More than three-quarters of fashion customers want to shop more sustainably – but only 39 per cent would be willing to pay more for ethical brands, according to a new report.
The survey of more than 2,000 people was carried out by specialist consultancy Retail Economics as part of a series of reports, entitled Understanding and Influencing the Customer Journey for Fashion, by law firm Penningtons Manches Cooper.
It focuses on purchasing, the second stage of the customer journey, and examines the key trends - such as the secondhand market and clothing rental services – that are changing the landscape for fashion retailers.
These trends also include the continuing rise in online sales, the increasing influence of social media, the ongoing customer desire for the new, and the shift towards conscious consumption to extend the lifespan of fashion.
The survey reveals that Generation Z (18-24 year olds) is the most fashion-conscious group with 31 per cent buying clothes at least once a fortnight – compared to just eight per cent of Generation X (45-54).
But it also found that two fifths of shoppers have donated or traded-in second-hand clothing to a retailer and 72 per cent of those who have not donated would consider doing so in the future.
Matthew Martin, co-head of Penningtons Manches Cooper’s fashion and luxury brands team, which acts for a number of high profile brands including Farfetch, said that secondhand and rental clothing were becoming increasingly important.
He said: “With fashion retail sales under pressure as consumers remain cautious in regards to discretionary spending, business models that attract a new type of customer looking for pre-owned clothing, or that provides access rather than ownership, is a strategy that an increasing number of retailers are adopting to bolster revenue and extend the lifespan of clothing at the same time.”
Richard Lim, chief executive officer for Retail Economics, said the rapid rise of social media was driving a desire to be seen in fresh outfits more often, which was being supported by fast fashion retail.
But he added: “At the same time, consumers are becoming more concerned about their impact on the environment. The balance between price and sustainability certainly leaves a curious place for clothing rentals and pre-owned markets, as shoppers and retailers attempt to ‘do the right thing’, simultaneously increasing the lifespan of clothing before it hits landfill and providing a value alternative.”
Courtesy: EcoTextile News
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.
Countries Served Worldwide