Shoppers Actively Seek Conscious Products: Farfetch
Consumers are proactively looking for conscious products, and there is a significant alignment between beauty and fashion customers in their search for conscious attributes, said Farfetch in its 2023 Conscious Luxury Trends report.
There was more than 78 per cent increase for conscious-related search terms. ‘Linen’, ‘vegan’, and ‘organic’ were the top conscious-related search terms for fashion on the Farfetch marketplace in 2022.
The third annual report looks at how consumers are shopping more responsibly and reveals the significant opportunities and innovations in the luxury industry’s sustainability landscape. The report highlights leading players, emerging innovations, and data-driven insights that help drive positive change and progress in the industry.
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The report also sheds light on the preferences and considerations of beauty customers who are searching for conscious beauty products. It shows the factors that customers prioritise when shopping for conscious beauty and provides insights into the key conscious attributes for beauty products stocked on the Farfetch marketplace. This report serves as a valuable resource among the various tools and support that Farfetch offers its partners to assist them on their sustainability journey.
The global demand for conscious products has continued to rise, providing brands with lucrative opportunities in high growth and high potential regions. In 2022, 27 per cent of Farfetch customers purchased at least one conscious product, a significant increase from 16 per cent in 2021. Conscious sales grew 16 percentage points faster than overall sales on the Farfetch marketplace. Kuwait and China have the highest joint proportion of conscious sales, accounting for 17 per cent of GMV. The United Arab Emirates experienced the highest growth in sales of pre-owned products, with a YoY increase of 246 per cent in GMV.
About 34 per cent of survey respondents reported buying a pre-owned or vintage item in 2022, a significant increase from 20 per cent in 2021. Private clients accounted for 53 per cent of the GMV mix for pre-owned in 2022, up from 31 per cent in 2021.
“At Farfetch, we are committed to driving positive change in the luxury industry. This year’s Conscious Luxury Trends report showcases the remarkable progress made in this space across the industry and the significant opportunities for brands to align with consumer values and help deliver positive social and environmental progress. By embracing sustainability as a strategic imperative, brands can not only meet the growing demand for conscious products and circular services but also shape a more sustainable and inclusive future for the luxury industry,” Thomas Berry, senior director of sustainable business, Farfetch, said.
Source: Fibre2Fashion
