IDEAS home Printed from https://ideas.repec.org/a/eee/bushor/v66y2023i6p741-751.html
   My bibliography  Save this article

Sufficiency and the dematerialization of fashion: How digital substitutes are creating new market opportunities

Author

Listed:
  • Schauman, Sebastian
  • Greene, Sharon
  • Korkman, Oskar

Abstract

The global fashion industry represents an over US $1 trillion market but is one of the most wasteful industries in the world. Digital fashion has the potential to decouple some crucial aspects of the fashion industry from their material requirements. Considering the growing interest around the metaverse, nonfungible tokens, the rapid evolution of augmented reality (AR) and virtual reality (VR) technology, and the growing presence of major fashion brands in gaming, an understanding of the commercial feasibility of digital fashion is becoming increasingly necessary. In this article, we explore the commercial feasibility of digital fashion and expose a strategically significant alignment of digital substitutes with four emerging consumer expectations: excitement, utility, relatability, and circularity. Our research shows that these expectations are contingent upon consumers’ increasingly sufficiency-oriented mindset and the modes of consumption this mindset generates. In developing what we call a sufficiency model, this article provides companies with the heuristic tools necessary to gain future-looking and practical insights to help them navigate this dematerialization of consumption and to identify long-term market opportunities within this area. Specifically, we offer eight suggestions to help companies take their first steps into this emerging space.

Suggested Citation

  • Schauman, Sebastian & Greene, Sharon & Korkman, Oskar, 2023. "Sufficiency and the dematerialization of fashion: How digital substitutes are creating new market opportunities," Business Horizons, Elsevier, vol. 66(6), pages 741-751.
    • Handle: RePEc:eee:bushor:v:66:y:2023:i:6:p:741-751
    DOI: 10.1016/j.bushor.2023.03.003
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0007681323000459
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.bushor.2023.03.003?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Jing Wang & Nathan Novemsky & Ravi Dhar, 2009. "Anticipating Adaptation to Products," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 36(2), pages 149-159.
    2. Bagwell, Laurie Simon & Bernheim, B Douglas, 1996. "Veblen Effects in a Theory of Conspicuous Consumption," American Economic Review, American Economic Association, vol. 86(3), pages 349-373, June.
    3. Belk, Russell W, 1988. "Possessions and the Extended Self," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 15(2), pages 139-168, September.
    4. Schauman, Sebastian & Heinonen, Kristina & Holmlund, Maria, 2021. "Crafting customer insight: What we can learn from the revival of the vinyl record," Business Horizons, Elsevier, vol. 64(2), pages 261-271.
    5. Belk, Russell, 2014. "You are what you can access: Sharing and collaborative consumption online," Journal of Business Research, Elsevier, vol. 67(8), pages 1595-1600.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Rosenbaum, Mark S. & Ramirez, Germán Contreras & Campbell, Jeffrey & Klaus, Philipp, 2021. "The product is me: Hyper-personalized consumer goods as unconventional luxury," Journal of Business Research, Elsevier, vol. 129(C), pages 446-454.
    2. Pera, Rebecca & Viglia, Giampaolo & Furlan, Roberto, 2016. "Who Am I? How Compelling Self-storytelling Builds Digital Personal Reputation," Journal of Interactive Marketing, Elsevier, vol. 35(C), pages 44-55.
    3. Mauro Capestro & Greta Chiavegato, 2023. "Il consumo dei beni di lusso nel contesto della sharing economy: un caso di studio italiano," ECONOMIA E SOCIET? REGIONALE, FrancoAngeli Editore, vol. 2023(1), pages 53-70.
    4. Correa, Juan C. & Garzón, Wilmer & Brooker, Phillip & Sakarkar, Gopal & Carranza, Steven A. & Yunado, Leidy & Rincón, Alejandro, 2019. "Evaluation of collaborative consumption of food delivery services through web mining techniques," Journal of Retailing and Consumer Services, Elsevier, vol. 46(C), pages 45-50.
    5. Ashmore, David P. & Pojani, Dorina & Thoreau, Roselle & Christie, Nicola & Tyler, Nicholas A., 2019. "Gauging differences in public transport symbolism across national cultures: implications for policy development and transfer," Journal of Transport Geography, Elsevier, vol. 77(C), pages 26-38.
    6. Kang, Jingoo & Kang, Minwook, 2022. "Durable goods as commitment devices under quasi-hyperbolic discounting," Journal of Mathematical Economics, Elsevier, vol. 99(C).
    7. Lee, Kyungwon & Hakstian, Anne-Marie & Williams, Jerome D., 2021. "Creating a world where anyone can belong anywhere: Consumer equality in the sharing economy," Journal of Business Research, Elsevier, vol. 130(C), pages 221-231.
    8. Gilbert Giacomoni, 2017. "Luxuary collection and pre-owned market transplant : hybrid identity, histocompatibility and business creation [La greffe du luxe et de l’occasion : identité hybride, histocompatibilité et émergenc," Post-Print hal-01706953, HAL.
    9. Gurzki, Hannes & Woisetschläger, David M., 2017. "Mapping the luxury research landscape: A bibliometric citation analysis," Journal of Business Research, Elsevier, vol. 77(C), pages 147-166.
    10. Gierl, Heribert & Huettl, Verena, 2010. "Are scarce products always more attractive? The interaction of different types of scarcity signals with products' suitability for conspicuous consumption," International Journal of Research in Marketing, Elsevier, vol. 27(3), pages 225-235.
    11. Yang (Jenny) Guo & Cait Lamberton & Kelly Goldsmith, 2024. "The role of product acquisition mode in self- and social-signals of status," Marketing Letters, Springer, vol. 35(1), pages 143-157, March.
    12. Lee, Shinhyoung & Park, Kiwan, 2022. "How looking forward over the short period to-go affects consumer enjoyment: Role of temporal scarcity in access-based services," Journal of Retailing and Consumer Services, Elsevier, vol. 65(C).
    13. Wilhelms, Mark-Philipp & Henkel, Sven & Falk, Tomas, 2017. "To earn is not enough: A means-end analysis to uncover peer-providers' participation motives in peer-to-peer carsharing," Technological Forecasting and Social Change, Elsevier, vol. 125(C), pages 38-47.
    14. Chapman, Alexis & Dilmperi, Athina, 2022. "Luxury brand value co-creation with online brand communities in the service encounter," Journal of Business Research, Elsevier, vol. 144(C), pages 902-921.
    15. Myriam Ertz & Fabien Durif & Manon Arcand, 2019. "A conceptual perspective on collaborative consumption," AMS Review, Springer;Academy of Marketing Science, vol. 9(1), pages 27-41, June.
    16. Anna Irena Szymańska, 2021. "The Importance of the Sharing Economy in Improving the Quality of Life and Social Integration of Local Communities on the Example of Virtual Groups," Land, MDPI, vol. 10(7), pages 1-17, July.
    17. Wang, Liying & Zhang, Guangling & Chen, Jie & Lu, Xingming & Song, Fengsen, 2022. "The territory effect: How awe reduces territoriality and enhances sharing intention," Journal of Business Research, Elsevier, vol. 148(C), pages 1-11.
    18. Sabrina V. Helm & Victoria Ligon & Tony Stovall & Silvia Riper, 2018. "Consumer interpretations of digital ownership in the book market," Electronic Markets, Springer;IIM University of St. Gallen, vol. 28(2), pages 177-189, May.
    19. Kumar, Jitender, 2024. "Psychological mechanisms behind access-based luxury brand consumption: Empirical investigation from the lens of new ownership paradigm," Journal of Business Research, Elsevier, vol. 175(C).
    20. Aysel Kurnaz, 2017. "Examination of the Relationship between Luxury Value Perception and Shopping Motivations: Turkey Sample," International Journal of Marketing Studies, Canadian Center of Science and Education, vol. 9(5), pages 108-124, October.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:bushor:v:66:y:2023:i:6:p:741-751. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/bushor .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.