Revenge spending is not just a Chinese matter. It also belongs to European consumers who, in terms of fashion, in addition to saying they are ready to go back to buying, declare themselves more sensitive to sustainability. In particular, “how and where the object of their desire is produced”. And they make a potential support to leather, claiming to focus on durable and “timeless” items. This is supported by a research that on September 16, 2020 will be presented by IFM (Institut Français de la Mode)/Première Vision.
It is not just a Chinese issue
The European study involved 5,000 consumers in France, Germany, Italy and the UK. The result is that 52.4% of men and 44.3% of women intend to maintain in the second half of 2020 the levels of spending on fashion they had in pre-Covid period. And there is even a significant percentage (13.7% among women, and 17.1% among men) who would like to spend more. Of these, nearly 9 out of 10 indicated that they will do so to satisfy their desire for “revenge shopping” after the frustration of lockdown. What will they buy? 83.7% of respondents aim to buy timeless products, while 47.3% high-end accessories.
The sustainable factor
The study, previewed by Fashion Network, shows that almost two-thirds of the 5,000 respondents would like to buy sustainable products. A third of them say they are also willing to pay more to secure the purchase. This happens especially in the UK and Germany, while in France and Italy they are paying more attention to respecting the environment in production plants. The label indicating the “made in” is important for two thirds of the sample. According to the research, Italians are the most self-sufficient. In other words: they are ready to spend, above all, on made in Italy productions.
- Louis Vuitton scores big in Shanghai: 22 million dollars in revenues in August
- Luxury quarterly sales down 10%, claim UBS, and brace up for trade war effects