Fast Fashion Brands
By Sehee An
Due Date: 8/09/2014
Background research and short explanation
Although the global economic crisis has weakened consumer confidence there is a remarkable consumption phenomenon in fashion market. Fast fashion is a new word used in fashion scene to say that designs move from runaway speedily so as to take the latest fashion at Fashion Week in both the spring and the fall of every year. These trends are designed and produced fast and cheaply to enable the mainstream consumer to take benefit of contemporary clothing styles with a lower price. This concept of quick manufacturing at economical price is applied in large retail companies such as Zara, H&M, and Topshop. The arrival of international retailers and the unbounded desires of the style-conscious consumer have raised demand for the fast fashion industry in Australia and the revenue observed to grow by 8.7% each year over the past five years through 2013-14 to $1.1 billion. The boom of fast-fashion brand in Australia has begun in earnest since 2011 when Topshop opened in Sydney. Fast fashion brands have been making the customers’ behaviour and fashion life style with various advantages such as large scale store, cheaper price and diverse fashion items. It is referred to the report (updated by IBISWorld) which shows the past trend of Australian clothing retailing in order to understand the fashion industry. The report says that Australian's clothing retailing industry has been confronted many years with lower prices, cautious consumption, higher rents and down revenue driven by the global financial crisis. The industry revenue is anticipated to contract at a compound annual rate of 2.3% over the five years through 2012-13. Revenue is expected to contract by 1.4% in 2012-13, to total $11.6 billion (AUD). Australians have poured out to shopping centres and spent on all types of items, including clothing. While consumer consumption behaviour has changed and clothing retailers have suffered since the economic downtick. According to IBISWorld industry Analyst, Ricky Willianto, " consumers are now more informed about spending and Australia's private savings rate has grown to its highest point since 1984". And the report shows the aspect that excessive competition in price of fashion retailing market customers have cut down spending. However, the entrance of a number of international fast-fashion companies, supported by the strong dollar, will change the industry's landscape. On the top of this, the increasing popularity of international fashion brands has showed that new sensation in the weakened retailing market. Indicate key literature sources for your study
Australian Retail (http://australianretail.com.au/clothing-retailing-in-australia-industry-market-research-report-now-updated-by-ibisworld/) 2. article
Australia’s fast fashion revolution (http://economicstudents.com/2014/04/australias-fast-fashion-revolution/) The Democratization of Fashion: A Brief History: The material world gets closer to the fashion industry with live-streamed runway shows at Mercedes-Benz Fashion Week (http://style.time.com/2013/02/06/the-democratization-of-fashion-a-brief-history/) ABC NEWS (http://www.abc.net.au/news/2014-04-05/hm-store-opens-in-melbourne-hans-andersson-fast-fashion/5369742) The Sydney Morning Herald (http://www.smh.com.au/business/retail/hm-shines-on-its-opening-day-in-melbourne-20140407-3683y.html)
This report will find out that the matching between young people in Sydney and personality of global fast fashion brans which enter local market such as Topshop, Zara and H&M and the influence between them. Also, it is expected to know the difference of purchasing behavior characteristic of young people in Sydney with this report. - Relationship in between taste of consumer and identity of fast-fashion brand - Factors to raise the loyalty of consumer about...
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