Farfetch unveils third annual sustainability trends report
©Farfetch
Luxury fashion platform Farfetch has unveiled its third annual Conscious Luxury Trends report revealing a rising global demand for conscious fashion and beauty products and growth opportunities in the luxury industry. The annual report looks at how consumers are shopping more responsibly and reveals the significant opportunities and innovations in the luxury industry’s sustainability landscape and notes that Farfetch has a 10% higher conversion rate for its conscious products compared to non-conscious products.
In 2022, 27% of Farfetch customers purchased at least one conscious product, a significant increase from 16% in 2021. It also notes that conscious sales grew 16% points faster than overall sales on the Farfetch Marketplace, with the US leading in terms of the number of conscious products sold and pre-owned sales. It also revealed that Kuwait and China have the highest joint proportion of Conscious sales, accounting for 17% of GMV, while the United Arab Emirates experienced the highest growth in sales of pre-owned products, with a year-on-year increase of 246% in GMV.
In general, Farfetch adds that searches for conscious-related product terms on its platform increased 78% year-on-year, with words including linen, vegan, and organic among the top conscious-related fashion search terms. Similarly, for beauty products, the top conscious-related search terms last year were vegan, clean, and organic.
Other findings include:
When asked about their priorities relating to sustainability when shopping for luxury fashion, 79% of Farfetch surveyed customers chose long-lasting quality, enabling them to buy fewer but better items.
69% of customers say they do or would like to use labels to inform their purchase decisions, but 39% remain skeptical of some of the sustainability-related claims.
78% of customers consider certified authenticity extremely or very important when buying pre-owned.
The top Conscious priority for our customers when shopping for beauty is that it’s cruelty-free (60%), with conscious attributes such as organic, natural, and recycled packaging also high up the list.
