Article: Helping Fashion Embrace the Circular Economy
Helping Fashion Embrace the Circular Economy
The fashion industry creates a significant impact on the environment. A major contributor to the environment’s fashion footprint is the tendency to rapidly adopt evolving styles every season. I have always been of the firm belief that for most part, the price of a product is directly proportionate to it’s quality. One of the factors contributing to the pricing of a luxury item like a designer handbag, watch, apparel, accessory or footwear is the high product quality.
Traditional, high income groups of luxury fashion consumers follow the fundamentals of the linear economy – Purchase, Use and Replace. Replace without knowing how to bring their pre-owned products back into circulation for re-use!! Replace, for reasons such as wanting to be on top of fashion trends, demands of modern lifestyle or even to uplift one’s own self-worth. The products themselves are far from being degenerated in condition, with a long usage lifecycle still ahead of them.
In contrast, an expanding group of millennials and members of the Gen Z are progressively inclined towards fashion that is produced with minimum negative impact on the environment. Such consumer groups are increasingly putting considerations of sustainability at the heart of their purchase decisions. They are also breaking the stereotype to fulfill their consumption aspirations with their limited resources. This budding mindset gives impetus to a sustainable business model that The Plush Posh seeks to put to meaningful use.
The Plush Posh is encouraging the usage of high quality, luxury goods for much longer than average usage cycles, enabling consumers to derive the maximum value out of these quality products. And guess what? Driving this consciousness also results in luxury consumption becoming easier on the wallet.
Research points to almost half of consumers being willing to consider re-selling their luxury purchases. The key to unlocking this potential is creating awareness and knowledge of credible avenues for such consumers to offload their pre-loved, unused luxury items, thereby catalyzing a circular economy.
The circular economy presents us with an exciting opportunity to deepen our engagement with our customers. The Plush Posh runs a reconsignment program, which enables our customers to use and release their past purchases from us into the re-consumption circle, thereby maintaining a relationship with us for months after they have made their initial purchase.
The market for re-consumption in the luxury goods space is developing rapidly and from a business perspective, there are significant competitive advantages to be gained through implementing initiatives such as our Reconsignment Program, that will help us in developing a compelling engagement with our customers.
Traditional, high income groups of luxury fashion consumers follow the fundamentals of the linear economy – Purchase, Use and Replace. Replace without knowing how to bring their pre-owned products back into circulation for re-use!! Replace, for reasons such as wanting to be on top of fashion trends, demands of modern lifestyle or even to uplift one’s own self-worth. The products themselves are far from being degenerated in condition, with a long usage lifecycle still ahead of them.
In contrast, an expanding group of millennials and members of the Gen Z are progressively inclined towards fashion that is produced with minimum negative impact on the environment. Such consumer groups are increasingly putting considerations of sustainability at the heart of their purchase decisions. They are also breaking the stereotype to fulfill their consumption aspirations with their limited resources. This budding mindset gives impetus to a sustainable business model that The Plush Posh seeks to put to meaningful use.
The Plush Posh is encouraging the usage of high quality, luxury goods for much longer than average usage cycles, enabling consumers to derive the maximum value out of these quality products. And guess what? Driving this consciousness also results in luxury consumption becoming easier on the wallet.
Research points to almost half of consumers being willing to consider re-selling their luxury purchases. The key to unlocking this potential is creating awareness and knowledge of credible avenues for such consumers to offload their pre-loved, unused luxury items, thereby catalyzing a circular economy.
The circular economy presents us with an exciting opportunity to deepen our engagement with our customers. The Plush Posh runs a reconsignment program, which enables our customers to use and release their past purchases from us into the re-consumption circle, thereby maintaining a relationship with us for months after they have made their initial purchase.
The market for re-consumption in the luxury goods space is developing rapidly and from a business perspective, there are significant competitive advantages to be gained through implementing initiatives such as our Reconsignment Program, that will help us in developing a compelling engagement with our customers.
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