The report highlights that many luxury consumers are part of an affluent, global elite that is increasingly well educated and concerned about social and environmental issues. These consumers use luxury products as a symbol of success. The definition of success and the way it is perceived by others is changing. Increasingly, successful people want the brands they use to reflect their concerns and aspirations for a better world. This is true not only in Western luxury markets, but, increasingly, amongst the affluent middle classes of Asia, Latin America and Eastern Europe.
Anthony Kleanthous, Senior Policy Adviser for WWF, said: “This report is a call to action for the world’s top brands to improve the way they do business. Luxury companies must do more to justify their value in an increasingly resource-constrained and unequal world. Despite strong commercial drivers for greater sustainability, luxury brands have been slow to recognise their responsibilities and opportunities. We call upon the luxury industry to bring to life a new definition of luxury, with deeper values expressed through social and environmental excellence. Their performance and progress on environmental, social and governance issues should be comprehensively measured and reported.”
To access the complete report, visit the official website at: www.wwf.org.uk/deeperluxury