According to Farfetch's first annual Conscious Luxury Trends Study, which looked into how luxury shoppers are buying more responsibly, customer consciousness is driving change. The report shows that market behavior has improved "significantly" in 2020 as a result of the Covid-19 pandemic, and people are opting to buy more actively.
According to the findings, the sale of conscious products rose 3.4 times faster than the marketplace average from 2010 to 2020, thanks to its "broader offering and increased buyer demand.
The use of the sustainability filter to identify responsible brands has increased dramatically since the pandemic, with traffic to conscientious sites on Farfetch.com quadrupling year over year.
Though there was a global change, according to Farfetch, Mexico saw the most rise in conscious shopping, with a 341% year-on-year increase in Conscious GMV 2019/2020. Though Asian countries showed a forward-thinking approach in terms of brands, frequently introducing new aware brands before the rest of the world.
Farfetch said that customers are responding to circular fashion initiatives, with its Second Life resale business rising 527% year over year and its donations service growing 662%. Pre-owned item sales and impressions have also seen a “significant increase.”
Talking about the boutiques and brands that are taking action to meet consumer demand, according to Farfetch, small luxury brands such as Veja, Bode, and Alighieri are leading the way in terms of conscious practice while existing luxury brands such as Gucci, Prada, and Burberry have all introduced successful conscious collections.
Farfetch uses a range of externally backed guidelines for brands to be identified as conscious on the luxury platform, with items labeled as conscious having to meet one of the following requirements: be made from products that have been scientifically checked or approved. For example, organic, recycled, and upcycled fabrics, or low-impact cellulosic materials, have been produced via a certified production process, be pre-owned, or belong to a brand that scores well with ethical rating agency Good on You.
Along with the study, Farfetch and IOF.earth have released an improved version of their Fashion Footprint Tool, which helps shoppers to easily understand the effect of their fashion decisions.
The tool now allows the customers to see the environmental benefits of more sustainable versions of materials compared to conventional versions, as well as see a brief fact about the material to cover any of the larger fashion recycling problems, such as microplastics.
Furthermore, the tool allows customers to see the possible environmental benefits of integrating pre-owned purchases into their wardrobes.
In a statement, the director of sustainable business at Farfetch, Thomas Berry, said that they're excited to release their first annual survey, which examines how luxury shoppers are becoming more aware of their purchases and how the world's top brands and boutiques are reacting to these shifts. 2020 saw a dramatic expansion of the transition online, as well as an increase in customers opting to buy more favorably, according to their study.
He adds that Farfetch had a busy year in 2020, as they unveiled their Positively Farfetch 2030 targets, expanded their stock of conscientious goods, and scaled their programs that benefit their consumers with circular services like Farfetch Second Life and Farfetch Donate. Their newly revamped Fashion Footprint Tool is the latest in a series of campaigns to help shoppers make more educated choices on how they buy and the effect they have on the environment.
A weekly report covering market and price information on the entire chain of polyester along with online access to daily polyester chain prices.
One-time reports that are issued annually cover the demand and supply trends in individual products including polyester, nylon, acrylic, viscose, and cotton.
One-time reports that are issued annually cover the demand and supply trends in the individual country's natural and manmade fiber/filament industries.
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