Luxury consumers are increasingly concerned about buying conscious products. That’s what the Conscious Luxury Trend Report 2023, launched at the end of June by Farfetch, one of the world’s leading high-end e-commerce retailers, found.
Among the key findings, the study showed that global demand for conscious products has continued to rise, offering brands lucrative opportunities in high-potential, high-growth regions. In 2022, 27% of Farfetch customers bought at least one product from its Conscious category, up significantly from 16% in 2021. In addition, sustainable sales grew 16% faster than overall sales on the marketplace.
Another finding is that customers in the fashion and beauty sector are proactively searching for these products: there has been a 78% increase in searches with terms related to the Conscious category on Farfetch in the past year. Among the top words are “linen”, “vegan” and “organic”.
“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,” said Thomas Berry, Senior Director of Sustainable Business.
Source: Farfetch | Forbes