Sustainable Brand luxury Essay Example for Free

Sustainable Brand luxury Es swearIntroduction What is striking is the similarity between the two. I kindle say that sustainability and luxury argon similar to bedfellows. Sadly, this would be nearlywhat naive. Luxury is constantly on move as state by many economists (Kapferer 2008, p. 96). Sustainable behavior with its luxury indicates living harmoniously with mother earth it is employing trained artisum in safe and humane working conditions. Luxury products are often considered to have larger environmental footprints than their peers.There is an area where sustainability now encourages the luxury dream itself. (Exploria Art of Travel) Nature that is unspoiled is rare now, a chain of hotels emerged where the dream is sustainability like Explora in chille with resorts in Atacama and other places, and these are fully positive energy buildings, with no litter. An organic bacterium is used to destroy everything and food is produced through organic res publica by native farmers and so on. Sustainability luxury now Luxury brands are now-a-days interested to turn over a new leaf.Many firms are move to compete with others in their field through environmental and social responsibility as a point of differentiation when competing for the share of consumer wallet which is very close in economic downturn. (Lakshmi Prasanna 2013, pers. Comm. , 18 Feb. ), Luxury has now passed into masses rather than a cream layer. Sustainability luxury have been Luxury brands have been bought by solely those who had money, taste and power. Some products play a role of status symbols and simply they are perceived by public.There is no necessary that these are purify than their less expensive products, are bought with main reason of displaying wealth. (Inconspicuous consumption, 2008) These types of products are objects of socio-economic phenomenon called conspicuous consumption. Sustainability luxury can be or ought to be Luxury brands usually castigate their own standards. Ve ry high gross margins are achieved by Luxury brands and they relay strongly on their reputation, because reputation gives strength to the brand (Tabatoni et al, 2010).People are purchasing luxury goods and are promoting new era of market innovation around sustainability. Every category of good available in the market today includes similar products whose luxury is marked by better quality components and materials. Focus The think of this article is to analyze relationship of luxury and sustainability. Its important to enchant how todays young consumers, so conscious of green values do, balance their continual need for ever-newer fashion with their presumed commitment to environmental sustainability The image1 above you can see European business review 2013.Market demand Luxury brand is very visible sector public attention is wholly conjugate to its high profile customers, VIPs and celebrities. For many years the luxury goods market has been on an upward climb. The industry had a setback in 1997 called the Asiatic Financial Crisis, In 2000 the industry has performed well, the luxury products market in the world which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage, handbags was worth close to $170 billion and grew 7. 9 percent. Only (-0. 9 percent) rectify was suffered by this sector, which was the lowest (Okonkwo, 2007 pg.145).(Epsten roy 2003) Today sustainability is regarded as virtually important business perceptive by multiple people such as investors, stake holders, customers and policy catchrs. Horizons of sustainability Raising awareness In regard with sustainability the companys are taking much regard in making changes that support the term sustainability, the to a greater extent than the changes are made they will tend to become part of the companys identity and mix up into their overall strategy, leading not however to greater sustainability but also greater trust from consumers.By remaking the fundamental value s of luxury, sustainability can helper to clearly check its difference versus more common bounteousness brands. At a time when sustainability is still not well understood or accepted by many people, the influence exerted by luxury brands could play a key role in raising both awareness and also helping to drive behavioral change in consumers. First input must come, not from consumers, but from pioneering brands (Leslie). Brands that will- Encourage reparability and yearn life of product Promote principle of buy less and pay more. disappear and reinvent luxury experience. Promote respect for appropriate compensation of craftsmanship. Serve as sustainable trend setter. In order to create demand brands should make their image by raising awareness among consumers. In terms of awareness rising, consumer education and behavior change campaigns, major role can be vie by celebrities but there also range of other possibilities including traditional and social media which can be interestin g, fun and relevant to the audience of all groups. some other event of the luxury market is Luxury Shopping Avenues.Certain thoroughfares like Melbournes Collins Street, Singapores Orchard Road, Amsterdams P. C. Hooftstraat Athens, Chicagos Magnificent Mile, Paris Champs-Elysees, Avenue Montaigne (Wikipedia) area are some places where most luxury brands tend to be concentrated. These are managed by large companies which concentrate luxury goods stores. Positive behavior of buyer schemes For retailers, the challenge is always to bring in customers to their spot as there are many alternatives for customers and help them to understand the benefit in making sustainable choice.Some use incentive schemes which help to keep customers loyal by rewarding them with points that can be spent on virtual markets/ websites. And customer loyalty and willing to pay price premium is particularly important for new ethical brands that are looking to grow. Its said retaining old customer is better tha n finding new customers as finding one costs double then retaining the old one.Barriers Luxury is based on object rarity or can be also said as scarcity. . (J. N.Sheth et al, 2010) High prices limit demand for these products and are the best way to protect future of these resources. Sustainable luxury goods- Do not directly focus on customers. Do not recognize emerging threat from rising global over-consumption. The approach is not holistic. Conclusion Sustainable luxury goods have long standing concern for quality and craft. Blendell and Kleanthous (2007) The choice of consumer to pursue the luxury is linked to the brands stance on important social issues, such as saving the planet.All that can be said is for all we know, we might not get tomorrow to save earth. There are some brands demonstrate how luxury fashion can successfully achieve and market sustainability and ethics. As a consumer myself, I would want to show that I not only screw good quality of the good but that I al so care for environment and I hope most of consumers think alike. References Exploria Art Travel, 8 April 2014, www. exploria. com/sustainability Jagdish NSeth, Nirmala K Sethia, Shanthi Srinivas, 2010 Mindful Consumption A Customer Centric Approach To Sustainability Academy of Marketing Science, US Kapferer, Jean-Noel, 2008 The New Strategic Brand Management fourth ed. Kapferer, Jean-Noel, 2013 The European Business Review www. europeanbusinessreview. com/? p=2869 Okonkwo, uche, 2007 Luxury fashion branding Trends, Tactics and Techniques Tabatoni, O Kapferer,J-N, 2010 Are Luxury Brands Really A Financial ambition? HEC Paris, Research Paper,July 2010 Virginia postrel, 2008, Culture and commerce Inconspicious consumption http//www.theatlantic. com/magazine/archive/2008/07/inconspicuous-consumption/306845/ Leslie pascaud, Director sustainable marketing and innovation practice, viewed 8 April 2014 www. addedvalue. com Partridge, D. J. 2011 Activist capitalism and supply elevate cit izenship producing ethical regimes and ready to wear cloths current 52 (s3).Blendell, J and Klenthous, A 2007 Deeper luxury quality and style when the world matters Godalming wwf. uk Ceri Heat Cote- The ethical fashion, 17 sept 2012 http//source. ethicalfashionforum. com/article/marketing-sustainability-for-the-luxury-fashion-sector- Wikipedia.