Sustainable Splendour: The Green Revolution in Luxury

Today's consumers are demanding more sustainable products, especially since the onset of the pandemic. Luxury brands have been no stranger to this pivot in customer sentiment, although the industry has historically relied on its linear "take-make-use-waste" philosophy

- Porus Doctor

Customers today, specifically Gen Zs and millennials, actively look at the whole brand story before investing in a product. Is the brand driven by a key social purpose? Do the brand values align with their beliefs? Is the brand engaging in environmentally friendly practices at all stages-from production to packaging?

Sustainability is a key concern today. Globally, Gen Zs and millennials are increasingly and consciously making choices towards positive climate action. Today's consumers are demanding more sustainable products, especially since the onset of the pandemic. Luxury brands have been no stranger to this pivot in customer sentiment, although the industry has historically relied on its linear "take-make-use-waste" philosophy.

During the pandemic, the results of the Deloitte Global Consumer Tracker Survey consistently indicated that consumers were willing to spend more on products that emanated from sustainable and socially conscious brands. In this digital era, consumers are hungry for more information-to ensure that they purchase products that reflect the ethical values they believe in.

The move towards sustainability is more relevant today than ever. With the top 100 luxury goods companies seeing growth much higher than pre-pandemic levels-21.5 percent year-on-year with composite sales of US$305 billion, it is evident that the willingness to pay for luxury goods is higher today. Coming together in the fight against climate change, luxury goods companies can accelerate their green transition through three key steps:

Sustainability by Design