The fast fashion business in ASEAN is growing rapidly since young consumers in the region now have higher purchasing power and are very keen on fashion. Many world-leading fast fashion brands have made great inroads into ASEAN because they view the region as having high growth potential as a market and production base. Innovative marketing models adopted by them have created excitement and heightened competition within regional retail clothing business. Their success lies in the fact that they have clear target groups, place importance on store ambience and have attractive promotions, so shoppers spend more at their stores.
KResearch is of the view that greater forays made by international fast fashion brands into ASEAN and their effective marketing strategies that capture buyers will increase clothing imports into ASEAN to perhaps USD12.7 billion, up 45.0 percent YoY in 2013.
Such business is thriving in Thailand, as well, thanks to growing purchasing power among young consumers who are interested in fashion. These factors, coupled with strong growth in the Thai retail business and the fact that Thailand is one of ASEAN's major trade, tourism and shopping centers, have induced many fast fashion brands to expand here. Given this, local fashion brands are being urged to cope with new foreign entrants and their market penetration tactics, e.g., broad expansion in branches and other points of sale.
It must be conceded, however, that their business models may not be a means to an end for every clothing retailer. Therefore, market and consumer behavior analyses, finding their own product strengths and target buyers, would be key factors that could help them survive amid intense competition in the fast fashion business.
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