The report called Pulse of the Fashion Industry 2019 was published by Global Fashion Agenda and in partnership with BCG and SAC. The findings demonstrate that mentions of sustainability in social media increased a 3rd faster than overall social media growth between 2015 and 2018.
Photo: Global Fashion Agenda, Pulse of the Fashion Industry Report 2019.
As well as, consumers mostly acquire information about sustainability issues through online search (35%), social media (31%) and non-digital print media (29%).
“75% of consumers surveyed view sustainability as extremely or very important.”
More than 50% of consumers plan to switch brands in the future if another brand acts more environmentally and socially friendly than their preferred one. However, consumer considerations of sustainable practices are not yet powerful enough to be the most important driver of purchasing behaviour. For example, for 7% of consumers, sustainability is the key purchasing criterion. As well as, 23% prioritise high quality, 17% are looking successful and 16% receiving good value for money.
“More than a third of consumers report they have already switched from their preferred brand to another because it credibly stands for positive environmental and/or social practices.”
Responsible practices are become pivotal to decision-making factors when purchasing a product. The question now is how long it will take before consumers stop buying from brands that do not act responsibly.
Photo: Global Fashion Agenda, Pulse of the Fashion Industry Report 2019.
The publishers also call upon industry leaders to increase their pace towards a deeper and more systemic change - companies must push harder, with more focused and coordinated efforts, to overcome technological and economic limitations that hinder progress.
Click here to read the full Report by Global Fashion Agenda, 2019.