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Impact of Sustainability on the Strategic Direction of Luxury Companies

Author

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  • Arno Böhnert

    (Szent István Egyetem, Doctoral School of Management and Business Administration, Hungary)

  • Florian Blaschke
  • Marcel Biewendt

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.

Suggested Citation

  • Arno Böhnert & Florian Blaschke & Marcel Biewendt, 2023. "Impact of Sustainability on the Strategic Direction of Luxury Companies," European Journal of Marketing and Economics Articles, Revistia Research and Publishing, vol. 6, ejme_v6_i.
    • Handle: RePEc:eur:ejmejr:122
    as

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    References listed on IDEAS

    as
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    2. Catherine Janssen & Joëlle Vanhamme & Adam Lindgreen & Cécile Lefebvre, 2014. "The Catch-22 of Responsible Luxury: Effects of Luxury Product Characteristics on Consumers’ Perception of Fit with Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 119(1), pages 45-57, January.
    3. Sandor Czellar & Gilles Laurent & Bernard Dubois, 2005. "Consumer Segments Based on Attitudes Toward Luxury: Empirical Evidence from Twenty Countries," Post-Print hal-00458399, HAL.
    4. Tynan, Caroline & McKechnie, Sally & Chhuon, Celine, 2010. "Co-creating value for luxury brands," Journal of Business Research, Elsevier, vol. 63(11), pages 1156-1163, November.
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    Cited by:

    1. Celia Rangel-Pérez & Belen López & Manuel Fernández, 2024. "A strategic sustainability model for global luxury companies in the management of CO2 emissions," International Entrepreneurship and Management Journal, Springer, vol. 20(3), pages 1597-1615, September.

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    Keywords

    Change; Luxury; Brands; Operations;
    All these keywords.

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