Fashion is important in every society and culture. It directs our speech, beliefs, recreational activities, music, and art of society. There are some common attributes of the modern fashion industry, which drive it. The emergence of fast fashion has changed the whole outlook of the fashion industry. Today’s fashion industry is enormous and the global market will reach $1.9 trillion in 2019. This is huge for the businesses, as more investment is coming in the sector due to enormous growth of the sector. It is expected that business will grow fastly in the future and may surpass the magical figure of $ 3 trillion in 2030. New trends are coming into the market and fading away quite fastly, fashion is now a dynamic place and changes are happening quickly and fast.
The exponential growth of the fashion industry is expected after the pandemics and you would observe the new serge in the industry. There are many styles coming into the fashion industry like classical indian navratri dresses and modern dresses like stretchable jeans and bamboo trousers are coming into the market. There is a great influx of online shopping and e-commerce activities in the fashion industry.
In the modern fashion industry, there are some common attributes, which make its growth substantial.
High impulse purchasing:
A high impulse purchase is the attribute of the modern fashion world. Consumers are buying via online shopping apps and e-commerce websites. Every brick and mortar store has opened its own social media groups and consumers are actively purchasing through these groups. Impulse buying is due to the increased level of communication between the consumers and fashion designers.
The consumer is now in direct contact with the fashion designers when he is going to launch a new breed of designs in the market. This connectivity is causing the impulse purchasing of the clothes, designers are also in close contact with the target market, preparing the clothes according to the demand of the market. The impulse purchasing of clothes is a major factor in booming the apparel business throughout the world.
Variety of clothes in the modern fashion industry:
There is an increasing variety and clothing style of the modern fashion industry. You can find different varieties of clothes for various purposes, for example, if you’re at home or going to a picnic, you can wear casual clothes, the vintage clothes have their own demand and look as if they are classical in their style. Designers do present street fashion style clothing, especially for young girls and boys.
New varieties of fabrics like bamboo fiber, banana fiber are introduced in the undergarments apparel industry. These fibers are quite relaxing to wear as they have better variability due to the larger lattice of the fabric. New brands have appeared to present formal clothing for men and women. Some of these clothes are quite costly and prepared by mixing natural fiber with synthetic fibers.
Lead time and customization:
Lead time is the amount of time required to prepare clothing according to the market demand and present it for the sale. In the modern fashion world, Lead time is reducing due to the Fast fashion concept. When the fashion models are presenting the Clothes on the ramp, it is already in the market for the sale. This causes the minimum lead time for preparing the clothes and presenting them for sale in the market.
Modern fashion is also going towards customization, the customers are picking their own style and fashion outfit, and companies are preparing to clothe especially prepared for them.
The volume of clothes and environmental issues:
In the modern fashion industry, a huge volume of clothes is produced due to the greater acceptability of the clothes in the market. Consumers have higher purchasing power in developed countries, so they invest a lot in their clothes per season. The rapid growth of the Fast fashion industry causes a critical environment.
Only a little volume of the clothes is recycled and sent to the under developed countries. The synthetic fiber used in the modern fashion industry is not an absorbable material on Earth.
Modern fashion is changing, due to the influx of fast fashion. You can find a huge assortment of variety in clothing. There is also an increasing trend of customization in the fashion industry. The fashion industry also causes some environmental issues due to the maximum production of clothing.