A report by investment firm UBS expects the craze for fast fashion will decline as more consumers become aware of the environmental and human costs of apparel production. The report says, revenues in fast fashion could decline 30 per cent over the next 10 years as apparel companies, including fast fashion, are increasingly addressing rising consumer concerns. H&M is launching its new collection made from eco-friendly textiles.
Analyst at UBS urge apparel companies to reduce their output — an idea antithetical to the production and supply chain methods honed by fast fashion in the past several decades. In a survey of consumers in the US, UK and Germany, UBS found more than half are aware of people who have changed their shopping behavior over environmental concerns. Around 58 per cent of consumers said they were previously unaware of apparel's environmental impact, 25 per cent said, they would buy less clothing now and 31 per cent promised to seek out sustainably manufactured clothing.
UBS analysts also view public pressure campaigns as effective in stoking strong feelings resulting in a fundamental change of habits.