LONDON--(BUSINESS WIRE)--According to market research company Euromonitor International, the global apparel and footwear market reached US$1.7 trillion in 2017, and is expected to grow by 2 percent by 2022.
Euromonitor International research shows that the fast fashion trend has been reshaping the apparel industry in recent years, as frequent purchase of products that will only last one season has led to the concept of disposable clothing. 350,000 tonnes of used clothing worth millions is disposed of every year in the UK alone, according to WRAP Charity. However, society is slowly ‘greening’ and ethical is becoming gradually integrated into the mainstream.
Marguerite LeRolland, senior research analyst at Euromonitor International comments, “In this hyper-transparency age, better informed consumers want to know how materials used in their garments and footwear are sourced and disposed of. They are becoming increasingly concerned about the impact of human activities on the planet which has led to companies being exposed to greater reputational risks if they are found to have unfair practices.”
Euromonitor International’s 2017 Global Consumer Trends Survey found that 65 percent of respondents try to have a positive impact on the environment through everyday actions, and over 60 percent are very or extremely influenced by friends and peer-to-peer opinions on social media.
Arthur Zaczkiewicz executive editor at Women's Wear Daily (WWD) adds, “Sustainability is a critical topic and an important source of inspiration for brand narratives and story-telling, and can help companies engage with consumers and gain their loyalty -- especially on social media. The fashion industry is now becoming extremely creative when working on several platforms to build a more eco-friendly and ethical brand image from the manufacturing phase to the post-sale treatment of unwanted clothes.”
Further insights will be discussed in the webinar ‘Ethical Fashion: How to Meet Industry Needs and Demands’, hosted by Euromonitor and WWD on Thursday, May 10th at 3.00pm BST.
To watch it live or receive the complimentary recording, register here: https://bit.ly/2HvsCji
About Euromonitor International
Euromonitor International is the world’s leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.
About Women's Wear Daily (WWD)
For more than 100 years, WWD has been the media of record for the global women's and men's fashion, retail and beauty communities. WWD brings its editorial content to life on June 27th at the WWD Retail 20/20 Forum.