A new study has found that the fast-fashion market is on a troubling trajectory in Europe, with an estimated compound annual growth rate of 7.5% from 2023 to 2030.
What's happening?
Coherent Market Insights announced in a press release — via OpenPR Worldwide Public Relations — that it expects the European fast-fashion market to boom over the next five years.
The firm said it considered popular brands like Mango, Forever 21, Topshop, and Zara, among others, in its report and analyzed the data based on factors such as the latest technologies, innovations, market trends, challenges, leading competitors, and more.
After being valued at $41.93 billion in 2023, the market is projected to balloon to $69.56 billion by the end of the decade, the new study found.
Why is the growth of fast fashion concerning?
Fast fashion encourages overconsumption, leading consumers to buy more, which in turn causes more clothing to end up in landfills. The growth of fast fashion is concerning because it signals more pollution from the industry.
Many popular companies have also given lip service to sustainable practices while continuing their polluting ways, making them seem more eco-friendly than they actually are. However, in reality, the fast-fashion industry is the second-most polluting worldwide, according to GENeco YTL Group.
And with brands typically manufacturing items with plastic-based fabrics that don't stand the test of time — let alone a cycle in a washer and dryer — shoppers are wearing garments as few as five times, resulting in 400% more carbon pollution compared to apparel worn 50 times.
Human rights advocates have also lambasted fast-fashion manufacturing processes, citing abysmal working conditions and unlivable wages.
What can be done to reduce harm from fast fashion?
While fast fashion is on the rise, so too is a burgeoning secondhand sector. According to Credence Research, Europe's secondhand market is projected to be worth approximately $43 billion by 2032 — up from around $17 billion in 2023.
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What should the government do about the fast fashion industry?
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Set strict regulations 🚫 Promisingly, other studies indicate this European trend is a global movement. ThredUp's 2024 Resale Report estimates the worldwide secondhand apparel market will ultimately outgrow the traditional retail sector, reaching $350 billion in value by 2028.
The burgeoning thrifting market provides hope for the planet, keeping perfectly good items out of landfills. It also helps put money back in consumers' pockets. Shopping secondhand only part of the time could net you an extra $100 every year.
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