The Fast Fashion Market Assignment sample

Folder A: Worldwide forecast for the value of the fast fashion industry from 2022 to 2027

Description of key features

According to Statista, the key features of the “Fast fashion market” that it is dominated by a few major brands with a large customer base and a global presence, such as Zara, H&M, Shein, and Forever 21. It depends on a quick and flexible supply chain that can quickly adjust to seasonal changes and shifting consumer and needs (Statista, 2022). In the wake of the COVID-19 pandemic, it faces increasing competition from online retailers that provide customers with more convenience, variety, and personalization (Cybis& Bernard, 2021). The emergence of ethical fashion, a sector of the apparel industry that places an emphasis on fair trade, sustainability, animal welfare, and social responsibility, poses a threat to it. Moral design is projected to develop from 6.8 billion U.S. dollars in 2022 to 10 billion U.S. dollars in 2027.

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Explanation of key features

Figure 1: Worldwide forecast for the value of the fast fashion industry from 2022 to 2027 (in billion dollars)

(Source: Statista)

According to Statista, the “Fast fashion market” relies upon a speedy and adaptable store network that can rapidly conform to occasional changes and moving purchaser inclinations and requirements. As a result, fast fashion brands are able to produce and distribute clothing quickly, frequently within days or weeks of discovering a new demand or trend. This permits them to offer new and various items to their clients and to lessen stock expenses and dangers. Following the COVID-19 pandemic, online retailers that offer customers more convenience, variety, and personalization are increasingly challenging the fast fashion industry ( Statista,2022). As a result, fast fashion brands must adapt to pandemic-accelerated shifts in consumer behavior and expectations, such as online shopping, digital engagement, social media influence, and customization (Jani&Jatmika, 2023). ) The quick style market is tested by the development of moral design, an area of the clothing business that puts an accentuation on fair exchange, manageability, creature government assistance, and social obligation. This implies that the quick style brands need to confront developing analysis and investigation from hippies, activists, and customers who are worried about the social and natural effects of quick design, for example, squander age, ozone draining substance outpourings, water tainting, work misuse, and animal ruthlessness.

Comment on the reliability of sources

Statista and Research and Markets, both reputable and trustworthy providers of market research and data, served as the foundation for the fast fashion market value forecast. Statista is a main internet-based stage that offers admittance to over 1.5 million insights, realities, and estimates on different themes and ventures. The source cites their sources and References and employs transparent and reliable methods for data collection, analysis, and presentation.

Folder B: The main 20 most important worldwide brands

Description of key features

The “Brand Finance Global 500”, 2022 report lists the strongest and most valuable brands worldwide across all industries and nations. Amazon and Google are second and third, respectively, in terms of brand value. China has the most brands in the top 500, but Tesla is the brand with the fastest growth. Innovation is the most important area, trailed by banking and retail (de Albergaria, 2022). The report also evaluates brand guardianship, perceptions of brand sustainability, and strength. China has overwhelmed the US as the country with the most brands in the main 500, with 84 brands contrasted with 81 for the US. Technology is the most important area in the positioning, representing US$1.3 trillion of brand esteem, trailed by keeping money with US$713 billion and retail with US$658 billion.

Explanation of key features

According to the Global 500 brand finance report published by Brand Finance, it present value of a brand owner's net economic benefit from licensing the brand on the open market is its brand value. The effectiveness of a brand's performance in comparison to that of its rivals on intangible metrics is known as its brand strength. It is used to determine an appropriate royalty rate for brand valuation and is expressed as a score out of 100. The opinions and attitudes of consumers regarding a brand's environmental, social, and governance (ESG) performance are known as brand sustainability perceptions (Brand directory. com,2022). They are estimated to utilize a study of north of 50,000 respondents across 29 business sectors (Fernández-Stark et al. 2022). Brand guardianship is the capacity of a brand's President or senior initiative to safeguard and become stronger of their image after some time. A scorecard with ten metrics, including stakeholder management, innovation, and vision, is used to measure it. As per the report, TikTok has become the global fastest-growing brand and Tesla has become the globe's largest car manufacturer by market capitalization. Netflix has kept on ruling the streaming business, adding north of 37 million endorsers in 2021 and arriving at more than 200 million worldwide.

Comment on the reliability of sources

The sources utilized for this reaction are solid and tenable, as they depend on the authority report from Brand Finance, a main brand valuation consultancy. The report utilizes a powerful philosophy that follows the ISO 10668 and ISO 20671 principles for brand valuation and assessment.

Folder C: The top ten nations that UK residents plan to spend at least one night in 2021

Description of key features

The top ten countries that UK residents visited in 2021 were listed by the Office for National Statistics. More than a third of all trips abroad were made to Spain, France, or Italy, the most popular destinations. Poland, the United States of America, and Germany were also popular choices for UK tourists (Azamet al. 2020). Turkey, Greece, Ireland, and Portugal rounded out the top five most-visited nations. Greece, Portugal, and Turkey had higher spending per visit than Germany, Poland, and Ireland (ons.gov.uk). The International Passenger Survey served as the basis for the data. Spain was the most famous objective for UK inhabitants, representing 18.8% of all visits abroad and 20.2% of all spending abroad. With 13.0% of all trips abroad and 10% of all expenditures abroad, France came in second place.

Explanation of key features

Figure 2: Chart of Top 10 nations that UK residents plan to visit

(Source: Office for National Statistics – International Passenger Survey)

These nations have strong social and economic ties to the UK and may have benefited from the 2021 relaxation of travel restrictions. In 2021, travellers from the UK were also drawn to Turkey, Greece, Ireland, and Greece. The United Kingdom and Ireland share a common travel area and are the closest neighbours. Greece, Portugal, and Turkey are well-known for their picturesque beaches, historic landmarks, and reasonable costs. After months of lockdowns and travel bans, British tourists may have found these nations appealing as well. The spending examples of UK occupants abroad mirror the length and reason for their visits, as well as the cost for most everyday items in various nations (ons.gov.uk). Greece, Portugal, and Turkey had higher spending per visit than Germany, Poland, and Ireland since UK voyagers remained longer and spent more on relaxation exercises in these nations (Yeo et al. 2022). UK visitors stayed in Germany, Poland, and Ireland for shorter periods of time and spent less on lodging and transportation than they did in the United States, Italy, and France. The International Passenger Survey, which collects information from passengers entering or leaving the UK by air, sea, or tunnel, served as the basis for the data used to identify the key features.

Comment on the reliability of sources

Since it is carried out by the “Office for National Statistics”, which is the official statistics agency of the “United Kingdom”, the “International Passenger Survey” is a trustworthy source of information regarding travel and tourism. The survey uses a large, representative sample of passengers and adheres to stringent data collection and quality control procedures.

Folder D: First certificate graduate results 15 months after graduation, 2019/20

Description of key features

The data sources report on the graduation outcomes survey, which asks UK graduates about their views and activities 15 months after finishing their courses. The survey covers graduates with multiple qualifications and is mainly done in the COVID-19 era. 89% of graduates were studying or working, up from 88% in the past survey. 6% of graduates were unemployed, which is 7% lower than in the previous survey.48% of graduates earned over 27000 in full-time paid UK employed. The median remuneration of whole time 1st-degree graduates was 25000, but there was a gender pay gap in high-skilled jobs.

Explanation of key features

It depends on a review of UK graduates who finished their tasks between August 2018 and July 2019. It covers graduates with various degrees of capabilities, like first degrees, establishment certifications, postgraduate declarations and confirmations, and doctorates. It gives data on graduates' exercises, for example, whether they were working, considering, jobless, or accomplishing something different 15 months subsequent to getting done with their courses (Prospects,2020). Additionally, it provides data on graduates' earnings, including the median salary and salary distribution for various graduate groups. It remembers information for graduates' perspectives on their work or study, for example, how significant, talented, and fulfilling it was, and the way in which well it matched their assumptions and abilities. It is the second study of its sort, following the first that covered alumni who got done with their tasks between August 2017 and July 2018. It was generally directed during the Coronavirus pandemic, which might have impacted the reactions and results of certain alumni.

Comment on the reliability of sources

The wellspring of the information is Possibilities, which is a UK-based association that gives vocational guidance and potential chances to graduates and understudies. Possibilities profess to be the biggest and most far-reaching data set of graduate objections in the UK and to observe the guidelines and rules of the Advanced Education Measurements Organization (HESA).

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Reference list

Journal

• Azam, M. S. E., & Abdullah, M. A. (2020). Global halal industry: realities and opportunities.IJIBE (International Journal of Islamic Business Ethics),5(1), 47-59.
• Cybis, P., & Bernard, S. (2021).Fast fashion: Why firms incinerate deadstock and public policies. Clean Economy Working Paper Series. Retrieved from https://institute. smartprosperity. ca/sites/default/files/Fashion_WP_report. pdf.
• deAlbergaria, I. F. P. S. (2022). Statistical Forecasting Models for Fashion Retailing Industry.
• Fernández-Stark, K., Bamber, P., &Couto, V. (2022). Analysis of the Textile and Clothing Industry Global Value Chains.
• Jani, S. A., &Jatmika, S. (2023). Impact of Fast Fashion in Bangladesh: An Analysis of the Role of the UN Alliance for Sustainable Fashion.International Journal of Multicultural and Multireligious Understanding,9(12), 592-605.
• Yeo, S. F., Tan, C. L., Kumar, A., Tan, K. H., & Wong, J. K. (2022). Investigating the impact of AI-powered technologies on Instagrammers' purchase decisions in the digitalization era–A study of the fashion and apparel industry.Technological Forecasting and Social Change,177, 121551.

Websites

• Brand Finance Global 500 2022 report available at: https://brandirectory.com/rankings/global/2022
• Fast fashion market value forecast worldwide 2022-2027 available at: https://www.statista.com/statistics/1008241/fast-fashion-market-value-forecast-worldwide/2https://www.statista.com/statistics/1305641/ethical-fashion-market-value/
• International passenger survey available at: https://www.ons.gov.uk/peoplepopulationandcommunity/leisureandtourism/articles/traveltrends/2021