Within the framework of the IFM, Première Vision Chair, which has been examining economy of creative materials for fashion, the French Fashion Institute (IFM) conducted a study by canvassing 5,000 consumers in France, Germany, Italy and UK. Study aims at understanding consumption outlook for the second half of 2020, in context of the current health crisis.
“Despite a cautious, wait-and-see consumer environment, exacerbated by the global Covid-19 crisis, fashion remains a pleasure purchase, and consumption drivers for the second half of 2020 point to real potential in Europe, based in particular on two fundamental pillars: eco-responsibility and local production,” the study reported.
The study found that despite the pandemic and a climate of global uncertainty, leading 42 per cent of women and 30.4 per cent of men in Europe anticipate a reduction in their spending, a subset of consumers -13.7 per cent of women and 17.1 per cent of men are in favour of increasing their fashion buys.
Eco-responsible fashion products attract a significant majority of consumers. Some 64.1 per cent of Europeans want to buy items made from eco-responsible materials and 30.1 per cent are even willing to spend more for them.
Further according to the study, majority of consumers will continue to pay close attention to labels. In Europe, 60 per cent will look to see where an item was manufactured, and 58.5 per cent will favour local manufacturing. Among 18-34 year olds, 33.1 per cent are even willing to boycott certain products made abroad.
The conclusion of the report stated that even though in the short-term, in the wake of the Covid-19 crisis, consumers favour a more thoughtful consumption, they remain attached to their fashion purchases. The outlook may even turn out to be positive once confidence is restored. A strong interest in eco-responsible fashion is confirmed and the development of this segment in the coming months will be a determining factor in helping to re-establish confidence.