According to Farfetch’s 2023 Conscious Luxury Trends research, consumers are proactively hunting for conscious items, and there is a considerable alignment between beauty and fashion buyers in their search for conscious features. The number of conscious-related search phrases increased by more than 78%. Linen, vegan, and organic were the top conscious-related apparel search phrases on the Farfetch marketplace in 2022.
The third annual study examines how customers are purchasing more ethically and highlights substantial potential and breakthroughs in the sustainability landscape of the luxury market. The study focuses on industry leaders, new technologies, and data-driven insights that serve to create positive change and advancement.
The survey also offers insight into the interests and considerations of beauty shoppers looking for environmentally friendly beauty products. It demonstrates the aspects that people prioritize when buying conscious beauty, as well as insights into the important conscious features of beauty goods available on the Farfetch marketplace. This report is one of the many tools and resources available to Farfetch’s partners to help them on their path to sustainability.
Global demand for conscious goods has increased, creating profitable prospects for firms in high-growth and high-potential locations. Farfetch consumers purchased at least one mindful product in 2022, a considerable rise from 16% in 2021. On the Farfetch marketplace, conscious sales climbed 16 percentage points faster than total sales. Kuwait and China have the greatest combined percentage of conscious sales, contributing 17% of GMV. The United Arab Emirates saw the greatest gain in pre-owned goods sales, with a 246 percent increase in GMV year on year.
In 2022, almost 34% of survey respondents reported purchasing a pre-owned or vintage item, a considerable rise from 20% in 2021. In 2022, private clients accounted for 53% of the GMV mix for pre-owned, up from 31% in 2021.
“At Farfetch, we’re dedicated to bringing about positive change in the luxury industry.” This year’s Conscious Luxury Trends study highlights the industry’s amazing achievement in this area, as well as the considerable prospects for companies to connect with consumer values and contribute to positive social and environmental progress. By adopting sustainability as a strategic goal, businesses can not only fulfill the rising demand for conscious goods and circular services, but also define a more sustainable and inclusive future for the luxury sector, according to Thomas Berry, Farfetch’s senior director of sustainable business.
