EVOLVING CONSUMER PREFERENCES ON THE FAST FASHION MARKET

Eter Kharaishvili E-mail: eter.kharaishvili@tsu.ge Professor, Ivane Javakhishvili Tbilisi State University Tbilisi, Georgia https://orcid.org/0000-0003-4013-7354   Nino Lobzhanidze E-mail: nino.lobzhanidze@tsu.ge Assistant Professor, Ivane Javakhishvili Tbilisi State University Tbilisi, Georgia https://orcid.org/0000-0001-5830-6924   Abstract: The clothing industry has evolved substantially over the past 20 years. The changing dynamics of the fashion industry have influenced the development of the fast fashion market and consumer preferences. Manufacturers and retailers have been compelled to provide consumers with mass-produced, on-trend clothing at low costs and with quick turnaround times. The purpose of this research is to identify consumer preferences in the fast fashion market and develop recommendations for anticipated changes. The study employs bibliographic research, analysis, comparison, induction, expert evaluation, factorial analysis, and other methods. To investigate the preferences of the Georgian population within the fast fashion market, a quantitative study was conducted. The sample size was determined using G. Cochran's methodology, with 575 respondents surveyed. The research utilized statistical data from the National Statistical Service of Georgia, international statistics, analytical reports from Georgian economic ministries, materials from local and international organizations, and resources from scientific electronic portals. The article analyzes research on the fast fashion industry and changes in consumer preferences, highlighting the defining characteristics of the fast fashion market. Bibliographic research confirms that demand for fast fashion clothing remains a priority in current consumer behavior. However, it is recommended that brands and retailers update their distribution and sales strategies to align with the evolving reality, particularly changes in consumer preferences. In the fast fashion industry, it is essential to consider prevailing trends such as diversity and inclusion, the adoption of digital technologies, and the integration of physical and digital shopping experiences. When shaping consumer preferences and product choices, three critical factors must be addressed: the duration of the product life cycle, shifts in demand, and impulse buying behavior. The fast fashion market offers numerous growth opportunities, the most significant of which include: The introduction of circular economy models, the use of sustainable raw materials, the adoption of digital technologies to optimize customer preferences, personalize offerings, and improve supply chain operations. Quantitative research was conducted to study changes in consumer preferences. The survey included 575 respondents from 22 countries, including Georgia, Italy, France, the United Kingdom, Turkey, the United States, Germany, Austria, China, Sweden, Norway, Hungary, Ukraine, Ireland, Albania, Azerbaijan, Iraq, Pakistan, Slovakia, Indonesia, Poland, and Uruguay. The study addressed the following research questions: What are the current preferences of fast fashion consumers? What are the characteristics of fast fashion consumer behavior in European countries and Georgia? How important is fast fashion clothing for consumer self-esteem? What factors influence fast fashion consumer preferences? What distinguishing features can be observed in the motives and preferences for purchasing fast fashion clothing in Georgia and European countries? How important are sustainability and ethical considerations when purchasing clothing (e.g., environmental impact)? Are consumers willing to pay a higher price for clothing produced according to sustainable development or ethical principles? What is the impact of fast fashion on the planet and people? The results of the quantitative research are compared with findings from similar studies conducted in European countries. The article discusses the main limitations of the study, including regional differences in socio-economic conditions, the diversity of quantitative and qualitative methodologies, the need for longitudinal studies, and the impact of emerging trends. Directions for future research are proposed to address these limitations. The paper concludes by offering recommendations for adapting to expected changes in consumer preferences.   Keywords: fast fashion; clothing market; consumer preferences; changing preferences; challenges.   JEL Classification: D01; D12; L67.