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Leading global retail bank, payments and shopping service, Klarna has partnered with pre-loved fashion resale community, Vestiaire Collective, releasing new research on timeless fashion trends.
The survey commissioned by Klarna examines attitudes towards investment pieces, most valued items in wardrobes, customer trends and shopping frequency.
Six in 10 respondents define a timeless piece as ‘an item that never goes out of style’ with the most valued items being jewellery (22%), suit jacket/blazer (13%) and denim jeans (11%). Men were more likely to buy trend pieces (34%) than women (28%).
The most purchased brands for investment pieces were Louis Vuitton, Gucci, Dior, Prada and Hermès, attributed to historical value, product quality and exclusivity.
The survey also found Gen Z led as the most conscious consumers when it came to shopping sustainability (43%) over the past five years. They were also twice as likely to be open to thrifting and renting (40%) outfits versus 19% of boomers.
The Australian fashion landscape is going through a pivotal time with more individuals being mindful of how they spend and what they spend on, according to Australian Fashion Innovation board member, Jye Marshall.
“It’s interesting to see how these shopping behaviours have started to shift over time, especially with the younger generation, who are more environmentally conscious and willing to invest in vintage or second-hand items. Consumers are also starting to become more aware of their local ecosystems as well as the benefits of upcycling and investing in timeless pieces,” he said.
Almost 40% of respondents are spending less on shopping compared to five years ago with 44% spending the same. 41% said they shop several times a year followed by at least once a month (27%) and at least once a week (11%).
Men were also twice as likely as women to spend between $5,000 and $10,000 (7% versus 3%) on a luxury item. Interestingly, 41% of Baby Boomers cited they would never spend on a luxury item.
When it comes to what respondents look for in brands, environmentally friendly raw materials/fabrics was the most important (39%), followed by affordable price point (29%) and animal welfare (21%). Levi’s was a brand that reflected this, according to 38% respondents followed by Patagonia (20%) and Stella McCartney (16%).
Klarna head of sustainability, Salah Said commented, “We know that sustainability minded shoppers actively seek out brands and retailers that share their values. Their considerations include both the environmental and social impact of their purchases.
“We’re also seeing more fashion brands and platforms expand their offering to ensure this is top of mind. For Klarna, we have our Shop Circular feature, which allows people to discover brands that offer circular services to reduce waste and extend the life of products, including Vestiaire Collective.”
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