Fast fashion : Changes in Rational Consumer Behavior

We do a lot of things in our daily life without knowing its ill effects or its impact on us and our surroundings. Fast fashion apparel is one such thing. Fast fashion is a new term coined in the fashion industry not more than a decade ago, and it has been on the rise since 2005 through a very popular brand ZARA (found 1975). Until a couple of decades ago fashion was considered a luxury, its access to the common people was very limited. But the raise in technology in the world of fashion gave birth to fast fashion market, the idea behind fast fashion is to produce low quality good and at an even low price, which is accessible to anyone who is interest to look good and has a certain amount of disposable income. When the Governments around the world decided to remove the maximum quota which can be outsourced, the companies got easy access to cheap labor in Indian and China to product goods and cut their costs. These fast fashion brands have changed the consumers way of thinking, rational consumers are falling in for the marketing traps or “trend” of these fast fashion brands. This phenomenon has challenged all the tradition theories of behavioral economics which deals with consumer rationality.