Demanding a change in culture, fast fashion requires businesses to respond rapidly to the consumer demand, and plan new market strategies.
People are getting exposed to different way of lifestyle. Accordingly fashion trends also keep changing. The question is how can one adjust with the fast changing trends? As buying fashionable clothes requires an investment, the customer is more focused on the trends in which he would be investing the money. Fast fashion comes in panorama here.
The term Fast Fashion refers to the term of clothing collection that is based on the most recent fashion trends, especially of the West. They facilitate the main stream customer to buy stylish apparels with matching with the current trends, and at an affordable price. In the current scenario, fashion industry, and to be more particular, the fashion apparel segment proves to be very volatile in nature. With new trends springing up every now and then, consumers preferences keep changing in the wink of an eye.
Why Fast Fashion?
Currently business environment is going through a phase of unprecedented changes. Businesses have to respond to changes in the market, and changing consumer preferences, to remain successful and to sustain their share in the pie. Majority of the population belongs to the middle, and upper middle income category. Consumers are fashion conscious, and at the same time expect affordable prices as well. They want to adapt themselves to the changing fads, and simultaneously do not want to feel the heat on their budget. This has motivated them to go in for fast fashion apparels.
Need for drastic changes in consumer demand and fashion trend is more apparent for retailers. The main strategy to do a fast fashion business is the ability to respond very quickly to the fast changing needs of the target customers, identify the trends in advance, and meet the market requirements in a rapid speed. Fashion retailers like H&M, and Zara, Forever 21, and Primark are famous for their fashion labels.
Is the style going obsolete?
One of the constraints for the retailers in responding quickly is the combination of inflexible systems, and lack of timely information. Adding to the pressure, merchandisers and buyers keep juggling their plans several times in a season.
The main focus of fast fashion is its sustainability. Apart from financial, there are social, and environmental concerns associated with it. Maybe, the latest trend clothes are available at affordable prices. But what if they fall apart after a couple of washes? Are these apparels manufactured using a sustainable model? Some critics do argue that rather than buying clothes that look trendy to match with the latest fads, it is wise to buy a classic outfit with long term appeal.
Todays shopper seeks to buy clothing in a way that looks fashionable, and does not break the bank as well. Fast fashion raises the value of fashion designers. But still, it is always better to give a second thought about the cost involved, and the long term benefits before one goes for a buying decision regarding fast fashion apparels. It these apparels do not cripple the wallet of the shopper in the long run, then it is good.
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