Impact of Sustainability on the Strategic Direction of Luxury Companies

Arno Böhnert, Florian Blaschke and Marcel Biewendt
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Arno Böhnert: Szent István Egyetem, Doctoral School of Management and Business Administration, Hungary

European Journal of Marketing and Economics Articles, 2023, vol. 6

Abstract: Today’s society is undergoing a paradigm shift driven by the megatrend of sustainability. This undeniably affects all areas of Western life. This paper aims to find out how the luxury industry is dealing with this change and what adjustments are made by the companies. For this purpose, interviews were conducted with managers from the luxury industry, in which they were asked about specific measures taken by their companies as well as trends in the industry. In a subsequent evaluation, the trends in the luxury industry were summarized for the areas of ecological, social, and economic sustainability. It was found that the area of environmental sustainability is significantly more focused than the other sub-areas. Furthermore, the need for a customer survey to validate the industry-based measures was identified.

Keywords: Change; Luxury; Brands; Operations (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eur:ejmejr:122

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