The market penetration of fashion, which is produced extremely quickly and cheaply and is often ordered from Chinese online portals, is significantly lower in Austria than in other countries, according to a study by a management consultant.
In this country, ultrafast fashion is the most important fashion category for five percent, according to a survey of a thousand people by the Boston Consulting Group. This is the second lowest value of the countries surveyed. In the whole of Europe, the average is seven percent. The European leader is Hungary with twelve percent.
Less economic output, more cheap fashion
“Especially in the European market, we see that there is a negative correlation between a country’s economic development and its propensity for ultrafast fashion,” BCG partner Christian Kirschniak said Thursday, according to a press release. “As a result, an increase in consumption of ultrafast fashion would be expected as a result of the long-term economic stagnation in Austria.”
In Spain, for example, nine percent of respondents say that ultrafast fashion is the category they usually buy. In the US, the area of ultra-cheap clothing already accounts for twelve percent of the fashion market.
Chinese dealers are also on the rise here
Ultra-fast fashion providers such as Chinese online retailer Shein are also on the rise in the country and are particularly popular with young people. According to the study, more than half (59 percent) of 18- to 29-year-olds surveyed are interested in ultra-cheap fashion. Four in ten respondents (39 percent) in this age group have already purchased ultra-fast fashion at least once. Among 40-49 year-olds, 28 percent of respondents in Austria said they had purchased ultra-fast fashion at some point, and 29 percent of 50- to 64-year-olds said they had purchased ultra-fast fashion.
BCG conducted the survey in Austria, Germany, Switzerland, Poland, Hungary, France, Italy, the Czech Republic, Spain and the US.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
