In a recent study conducted by GlobalData, consumers in South Korea and Singapore have emerged as the most willing to pay a premium for sustainable and inclusive fashion brands. The comprehensive analysis, which surveyed 24,798 individuals across 20 countries, underscores a significant disparity in global attitudes towards sustainability in fashion.
In stark contrast, the survey found that consumers in Belgium, Germany, the Netherlands, Sweden, and the UK showed the least inclination to pay extra for sustainable fashion. This reluctance persists despite growing legislative and investor pressure on brands to enhance transparency and sustainability efforts.
Meanwhile, the research also highlighted that consumers from China, South Africa, and Thailand are particularly keen on paying more for exclusive, on-trend brands, suggesting a strong preference for fashion that stands out and makes a statement.
According to GlobalData's “Global Apparel Market to 2028” report, while there is an increasing focus on sustainability within the fashion industry, only 45.4% of consumers in key markets consistently consider product sustainability in their purchasing decisions. Ethical considerations by retailers fare slightly lower at 43.5%, indicating that while these factors are trending, they are not yet a primary decision driver compared to price, quality, and value for money.
Interestingly, the study notes that the younger demographic, particularly those under 35, show a greater propensity towards valuing sustainability and ethics in their fashion choices. This trend hints at a possible future shift in consumer behaviour as this age group matures and their purchasing power grows.
The report also underscores a rapid expansion in the resale market for apparel, projected to grow by 56.1% between 2023 and 2027. This growth is largely attributed to a mix of financial motivation and rising sustainability concerns among consumers.
As brands navigate these evolving consumer preferences, the emphasis on environmental and ethical practices will be crucial in maintaining and enhancing consumer trust and loyalty in an increasingly competitive market.
