According to a report by First Insight, nearly 90 percent of Gen X consumers said that they would be willing to spend 10 percent extra or more for sustainable products
Fast fashion as a concept has been under scrutiny for many years now given its reputation for encouraging a culture of mass production, overconsumption, and, more importantly, its detrimental effects on the environment and the workers. Younger consumers that are more purpose-driven, aware, and value-oriented are making informed purchasing decisions that align with their individual values, and sustainability and ethics rank quite high. Moreover, Gen Z has a massive influence on influencing the older generations, especially when it comes to sustainability and health.
According to a report by First Insight, nearly 90 percent of Gen X consumers said that they would be willing to spend 10 percent extra or more for sustainable products, compared to just over 34 percent two years ago. The report also revealed that the majority of respondents across all generations have a high degree of expectation that retailers and brands will act in a sustainable way. Agreed, that the definition and degrees of sustainability may vary between generations and individuals, but the intent is strong.
The fashion industry itself is responsible for one-tenth of all the water used industrially, excessive carbon emissions, unfathomable quantities of wastage considering 57% of all discarded clothing ends up in the landfill, and so many factors big and small that contribute to irreversible ecological damage. Now, fast fashion ends up being the biggest culprit as the very nature of the business model is to mass-produce the latest fashion trend at lighting speed at cheaper costs before the fad becomes irrelevant.
at Retail Me.
