We’ve all been there before (or know someone who has): We’re strolling through our neighborhood mall and our eyes catch a glimpse of glossy signs inviting us to escape into a land of cotton and polyester. Dresses $8.99! Sweaters $9.99! Jeans $14.99! Once we step inside the brightly lit, chandeliered store, the mounds of perfectly folded garments, seductively postured manikins and catchy pop music have us hooked. Before we know it, we’re checking out at the register with a bag of reasonably priced clothes that we never planned on buying – and we’ve only spent $35. How can we resist?
For a generation of budget-conscious millennial shoppers, popping into stores like Forever 21, H&M, Uniqlo and Zara – that offer trendy clothes at low prices – has become par for the course. In 2013 alone, those four fast fashion retailers generated a combined $48 billion in global sales. And a recent report by the financial services firm Cowen Group forecasts that fast fashion sales will increase 11 percent year-over-year through 2020.
The realized growth in the fast fashion market has been astounding – and it’s leaving conventional apparel retailers in the dust. The traditional apparel model of selling seasonal lines of clothing, manufactured and marketed months in advance, has been replaced by these bargain brands that rapidly respond to the latest fashion trends and live by just-in-time production. As a whole, consumers have been loving it; yet, recent events have shed light on questionable aspects of fast fashion’s modus operandi that are prompting some consumers to think twice about purchasing those $5 T-shirts.