Luxury shoppers are showing a growing interest in sustainable and ethical products, according to Farfetch’s annual Conscious Luxury Trends Report. The report reveals that searches for “conscious” product terms on Farfetch’s e-store have increased by 93% year-on-year, indicating a rising demand for sustainable fashion. In addition, circular initiatives such as extending the lifespan of items and promoting repair or resale are gaining popularity among consumers.
The report emphasizes the importance for brands to respond quickly to this increasing demand for sustainable products. While there may be some skepticism about consumers’ commitment to conscious shopping, Farfetch’s data proves that luxury shoppers are becoming more eco-focused. The company analyzed data from luxury customers’ interactions with conscious products, including pre-owned items and services that promote circularity, providing valuable insights into consumer attitudes and behaviors.
Farfetch defines conscious products as those made of independently recognized or certified materials, those created via certified production processes, pre-owned items, or items belonging to brands with high ethical ratings from Good on You. The report found that the number of customers purchasing from Farfetch’s conscious collection increased by 60% last year. In China, 29% of customers made a conscious purchase in 2021, and the average age of conscious customers is 32, compared to 34 for the overall customer base. France saw the highest growth in conscious shopping globally, with a 149% increase in merchandise value.
The pandemic has also had an impact on the way luxury shoppers approach fashion shopping, with 79% stating that they have become more sustainable in their approach over the past year. Many customers now prioritize quality and longevity in their purchases, opting for luxury items over lower-quality fast fashion. Conscious consumers are particularly interested in products that minimize harm to the planet and prioritize animal welfare. The sale of conscious products on Farfetch grew almost twice as fast as the marketplace average last year, driven by increased consumer interest and brands such as Stella McCartney expanding their conscious offerings.
Brands that score highly on Good On You and are rated as “fully conscious” by Farfetch accounted for 49% of the overall Gross Merchandise Value (GMV) from conscious products, a 52% increase compared to the previous year. Searches for conscious terms on Farfetch increased by 93% in 2021, and there was a 29% increase in the use of the countries filter on the site and app.
The report also highlights a shift in consumer behavior towards pre-owned fashion. Twenty-nine percent of surveyed customers said they purchased a pre-owned item in the past year, with 65% of pre-owned GMV coming from high-spending Private Client and Platinum customers. Furthermore, 22% of customers have started selling fashion items they no longer use, 20% have donated used fashion items, and 13% have repaired them. Farfetch’s Second Life program, which focuses on repair and resale, has seen a 195% increase in customer numbers over the past year.
To meet the growing demand for sustainable fashion, boutiques and brands are responding by offering more conscious products. Farfetch now sells 220 brands with the highest rating from Good On You, a 13% increase compared to the previous year. The supply of conscious products from boutiques on the marketplace has risen by 40%, and the GMV relating to these products has increased by an even faster 46%. This demonstrates the industry’s commitment to improving sustainability performance and meeting the evolving preferences of conscious luxury shoppers.
In conclusion, as luxury consumers increasingly prioritize sustainability and ethical practices, the fashion industry must adapt to meet their demands. Farfetch’s Conscious Luxury Trends Report provides valuable insights into consumer behaviors and highlights the growing popularity of conscious fashion. By embracing sustainability and offering more conscious products, brands have the opportunity to cater to the evolving tastes of luxury shoppers and contribute to a more sustainable future for the industry.
Useful links:
1. Good On You
2. Farfetch
