TAIPEI (Taiwan News) – An eco-friendly clothing rental subscription service is set to launch this year, which has received support from former supermodel Flora Sun (孫正華) and the tycoon’s wife Foxconn Terry Gou (郭台銘), Delia Tseng (曾馨瑩), a sign indicating growing attention to sustainability in Taiwan’s fashion industry.
“We live in a time when consumerism is beginning to be completely redefined, and the COVID-19 pandemic has accelerated the need to change our shopping behavior,” said April Hsu (徐淑雯), general manager of Tatler Asia Taiwan, when talking to Taiwan News about sustainable fashion trends in the region.
The leading luxury media brand in Taiwan observed that over the past two years, individuals have re-evaluated their lifestyle choices. The phenomenon does not only occur in Taiwan. A survey of the 2,000 most influential and affluent people in the region by the publication found that people today place a higher value on issues with purpose, such as women’s empowerment, sustainability , equality, LGBTQ, philanthropy and entrepreneurship.
As other surveys and statistics on shopping behavior elsewhere in the world show, the impact of COVID-19 on personal luxury purchases has been minimal, as the purchasing power of high net worth individuals has remained high. Instead, the pandemic may have led to a shift in consumer mindset, according to the Tatler Asia survey, in which 70% of respondents said their luxury shopping preferences had changed since the start of the pandemic.
“Overall, 80% of respondents say they value sustainability and seek to buy from brands that are committed to worthy causes. In total, 84% of luxury consumers believe that sustainability and concerns environmental factors play a role in their decision-making when it comes to using luxury products and services, while 83% said they make decisions based on supporting brands that take action for a cause that matches their what they stand for,” Hsu said.
In Taiwan, the understanding of luxury has not changed much over the past five years, and luxury spending has always remained on fashion (65%) and cosmetics (62%). Purchasing power has also remained high despite the pandemic.
In response to the trend, the publication has already shifted its content direction to place more emphasis on topics with purpose, such as women’s empowerment, sustainability, equality, LGBTQ, philanthropy, and social justice. entrepreneurship. “Through the stories we share with our audience, we strive to raise awareness of issues that matter and celebrate the people who change communities for the better. We have also launched initiatives that allow our audience to discover, network and to connect with individuals and brands that match their interests,” Hsu added.
The media veteran concluded that the next decade will be disruptive for the luxury sector, as young consumers set new standards and ideals for shopping, in which they are more thoughtful and want to buy less and better.
“Luxury companies need to be open to conversations about the environment, sustainability and society as a whole, and to make the changes that are asked of them, in order to stay relevant and keep consumers on their side,” she commented.