by The U.S. fast fashion market incorporates clothing, accessories, and other goods in affordable price ranges that quickly reflect the latest trends. Fast fashion clothing is mass-produced to cater to rapidly changing trends and makes fashion affordable and accessible for a wider customer base. It allows people to update their wardrobes more regularly with new styles.
The U.S. Fast Fashion Market Size is estimated to be valued at US$ 41.15 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024-2031.
Key Takeaways
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 retailers adopt strategic collaborations and partnerships to expand their market reach. For instance, in 2021, H&M collaborated with singer-songwriter Willow Smith for an earth-conscious clothing collection made with recycled materials.
The growing demand for trendy and affordable clothing drives the fast fashion market in the U.S. Younger consumers especially Generation Z and millennials have contributed to the rapid growth of fast fashion. They seek latest design-driven apparels and accessories at low prices through e-commerce platforms. According to statistics, people in the age group of 18-34 account for over 50% of all fast fashion purchases in the U.S.
Global expansion remains a key focus for major U.S. fast fashion retailers. Companies are strengthening their presence through online stores, company-owned retail outlets as well as franchised stores across international markets. For example, in 2021, Zara opened 60+ stores globally expanding its footprint. Fast fashion brands leverage technology and digital platforms for global sourcing of raw materials as well as distribution of finished goods to distant markets.
Market Key Trends
Sustainability is gaining prominence as a key trend in the U.S. fast fashion industry. Growing consumer demand for ethically sourced, eco-friendly apparel has driven players to adopt sustainable practices. Major brands are investing in recycled fabrics, renewable energy, zero-waste production and green chemistry. For instance, H&M aims to use 100% recycled or sustainably sourced materials by 2031. Fast fashion companies also partner with non-profits to donate excess fabric scraps and organize clothing drives to promote circularity. Embracing sustainability allows fast fashion retailers to enhance their brand image, appeal to socially conscious customers and boost long-term profitability.
Porter’s Analysis
Threat Of New Entrants: New players entering the US fast fashion market face difficulties establishing brand visibility and awareness.
Bargaining Power Of Buyers: Strong bargaining power as large retailers and buyers consolidating market presence.
Bargaining Power Of Suppliers: Large retail organizations have significant bargaining power over fabric suppliers and manufacturers.
Threat Of New Substitutes: The threat is moderate as fast fashion competes with standard fashion but offers latest trends at affordable prices.
Competitive Rivalry: Intense competition exists between fast fashion brands to capture market share through frequent assortment changes and competitive pricing.
Geographical Regions
The US fast fashion market is concentrated in the Western and Eastern regions in terms of value share. California, Texas, Florida and New York account for over 45% of the total US market revenue owing to higher population density and spending power.
The fastest growing region for the US fast fashion market is the Midwest led by states such as Illinois, Ohio, Michigan, Pennsylvania and Indiana. Spending on apparel and accessories is witnessing an uptick in this region supported by improving economic conditions and rising disposable incomes. Several domestic and international fast fashion brands are expanding their store presence in the Midwest to leverage growth opportunities.
What Are The Key Data Covered In This U.S. Fast Fashion Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the U.S. Fast Fashion’s growth between 2024 and 2031.
:- Accurate calculation of the size of the U.S. Fast Fashion and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- U.S. Fast Fashion Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of U.S. Fast Fashion vendors
FAQ’s
Q.1 What are the main factors influencing the U.S. Fast Fashion?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top U.S. Fast Fashion companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the U.S. Fast Fashion’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
