Market researcher ReportLinker estimates that between 2022 and 2026, the global fast fashion market will grow by $49.13 billion, accelerating at a compound annual growth rate of 8.55%.
The study found that the rapidly increasing demand for fast fashion clothing is predominantly driven by social media marketing and the young consumer market.
Social media has accelerated the arrival and disappearance of fashion trends. Platforms like Tik Tok and Instagram create “microtrends”, short-lived trends that gain a large amount of online attention for a short period of time, before falling out of fashion. The dramatic shortening of trend cycles incentives fast fashion labels to increasingly churn out more styles. Chinese online fast fashion retailer Shein adds on average 6,000 new styles to its website every day.
The rise of “haul culture” on social media has also increased fast fashion consumption. Influencers and fashion bloggers partner with brands to create video content that showcases large quantities of clothing they have purchased for a new season. These fast fashion clothing hauls encourage consumers to buy from the brand, often in an excessive and unsustainable manner. The hashtag #Sheinhaul has accumulated over 6.4 billion views.
Gen Z and millennial consumers continue to be a huge market for fast fashion retailers. ThredUp’s Global Data 2022 Consumer survey found that one in three young people said that they were addicted to fast fashion due to its low prices and the pressure of social media to subscribe to the latest trends. 40% of college students stated that they browsed fast fashion sites or apps at least once a day.
Despite losses reported by fast fashion giants like H&M and Zara during the Covid-19 lockdowns, and more brands pledging to sustainable practices, the statistics are clear. Fast fashion is here to stay.
