Farfetch unveils second conscious luxury trends report
Consumers are choosing to shop more consciously, according to Farfetch’s second annual conscious luxury trends report, which reveals that the number of its customers who purchased a product from its conscious collection increased 60 percent year-on-year in 2021.
France experienced the strongest growth globally in conscious shopping on Farfetch with an increase of 149 percent year-on-year in gross merchandise volume (GMV) from conscious products and South Korea demonstrated the biggest increase in pre-owned spend per item (ASP), up 116 percent year-on-year.
The report, which looks at how luxury consumers interact with conscious products, including pre-owned and circular services on Farfetch, found that customers are continuing to shop more consciously and that brands and boutiques on its platform are also responding to rising consumer demand by consolidating and increasing their commitments to improve their impact on people, planet and animals.
Farfetch now sells 220 brands that are rated highly by Good On You, up 13 percent year-on-year, and the amount of conscious products on the platform supplied by its network of boutiques grew 40 percent, while GMV from conscious products from boutique partners was up 46 percent.
Shopping for conscious products continues to gain popularity, according to Farfetch
Farfetch adds that its shoppers are wanting to be more responsible, as searches for conscious product terms on Farfetch increased by 93 percent year-on-year, and the sale of conscious products grew 1.8 times faster than the marketplace average over 2021. Brands that score highly with Good On You and are rated by Farfetch as fully conscious represent 49 percent of GMV from conscious products, up 52 percent year-on-year.
Customers on Farfetch also have a new focus on buying quality pieces with longevity in mind, with 79 percent adding that they are now buying a higher proportion of luxury fashion because they believe it is more sustainable than fast fashion, being of higher quality and longer-lasting.
The demand for pre-owned luxury is also growing and attracting high-value customers, with 20 percent of survey respondents purchasing a pre-owned fashion item in the past year. While views of pre-owned items were up 150 percent year-on-year, and 65 percent of pre-owned GMV comes from Farfetch’s highest-spending private client and platinum customers.
Farfetch also reveals that its circular fashion initiatives are resonating with customers and these services and are “attracting new and valuable customers,” looking to extend the life of their items. 22 percent of survey respondents said that in the last 12 months, they have started selling fashion items they no longer use, while 20 percent added that they have donated a used fashion item in the last year, and 13 percent said they have repaired one.
Thomas Berry, senior director of sustainable business at Farfetch, said in a statement: “As the platform for luxury we have a unique view derived from over 3 million active consumers and over 1,400 luxury sellers on the marketplace. It’s clear from the data that consumer appetite for more conscious and circular ways of engaging with fashion continues to grow, and that brands are responding to the opportunities that this trend presents.
“In line with our Positively Farfetch strategy, we hope the insights in this year’s report help our partners, and the wider industry to continue to think, act and choose positively.”