Retailers like Primark, Jc Penny and Target are filled with cheap clothes that mimic high-end designs enabling the masses to get a taste of Michelin-starred quality on a Mcdonald's budget.
But fashion designer Micheal Kors has predicted that the 'Pri-marni' phenomenon: our love for cheap clothing could soon turn to hate.
In his essay published in the Wall Street Journal's 125th anniversary issue, the American style guru said that cheap stores may find themselves struggling to attract customers before long.
"I have my predictions - I'm sure technology will continue to have an impact on fashion, particularly the way people shop. I think quality will be increasingly important - we're moving away from a time of fast fashion, "he said.
The 54-year-old fashionista also reflected on the changing nature of fashion over the years and admitted that changing trends mean designers have to be able to move with the times.
"I love fashion because it's plugged into the zeitgeist, so it's always changing. Thirty years ago, I could never have predicted I'd be where I am today, so I know I don't know what's going to happen in the next five years or the next 20 years."
He added: "But really, the only constant in fashion is that you must keep moving forward, otherwise you'll be left behind."
The darker aspects of the fast fashion industry have sparked controversy in recent years. The unethical working standards and environmental impact involved in the cheap fashion production are among the issues that have recieved negative attention.
Greenpeace just released an investigative report called Toxic Threads: The Big Fashion Stitch-Up.The report suggests fabrics and dyes used by fast fashion companies are toxic and cancer causing once released in to the environment.
According to Author Elizabeth Cline, retailers have turned clothing to a "disposable good" because they are producing clothes in large quanities to drive prices down and profits up.
IBTimes UK have put together a few tips to help you avoid the fast fashion trap.