TAIPEI (Taiwan News) — An eco-conscious clothing rental subscription service is slated to be launched this year, which has received support from former top model Flora Sun (孫正華) and Foxconn tycoon Terry Gou's (郭台銘) wife, Delia Tseng (曾馨瑩), a sign indicating growing attention to sustainability in Taiwan's fashion industry.
"We're living in an age where consumerism is beginning to be completely redefined, and the COVID-19 pandemic has accelerated the need for change in our shopping behavior," said April Hsu (徐淑雯), Managing Director of Tatler Asia Taiwan, when talking to Taiwan News about the sustainable fashion trends in the region.
The lifestyle publication observed that in the past two years, individuals have been re-evaluating life choices, and not just in Taiwan. A survey carried out among the region's 2,000 most influential and affluent by the publication discovered that people today place higher value on issues with a purpose, such as female empowerment, sustainability, equality, LGBTQ, philanthropy, and entrepreneurship.
As shown in other shopping behavior surveys and statistics elsewhere around the world, 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 is believed to have led to a shifting consumer mindset, according to the Tatler Asia survey, in which 70% of respondents stated that their luxury purchase preferences have changed since the onset of the pandemic.
"In general, 80% of respondents say they value sustainability, and seek to purchase from brands that commit to worthy causes. Fully 84% of luxury consumers believe that sustainability and environmental concerns 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 act with a cause that aligns with what they stand for," Hsu stated.
In Taiwan, understanding of luxury has not changed much in the last five years, and luxury spending has remained on fashion (65%) and cosmetics (62%). Purchasing power has also remained high despite the pandemic.
The publication has transitioned its content direction to place greater focus on topics with more purpose. "Through the stories we share with our audience, we strive to create awareness for issues that matter and celebrate the people that are changing the communities for the better. We have also introduced initiatives that allow our audiences to discover, network, and connect with individuals and brands that align with their interests," Hsu added.
The media veteran concluded that the next decade will be disruptive for the luxury sector as younger consumers are setting new standards and ideals when it comes to shopping, in which they are more thoughtful, and wanting to buy less and of better quality.
"Luxury businesses must be open to having conversations about the environment, sustainable development, and society as a whole, as well as actually make the changes required of them, in order to stay relevant and keep consumers on side," she commented.
