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Cryptocurrency In Retailer & Luxury - How Blockchain Technology Can Promote Sustainable Shopping
In recent years sustainable shopping has gone from ‘just another option” to an almost fundamental necessity. 2021 indicates a new beginning for the fashion industry with retailers and designers gearing up to leave their questionable business practices of the last decade behind, and take a whole new approach to reduce their environmental footprint.
This comes as no surprise given that millennials and generation Z consumers are responsible for 85% of the global luxury sales growth with 60% of them driven by environmental, animal, and ethical manufacturing concerns. Retailers and luxury brands alike quickly aligned themselves with new consumer values and reset their brand strategies to focus on investing in the right products to better their environmental and humanitarian impact on the world.
A study from Nielsen reported that 66% of global consumers and 73% of millennials are willing to pay more for sustainable products if they come from a brand that resonates with their own personal values. Furthermore, 81% of millennial consumers demand transparency in their marketing, manufacturing, and production processes.
But, how exactly the fashion industry managed to meet the ever-changing demands of its consumers?
