Traditionally, consumers of the fashion industry have long focused their spending habits on seasonal shopping trips in which they tend to do the bulk of their shopping, but in recent years such habits have changed drastically. In the modern-day, customers are now engaging more in ‘fast fashion’, which sees buyers pick up the very latest fashion trends as and when they become available, as opposed to buying on a seasonal basis. With such a big change occurring within the fashion industry, we take a look at the reasons as to why fast fashion has become a modern-day shopping trend.
What is ‘fast fashion’?
Fast fashion is where catwalk trends go through an accelerated period of production in order to get the latest clothing products to consumers via mass-market retailers. As a result of this recent surge in fast fashion shopping, seasonal clothing line releases have come under threat due to the growth of constant shopping.
A report from manchestereveningnews.co.uk indicates how, earlier this year, Boohoo, a UK-based online retailer, sought to evolve the world of fast fashion even further through the introduction of their ‘buy now, pay later’ scheme in which the platform’s shoppers can pay two weeks or more after they made their purchase. As fast fashion items are predominantly inexpensive, the new system in place at Boohoo encourages consistent shopping, whilst also allowing consumers to budget where possible.
However, while the industry has undoubtedly developed and flourished in the past few years, fashion designers have a degree of responsibility for the patterns and regularity of consumer spending. Many of the latest trends are being made easily accessible to prospective customers, and with such trends constantly changing, the potential for unhealthy spending is a real concern. The scheme introduced by Boohoo demonstrates how retailers are attempting to challenge such issues and ensure that unhealthy spending is avoided through pre-planned budgeting.
While the fast fashion industry is continuously looking for ways to counter excessive spending, the online casino market is a prime example of how service providers can promote responsible and healthy spending. The budget calculator and self-assessment tools, which are provided through games.paddypower.com, allow users to assess their gaming habits and plan exactly how much they have available to spend each month. Through these implementations, which seek to increase responsible gaming, along with the diary tool, players can manage both their time and money in an effective manner while also being able to enjoy a sustained level of participation.
Social media has been one of the largest influencing factors in the switch away from seasonal shopping. With platforms such as Facebook, Twitter, Instagram and more being used to advertise and market some of the newest catwalk trends, consumers have increased their demands to be able to purchase designs as soon as possible.
Moreover, as a result of the growth of social media and fashion advertising, celebrity endorsements have become commonplace across many platforms. According to econsultancy.com, Fashion Nova have worked with influencers including Cardi B and Kylie Jenner in recent years, and following such collaborations, the company enjoyed a 600% growth in 2017.
The future of ‘fast fashion’
The fashion sector continues to change on an almost daily basis, but with fast fashion edging its way closer to the forefront of contemporary shopping trends, it appears likely that the switch away from seasonal shopping is the industry’s future.