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RX Luxury Report 2021: a focus on sustainability

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RX Luxury Report 2021: a focus on sustainability

In the trying era of Covid-19, I believe there has been a new and sharpened focus on avoiding further crises...such as climate change. In fact, building a more sustainable world for future generations should be the first item on our agenda post-coronavirus-chaos.

 

As the high street gets back on its feet and online shopping continues to flourish, it is essential that everyone across the supply chain is actively contributing towards a greener planet.

 

To learn more about how you can help combat our climate crisis, why not download our Sustainability Report 2020? For now, here’s some food for thought that I came across while reading the Luxury 2021: Sector Analyst Report. Keep reading to find how the luxury sector is making positive change:

 

 

1. Recommerce

‘Recommerce’ has increased significantly in popularity since the pandemic began and is now one of the sector’s biggest growth vectors for the luxury market. This movement is the re-selling of used, second-hand pre-loved items and has been propelled by the emergence and growth of ecommerce.

 

Aimed at new luxury buyers who want high-end items without the price tag, recommerce has spawned a number of dedicated sites such as ThredUp, Vestiaire Collective, Depop and PoshMark.

 

As well as offering a high level of growth for the luxury sector, this demand for ‘vintage’ items is highly ethical and definitely a step in the right direction for sustainability.



2.Buy back, refurbish, resell...

The recommerce movement in luxury is part of a wider move in retail to give items a ‘second life’ by buying them back from users, refurbishing them and reselling them. The mobile phone market has been doing this for some years with high-end handsets such as iPhones but it has spread as retailers look to meet the sustainability demands of their greener customers. As a result, John Lewis & Partners, IKEA and Zalando all offer buy back schemes to offer items for resale. eBay also now has a ‘certified refurbished’ product classification.

 

3. Sustainability as a selling point

Around 25% of consumers in all age groups now consider sustainability an important factor when deciding which brand to buy from.

Indeed, there is now a growing demand in the personal luxury sector for ‘timeless’ garnaments, accessories, shoes and everything in between. Luxury brands are responding to this need to be green; with more than 75% of 50 key luxury fashion brands now using environmentally friendly materials. An additional 75% are looking to reduce packaging, use more renewable energy and cut carbon emissions.

Adopting these greener approaches to manufacturing is set to drive growth across the luxury sector as increasingly, all demographics will be looking to produce items sustainably as part of their product and brand differentiation strategies.

 

All analysis featured in this article is from the Luxury 2021: Sector Analyst Report €800.00 which you can download here!

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