The last 30 years witnessed more damage to our planet than in the previous five billion years. Environmental threats and the need for sustainability are shaping how luxury companies do business, as well as how consumers show brand loyalty. This briefing will investigate these issues and look at why they are crucial for critical business decisions across the luxury landscape, with case studies of companies and brands that are adapting to such changes in order to succeed and make a difference.
Against a backdrop of macroeconomic uncertainty, tough trading conditions and shifts in consumer values and expectations surrounding sustainability issues, the outlook for luxury remains positive. Its future, however, relies heavily on sustainable innovations taking place across the whole landscape. Breakthrough technologies, new business models and investment funds need to commit to decarbonise companies’ full portfolios.
Environmental threats and the need for sustainability are shaping how luxury companies do business, as well as how consumers show brand loyalty. Sustainability is growing in importance and increasingly being weaved into luxury business strategies, as it represents risk to both luxury brand reputation as well as access to commodities, but similarly offers huge opportunities.
Rising incomes, the expanding middle-classes and digital technology are building confidence among consumers, and with this, consumers worldwide are becoming more sophisticated and demanding. Young urban consumers in particular are seeking out new and sustainable luxury products and experiences.
Mass tourism, rapid urbanisation and consequent rising pollution levels are increasing luxury consumers’ desire to go back to nature. We are beginning to witness the devastating impact of climate change, and with this, more luxury travellers are veering off the beaten path in search of unique experiences that align with their eco-conscious values.
Luxury businesses will need to adapt to the changes in nature and energy resources in order to capitalise on new opportunities and prevent further potential risks. Corporate SDTs will play a lead role in all critical business decisions across the luxury landscape.
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