Luxury Consumers Prioritize Sustainability and Eco-Friendly Practices
Luxury consumers are increasingly prioritising sustainability and eco-friendly practices alongside price, with a significant majority driven by product quality and packaging materials. A new study reveals that 71% of luxury buyers are influenced by product quality, while 53% consider eco-friendly packaging a key differentiator.
Sustainability has emerged as a top-five purchase factor for luxury consumers, with 31% ranking it among their top considerations. This shift is reflected in the growing demand for sustainable luxury products and services, such as premium-equipped multichannel services in selective perfumeries, luxury bathroom design, and wellness hospitality sectors.
Price remains a significant deterrent for aspirational luxury clients, with 62% having opted out of a purchase due to high prices. Nearly half of luxury consumers would postpone luxury buys until they can afford them. However, over half of consumers are open to buying pre-owned goods directly from luxury brands, indicating a willingness to consider more affordable luxury options.
The luxury market is evolving to meet the growing demand for sustainability and eco-friendly practices, with consumers increasingly prioritising product quality and packaging materials. Despite price remaining a significant factor, consumers are open to more affordable luxury options, such as pre-owned goods and renting luxury items for special occasions or convenience.
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