The fashion industry has grown tremendously in the last decade until hit by COVID. According to Statista, in 2019, the global retail sale of apparel and footwear accessories reached 1.9 trillion. It is estimated that it would reach around 3 trillion by 2030. The fashion industry has shown remarkable growth in Asia-Pacific and European regions.
Fashion has taken a foothold in these emerging markets. The subcontinent has also shown remarkable growth in the fashion industry. New brands are appearing in the fashion industry in this region. Revival of old fashion like salwar kameez into more modernized one. New varieties and styles of such old clothing have revitalized the fashion industry.
There are different factors for the fast growth of the fashion industry in the last decade.
Manufacturing of fashion clothes
The fashion on the ramp is quickly manufactured and dispersed to the retail outlet. The whole manufacturing process has gained exceptional speed. The whole supply chain method has evolved tremendously. Designers are presenting the dresses, which are easily accepted by the consumers. Designers clothing becomes available fastly for the purchasing. The digitized stitching process also helped the designers to manufacture their clothing at a high speed.
Affordable prices
Fashion brands are presenting affordable clothes according to the purchasing power of the market. The inexpensive and reasonably priced fashion clothing is accepted in the apparel market. Fashion brands have their retail outlets presenting those fashion wears. These retail outlets market the current fashion and also the recent fashion at flat prices. Different sales and discounted prices are offered for fashion clothes of the previous year.
Online purchasing trends
Online purchasing of fashion clothes is on the rise. Statistics showed 57 of the fashion purchase has done via using the internet. E-commerce sites are becoming interactive and fashion products are available at your doorstep. The online purchase of fashion clothing is increasing due to the following reasons
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It saves time and is convenient for busy personnel, customers can purchase their desired clothes with a simple click.
Online purchases make the price affordable as you are purchasing directly from the seller of a fashion designer.
Easy shipment of fashion clothes
Shipment of purchases has become simple, some brands also providing free-of-cost shipments of their latest fashion for advertising purposes. Some companies are providing worldwide shipment but most are restricted to a specific region like Europe, and America. You simply have to place an order, and your desired fashion products would be at your doorsteps every week.
The emergence of fast fashion
Dynamic fashion trends are described by the term Fast fashion. The term is used to describe the dynamics of fashion trends. Fashion trends become popular at a high speed and it is available to the consumers at a reasonable price. Fast fashion is becoming popular around the world due to faster supply chains and quick access to the latest fashion to the retail outlets. Young people especially turned to branded clothing to fulfill their appetite for the latest fashion. Fast fashion trends change weekly and become available instantly to retail outlets.