An Analysis of the Fast Fashion Industry @inproceedings{Linden2016AnAO, title={An Analysis of the Fast Fashion Industry}, author={A. Linden}, year={2016} } The global online fashion market is predicted to reach $765 billion by the year 2022, a projected increase of $281 billion, or 58%, from this year. When compared to the luxury market, which saw mediocre growth in 2016, it’s clear that fast fashion retailers are growing in favour. Good thing our market research tools can keep up! impact the fashion market. Fast fashion is one of the world's biggest environmental challenges. The year ahead will open with the industry in a state of high nervousness and uncertainty, with most executives across fashion and the wider business world bracing for a slowdown in growth in the global economy. The fashion industry needs to fundamentally change in order to mitigate the environmental impact of fast fashion, experts have said. The process of making clothes is complex and involves many people and corporations around the world. The huge toll of 'fast fashion' on the planet – and why the answer could be circular A lorry-load of used clothing is incinerated or buried in landfill every single second. The fashion industry is constantly changing. Industry-Wide Data. The fast fashion industry is big business – and it’s only getting bigger. Americans carry over $800 billion in credit card debt.Yet with retailers like Zara and H&M offering a constant stream of new designs, Americans are still buying a lot of clothing and it’s not taking up much of Americans’ average budget. Fast fashion has also come under criticism for contributing to poor working conditions in developing countries. The pressure to reduce costs and speed up production time means that environmental corners are more likely to be cut. And constantly changing trends and cheap prices have boosted the production of clothing to massive levels. Parliament’s cross-party Environmental Audit Committee (EAC) launched an enquiry into the sustainability of the fashion industry this summer, with the intention to look into how the industry can remodel itself to “be both thriving and sustainable” (Cole, 2018). (Timothy Hiatt/Getty Images) This article is more than 1 year old. Some of these statistics can seem quite alarming, but there are improvements being made at the time of writing. The report claims that “these statistics are simply not enough. In 2019, the predicted overall fashion industry’s growth was between 3.5% and 4.5%, according to the McKinsey Global Fashion … The fast fashion industry has conditioned us to constantly feel the need to reinvent our style, follow new trends and buy new clothes. It has a clean, wholesome image long cultivated by the garment industry. Fast fashion’s negative impact includes its use of cheap, toxic textile dyes—making the fashion industry the second largest polluter of clean water globally after agriculture. According to new research, the industry has grown 21% over the past three years. Domestic market value of the fashion industry: 28.5 billion Australian dollars Annual retail sales of fashion: 21 billion Australian dollars Employment in textile, clothing, leather and … Fast fashion—design trends quickly and cheaply translated for the masses—has had a strong year so far. ” Researchers further broke people in the fashion industry into two groups: The “insiders” and “outsiders.” “Fast fashion” has taken the clothing industry by storm. The numbers alone tell a story: Within the Council of Fashion Designers of America, one of the industry’s most prominent trade organizations, only 3% of members are black. 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