FARFETCH report says luxury shoppers now more conscious
FARFETCH has released its 2023 Conscious Luxury Trends Report, which examines consumer behavior in shopping responsibly and highlights opportunities and innovations in the luxury industry’s sustainability landscape.
The report focuses on conscious beauty products and provides insights into customer preferences and key attributes in the beauty products available on the FARFETCH Marketplace.
Key findings from the report include an increasing global demand for conscious products, with a 10% higher conversion rate for conscious products compared to non-conscious products on the FARFETCH Marketplace.
In 2022, 27% of FARFETCH customers purchased at least one conscious product, and conscious sales grew 16 percentage points faster than overall sales.
The United States leads in the number of conscious products sold, while Kuwait and China have the highest proportion of conscious sales.
The report also highlights the rise of pre-owned items, with authenticity being a top concern for consumers. Circular initiatives, such as resale, donation, and item repair, are growing in popularity among FARFETCH customers and are effective in acquiring new customers.
The report also discusses the effectiveness of innovative technologies like Virtual Try-On (VTO) in reducing returns and improving customer satisfaction.
Thomas Berry, Senior Director of Sustainable Business, FARFETCH, said: “At FARFETCH, we are committed to driving positive change in the luxury industry. This year’s Conscious Luxury Trends Report showcases the remarkable progress being made in this space across the industry, and the significant opportunities for brands to align with consumer values and help to 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.”
The full report can be accessed HERE.
Farfetch was founded in 2007 by José Neves. Today, the Farfetch Marketplace connects customers in over 190 countries and territories with items from more than 50 countries and over 1,400 of the world’s best brands, boutiques and department stores,
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