Fast Fashion
Art by Ira Welankar: https://www.instagram.com/irawelankar/
WHAT IS FAST FASHION?
Fast fashion is a term used to describe clothing designs that are most often seen first on models, usually on the runway or out in public, that typically make its way into stores, to take advantage of a "trend".
The collections are most commonly based on those presented at Fashion Week or as sported by celebrities. It allows for mainstream consumers to purchase the "latest trends" or to be in "vogue" at an affordable price.
The fast fashion industry rose in the late 1990's and early 2000's on account of it being cheaper, having speedier methods of manufacturing and shipping, increased consumer appetite for the latest trends and styles, and an increase in the consumers' purchasing power- especially among youngsters. All of this amounting to fast fashion challenging the established clothing label tradition of introducing new lines and new collections to please their target consumer on an orderly, seasonal basis.
Some of the leading brands that enthusiastically partake in consumerism- Zara, H&M, Primark, UNIQLO, GAP and TopShop to name a few.
UNDERSTANDING THE INDUSTRY
Shopping for clothing, which was once considered an event, is now a common practice. In times past, consumers would save up to buy new clothes at a specific times of the year. Most often towards the end of the year so that the style-conscious would get a preview of the styles to come, via fashion shows.
This practice began to see a change
at the turn of the millennium, as shopping became a form of entertainment and discretionary spending on clothing. This led to the emergence of the fast fashion industry- cheap, statement items, mass-produced at low costs.
Supply Chain Management is one of the innovations that has aided the growth of the fast-fashion industry amongst retailers. Its main objective is to effectively produce cost-efficient pieces of clothing in anticipation of fast-shifting consumer demands. This is based on an assumption that, consumers opt for high fashion at a low price point.
While this seems small, the size of fast fashion industry as per the Fast fashion Global Market Report 2020-30: Covid-19 Growth and Change in 2019 is a whopping $35.8 billion and is projected to reach $38.21 billion by 2023.
PROS AND CONS OF FAST FASHION
PROS
- Retail and Business:
Accordingly, consumers tend to purchase the product of their liking rather than waiting for it to go out of stock, no matter what the price is. The business is also responsible for making huge profits, especially if a retailer manages to land a trend before its competition. It helps retailers avoid having to deal with markdowns, that cut into margins.
2. Consumers:
Fast fashion has enabled their consumers to get the clothes they want, when they want them. This has also helped making clothing more affordable, stylish and innovative. This has gotten rid of the stigma that sporting the latest look or being "well-dressed" is not limited to people who are rich and famous.
CONS
- Consumer Behaviour:
2. Environmental Issues:
Fast fashion also contributes to pollution, waste, and planned obsolescence caused on account of using cheap materials and manufacturing processes. The garments produced are of poor quality and do not tend to age well, and is cannot be recycled since it is made up largely out of synthetics. These non-recyclable garments find their way into land fills and remain their for years.
3. Exploitation:
A large proportion of the companies that are into fast fashion, outsource the production of their goods, usually to manufacturers in developing countries there there has been no transparency in the supply chain. This has led to accusations of the industry's foundation being built on poor working conditions, poor pay, and abusive-exploitative practices.
Many of these companies also have child labour practices, and where the payment of the said wages is substantially lower than the minimum set wages.
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| https://www.statista.com/statistics/307453/chidren-invloved-in-forced-labor-by-form/ |
FAST FASHION FAQ's ANSWERED BY INVESTOPEDIA
WHAT IS CONSIDERED FAST FASHION?
Fast fashion relates to clothing and accessories that move from the designer sketchpad to the store in the shortest amount of time possible- often in a matter of a month, vs. close to a year in traditional industry practice. Fast fashion merchandise is produced cheaply and priced cheaply. The clothes don't last, bit they're not meant to- they're often throwaways, aimed towards cash in on a trend, worn a few times, and then discarded in favour of the next big thing or celebrity sighting.
WHAT ARE SOME PROBLEMS WITH FAST FASHION?
To keep prices low fast fashion companies tend to use outsourced and often underpaid labor in factories located overseas, There's frequently little oversight of working conditions or of manufacturing processes, which may be polluting the water, air, and land.
"More broadly, the blindingly fast pace at which clothes are now manufactured, worn, and discarded means that they've become more disposable, more commodities than keepsakes," as a Box columnist wrote in 2020. Fast fashion encourages a wasteful, "disposable mentality" attitude among consumers. This, in turn, creates another environmental problem: Tons of clothing clogging up landfills and garbage dumps (since they're made largely of synthetic materials, fast fashion clothes cannot be recycled easily)
IS FAST FASHION BAD FOR THE ECONOMY?
It's debatable whether fast fashion is bad for the economy. The apparel industry, in general, has been growing by as much as 8% annually (aside from the blip of the 2020 pandemic year)- and fast fashion leads the apparel industry. It is estimated to grow nearly 7% to $38.21 billion by 2023. Fast fashion companies employ thousands in their offices, stores, and factories and make millions in profits each year.
WHAT ARE EXAMPLES OF FAST FASHION?
H&M (founded 1947) and Zara (founded 1975) are two of the oldest names in fast fashion. Other big companies include UNIQLO, GAP, Forever 21, and TopShop. Boohoo, Shein, and Fashion Nova are other up-and-coming, online-oriented fashion companies.
COMBATING FAST FASHION
- Buy second-hand clothes at thrift stores or consignment stores. The on-going pandemic has pushed for the emergence of numerous thrift stores online. Instagram has a bunch of different options depending on the kind of piece you wish to buy, the price point and your area.
- Support small businesses that make one of a kind, unique items, to fit you specifically, rather than buying items that are mass produced.
- Use Facebook Marketplace, Craigslist or Instagram to sell to buy second-hand items in your area, some online thrift stores deliver all over the country.
- Buy clothes from brands that have recycling programs. Brands like Marks & Spencers, Cotton World and North Face do this. Some brands would also reward you in the form of a discount on you next purchase.
- Choose to shop from brands that are ethical, affordable and offer high quality products. As more brands become ethical and sustainable, they will continue to become more affordable. Brands like Levis urge their consumers to view their products as an investment and not a mere garment.
- Instead of donating to large thrift store charities, opt for supporting small businesses, local shelters and non-profit organisations
- When all else fails, donating to a chain thrift store is still a better alternative than tossing clothes in the garbage.
- Educate yourself about alternatives and slowly shift to a more sustainable purchase.
- Use social media platforms to educate yourself and people around you about sustainable fashion and small businesses that you can support.
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