Transparency And its Place in Luxury Consumerism
Transparency is the new name of the game, as younger consumers demand to know more about what goes on behind the scenes, and whether luxury brands are doing their part to make the world a better place.
The post Transparency And its Place in Luxury Consumerism appeared first on LUXUO.
Image Credit: Courtesy of wearezrcl
Ethical and fair labour practices. Sustainable materials. Environmental impact. These are some of the greatest issues that millennials and Generation Z are concerned about when buying luxury products. Apart from the cost and quality of the product, young consumers are becoming increasingly invested in ensuring that their favourite brands take the three aforementioned concerns into account during production. Therefore, to cater to changing demands, luxury brands have had to do more than embrace sustainability and adopt fair practices. They have had to change the way products are marketed, engaging in greater communication with consumers, and being transparent about all aspects of their businesses.
The growth of the internet and advances in information and communications technology (ICT) and the resulting proliferation of social media have meant that knowledge and information are now easily accessible by anyone with a decent wifi connection. Millennials and Generation Z, who grew up with the internet, are famously adept at utilising it, developing greater awareness of world issues than the youths of previous generations. This has also facilitated a kind of...
The post Transparency And its Place in Luxury Consumerism appeared first on LUXUO.
Image Credit: Courtesy of wearezrcl
Ethical and fair labour practices. Sustainable materials. Environmental impact. These are some of the greatest issues that millennials and Generation Z are concerned about when buying luxury products. Apart from the cost and quality of the product, young consumers are becoming increasingly invested in ensuring that their favourite brands take the three aforementioned concerns into account during production. Therefore, to cater to changing demands, luxury brands have had to do more than embrace sustainability and adopt fair practices. They have had to change the way products are marketed, engaging in greater communication with consumers, and being transparent about all aspects of their businesses.
The growth of the internet and advances in information and communications technology (ICT) and the resulting proliferation of social media have meant that knowledge and information are now easily accessible by anyone with a decent wifi connection. Millennials and Generation Z, who grew up with the internet, are famously adept at utilising it, developing greater awareness of world issues than the youths of previous generations. This has also facilitated a kind of...
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