A new report has revealed that 77% of shoppers in Europe are interested in buying sustainable luxury products, with 51% of them even willing to pay up to 10% extra for items sustainability made or shipped. The 2023 Europe Luxury Report, which was conducted by Internet Retailing, found that the Covid-19 pandemic has caused shoppers to become more conscious of their environmental impact, resulting in an upswing in sustainable purchases across retail.

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The report also found that European customers are drawn to purchasing locally made luxury products, with 61% of those surveyed preferring to do so. Additionally, 8% of customers said they would be willing to pay up to 25% extra for sustainable luxury products.

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The report also noted that younger shoppers, those under 40, are turning away from fast fashion and targeting one-off luxury purchases as an investment in a piece of clothing that has longevity.

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The report also explored how consumers are increasingly shopping for everything they want on marketplace sites, from Amazon to specialised luxury marketplaces such as FarFetch, forcing luxury brands to not only embrace ecommerce, but also to look at how to take the leap into not necessarily owning the customer themselves.

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The report concluded that the luxury sector is at a tipping point, with sustainability becoming an increasingly important factor in the purchasing decisions of European customers.

Sources:
Internet Retailing. (2021, April 28). Data: 51% of European customers willing to pay 10% extra for sustainable luxury fashion. Retrieved from https://internetretailing.net/european-luxury-sustainability/
Sources: https://internetretailing.net/european-luxury-sustainability/