2020 was the year that consumers put their money where their mouth is - purchases had to align with their social and environmental compass. With the luxury consumer at the forefront of the online shopping platform Farfetch, the group decided to put together their first Conscious Luxury Trends Report, which will be published annually. The report includes different chapters which can be explored through audio sound bites.
So, what is the Conscious Luxury Trends Report? It's a reflection of how Farfetch customers behaved in 2020. Farfetch found that this behaviour changed massively, not surprisingly as a result of the COVID-19 pandemic. Consumers are shopping more carefully, particularly as many have had less to spend in the face of furloughs and a reduced workforce. Others left with less expenditure and more disposable income, are making more timeless and special purchases. Consumers have been wearing the trousers in the fashion industry for several years now, but Farfetch found that consumer behaviour has become more influential than ever before over the past 12 months, with brands and boutiques pivoting to meet the social and environmental benchmarks set by shoppers. Today, luxury means shopping responsibly.
The Farfetch Conscious Luxury Trends Report is the next step in founder, CEO and chairman José Neves' efforts to keep Farfetch on track as a leading player in luxury retail. Engaging with conversations around sustainability and enforcing more conscious ways of producing are key steps Neves has been taking, all as part of Farfetch's sustainable business strategy, Positively Farfetch. Earlier this year, Farfetch announced a year-long collaboration with Gucci based around the Italian brand's sustainable Off The Grid collection. In 2019, they partnered with the secondhand clothing resale platform Thrift+ to allow Farfetch customers to easily donate clothes they no longer used. The new report released today, finds that the platform's 'Second Life' resale service grew 527% in 2020, whilst as their donations service grew 662%. Overall, circular fashion initiatives such as these are resonating with the Farfetch customer more than ever before.
It's unsurprising then, that Farfetch's Fashion Footprint Tool' allows for customers to gain a better understanding of the life of their clothes, and therefore better understand the impact of their purchases. The site also includes a section of 'Conscious' products on-site. To qualify as 'Conscious', items should be made of organic, recycled or low impact materials, have been created via a certified production process, be pre-owned, and/or belong to a brand with a high ethical rating (according to the agency Good on You). Farfetch report that traffic to 'Conscious' pages quadrupled year-on-year, and that trainer brand Veja, jewellery brand Alighieri and Gucci, Prada and Burberry launched the most successful 'Conscious' collections on the platform.
'As a platform for the luxury industry we are uniquely positioned to enable positive change in many different ways. We want to be the platform for good in luxury, one that enables and empowers everyone from our brand and boutique partners and customers to the broader luxury sector to think, act and choose positively. Our new Conscious Luxury Trends Report and updated Fashion Footprint Tool are the next steps in meeting our long-term ambition to enable positive change in, the luxury sector and consumer behaviours', Neves said in a statement.