The world can not afford quick trend.
That is the conclusion of latest analysis from Vestiaire Collective, the world's main platform for second-hand luxurious trend.
The report states that past the devastating local weather penalties of quick trend, it’s a false notion that quick trend is extra inexpensive. As value boundaries stay an essential consideration for shoppers, Vestiaire has launched a brand new strategy to understanding the true worth of trend: the cost-per-wear metric.
The associated fee-per-use metric is meant to indicate the true price of an merchandise primarily based on its frequency of use, whole helpful life, and its resale worth. Whereas quick trend objects might initially appear extra financially engaging, the report argues that chosen second-hand trend objects are a financially sounder funding in the long run.
“In immediately's inflationary local weather, it's apparent: neither folks nor the planet can afford quick trend. We need to educate shoppers about the advantages of circularity whereas sounding the alarm concerning the devastating influence of quick trend. “This report is a wake-up name to fight overconsumption and overspending, pushed by low and tempting beginning costs,” stated Fanny Moizant, president and co-founder of Vestiaire Collective, which launched in Paris in 2009 and is a company B licensed.
Vestiaire's March 2024 examine, performed in collaboration with Vaayu, delves deeper into client conduct, analyzing responses from 13,400 individuals, together with knowledge from 250,000 transactions and insights from 28 qualitative interviews in key international markets. Via this examine, Vestiaire goals to alter shoppers' notion of the worth of an merchandise, encouraging them to put money into items which are sustainable from a monetary and environmental viewpoint. The report encourages trend clients to take higher care of their objects because of their resale worth and to put money into high quality, sturdy objects.
In accordance with Moizant, the secondhand business is rising “tremendous quick” and is a $200 billion business that’s rising at a fee of 15 to 20 p.c.
Discussing what drove this analysis, Moizant stated: “This business has been altering dramatically. Fifteen years in the past what we noticed was large waste created by one thing fairly new: extreme consumption. We noticed our friends consuming an increasing number of…overconsumption was skyrocketing and the variety of occasions folks wore their garments was lowering.”
He stated that was the origin of Vestiaire. “On the time we weren't even speaking about sustainability, however we noticed huge waste,” she stated. He stated they believed in sturdiness, longevity and craftsmanship and what trend ought to characterize.
He stated Vestiaire performed the examine “so folks perceive the true price of trend and the true damaging price of quick trend.”
“There are hidden prices behind quick trend past the shiny value tags you see in shops,” Moizant continued. Three years in the past, Vestiaire, which focuses on designer, premium and high-end manufacturers, determined to take a stance towards quick trend and banned quick trend manufacturers resembling Asos, Shein, Burton, Vogue Nova, Fairly Little Factor, Missguided, Topman. , TopShop, Zara and Hole from her website, she reported. It launched the quick trend ban marketing campaign in November 2022 (banning 33 manufacturers), had one other wave final November (banning 30 manufacturers), and has one other marketing campaign this fall.
When requested if he feels he has to defeat quick trend to strengthen Vestiaire, he stated: “For us, it's the mannequin that launched overconsumption.”
Are you trying to ditch quick trend?
“Truthfully, I’d like to. I’d love for these firms to now not exist. And that buyers have extra consciousness,” stated Moizant. He stated that 40 p.c of Vestiaire orders are lower than 100 euros. And these are manufacturers that aren’t quick trend. The typical basket is round 350 euros.
The circularity report, titled “Exposing the True Price of Quick Vogue,” reveals the environmental and social influence of firms. It notes that 60 p.c of quick trend objects find yourself in landfills inside a 12 months of buy. And yearly 92 million tons of textiles are thrown away. “It's an environmental and social catastrophe,” he stated.
The report states that top demand for used luxurious reveals no indicators of slowing, and Vestiaire Collective will see income progress of 25 p.c in 2023, versus a four p.c enhance within the luxurious business. It additionally discovered that one in three consumers use Vestiaire Collective to supply distinctive and hard-to-find objects, with practically 1 / 4 of one million searches for classic in 2023, up 40 p.c from the earlier 12 months.
In accordance with Vestiaire, combating quick trend is their primary precedence. In 2023, Vestiaire labored with a group of business specialists to outline quick trend for the primary time with a set of 5 key standards (very low costs, sturdy promotional depth, fast renewal fee of collections, extraordinarily wide selection of merchandise and file pace). to the market). “When you have got an enemy, you must be capable to outline it,” Moizant stated.
The report notes that after quick trend was banned, shoppers didn’t abandon its platform. As an alternative, they modified their habits and switched to extra premium manufacturers. The investigation discovered that 92 p.c of affected consumers stayed with Vestiaire and 88 p.c of affected sellers stayed with Vestiaire.
The report says that quick trend just isn’t a distinct segment market. Seven out of each 10 clothes objects bought in France come from quick trend manufacturers, “making it the dominant mode of consumption.” Vestiaire believes in buying greater high quality used clothes that makes use of higher materials in additional flattering cuts. “And whereas they might not be as extremely low-cost, they’re cheaper in the long term, with an extended lifespan and decrease price per use,” in keeping with the report.
The examine additionally claims that purchasing at Vestiaire is 35 p.c cheaper in the long term than shopping for new quick trend merchandise.
A visible comparability of the price per put on of a brand new quick trend trench coat versus a used luxurious trench coat.
Courtesy of Colectivo Vestiaire
Among the many key claims of the report evaluating Vestiaire to quick trend:
- When comparable value ranges, choose and used trend coats are stated to be worn 4 occasions extra on common than new quick trend coats (worn 28 occasions). The result’s a price per put on of $1.72 versus $four.82 for brand new quick trend coats.
- Chosen and worn trend attire are stated to be worn eight occasions extra on common than new quick trend attire (worn 9 occasions). This ends in a price per put on of $1.56 versus $5.66 for brand new quick trend attire.
- Used designer purses have a price per put on of lower than 72 p.c as resale worth is extra vital, leading to a price of $2.56 per put on versus $9.05 for brand new trend objects. quick.
- Throughout all classes and all value factors, choose second-hand trend items provide round 33 p.c much less price per put on in comparison with quick trend objects, that are worn greater than twice as a lot on common.
- Choose and used trend shoppers maintain on to their objects 31 p.c longer than common, with the biggest hole in footwear classes (+48 p.c) versus common.
- Whatever the circumstances, the price per put on is constantly decrease when buying used objects. In accordance with the examine, that is very true for seasonal and occasional objects, resembling coats and attire.
“Reasonably priced quick trend is a false financial system. Shopping for quick and low-cost trend is difficult as you find yourself changing objects time and again. We defend circularity as a result of it not solely advantages shoppers' pockets, but additionally protects our planet. Used luxurious objects are less expensive over time and have an extended lifespan. Our mantra, ‘Assume First, Purchase Later’ makes extra sense than ever,” stated Dounia Wone, Chief Affect Officer at Vestiaire Collective.
When requested what Moizant hopes shoppers take away from the report, he stated: “Quick trend is now not an choice for them. They want to consider the planet and their very own pockets. We hope that with this examine they are going to be rather more delicate to their very own pockets and consider carefully and cautiously when buying their subsequent merchandise,” he stated.
A picture of the price per put on of a quick trend jacket versus a used luxurious jacket.
Courtesy of Colectivo Vestiaire
To commemorate the discharge of the report, Vestiaire has unveiled the following installment of its “Assume First, Purchase Second” marketing campaign, that includes a sequence of movies, testimonials and memes that can seem on social media channels beginning Monday. 5 months after the preliminary launch, which went viral on Instagram, this marketing campaign will showcase the cost-per-wear strategy and problem perceptions to interrupt the phantasm of inexpensive quick trend, encouraging acutely aware consumption to guard each private funds and the setting. ambiance.