, while high fashion consciousness and swift trends adoption boost the UK market. Mid-sized European markets like Italy, Germany are growing rapidly. Young population inclined towards latest trends and affordability of fast fashion are driving demand. Eastern European countries are emerging hotspots with increasing spending power and western influences.
Key players comprising- Key players operating in the Europe fast fashion market include Mango, Forever 21, River Island, Peacocks, Topshop, Zara, Bershka, Inditex, H&M, Primark, C&A, Stradivarius, Pull&Bear, Oysho, Massimo Dutti, Uterqüe, Lefties, Arket, New Look, Next. Zara, H&M and Primark dominate due to widespread store presence and affordable clothing in trending silhouettes.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
