People are more committed to eco-conscious solutions when it comes to their fashion choices than ever before. The desire for "green" choices, whether it comes from consumers or fashion industry experts, cannot be disregarded. Customers are paying increased attention to ethical and environmental elements when shopping, according to Farfetch's Conscious Luxury Trends Report. Searches for "conscious" items on Farfetch's online store have surged by 93% year on year (YoY). According to the study, enterprises must act as quickly as possible to meet the rising demand for environmentally friendly products.
Farfetch, a London-based online marketplace for luxury goods, determined that 60% of its clientele purchased something from their conscious line last year.
Customers of the company desire items of high quality and longevity, and the pandemic appears to have altered their attitudes when purchasing garments. Up to 79% of respondents said they have improved their sustainability in some way in the previous year. Globally, France had the greatest increase in attentive purchasing (+149 percent) in terms of total goods value, while South Korea saw the greatest increase in pre-owned goods expenditure (+116%).
Last year, 49% of Farfetch's Gross Merchandise Value (GMV) came from brands deemed "fully conscious" and receiving high ratings on Good On You – a source that rates brands’ supply chains in terms of ethicality and consciousness – a 52% rise from the previous year. This increase was driven by increased consumer interest as well as businesses extending their services in response. Last year, Farfetch searches for mindful keywords climbed by 93%, while use of the country filter on the website and mobile app increased by 29%.
Furthermore, nearly 29% of Farfetch customers polled said they had acquired a previously owned fashion item in the preceding year.
Moreover, brands are now supplying the market with 40% more conscious items, and the GMV of these goods has grown even higher. As previously said, shops and brands are responding to all of this, and Good On You currently lists 220 top-rated brands being sold by Farfetch, a 13% increase over the previous year.
Farfetch's report demonstrates that buyers are starting to go out of their way to support positive changes in the conscious movement in a world of ever-changing fashion trends, high demand, mass production and consumption.