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23 April 2021
Farfetch sees surge in ‘conscious luxury’
Environmental & social issuesLuxury purchase behaviourE-commerce & mobile retail
Luxury consumers using online fashion platform Farfetch have been flocking to its ‘conscious’ brands and pages during the pandemic as ethical and environmental considerations increasingly influence purchase decisions.
Why it matters
It’s just one platform, but the rapid growth in sales (3.4 times faster than the previous marketplace average) and traffic to its ‘conscious’ pages (four times up on the previous year) indicate that consumer sentiment at the top end of the market is shifting.
Farfetch also reported dramatically increased use of its sustainability filter and significant increases in use of its ‘circular fashion’ initiatives: its Second Life resale service grew 527% year on year and its donations service grew 662%.
Mexico saw the strongest growth in ‘conscious shopping’, with consumers there driving a 341% increase in gross merchandise value (GMV) from conscious brands.
Triple figure GMV growth was also registered in Germany (191%), China (188%), Australia (161%), Saudi Arabia (139%), UK (138%), Italy (133%) and South Korea (127%).
“Some of it will be driven by supply, where there’s more supply of conscious brands on the platform. Some of it will be driven by demand. Some of it will be driven by marketing efforts. It’s happening everywhere. It’s just happening in different ways” – Thomas Berry, director of sustainable business, Farfetch.
Sourced from WWD, Drapers Online [Image: Farfetch]