Differences Between Luxury And Sustainability

2.4 Luxury and Sustainability 
On the bases of financial value of a luxury product, consumers are ready to pay a premium price of the goods. These goods are not normal goods as it holds qualities of being luxury with its quality level, scarcity and aspiration. As stated above, luxury deals with scarcity and scarcity is related to something which is on the verge of extension or of a very limited supply. Therefore we can say that if a luxury product is encouraged for a more reasonable price, this on the other hand will encourage for responsible consumption and eventually this would help to protect natural resources.The meaning of luxury is manifold, and its definition is elusive, with nuances suggesting an absolute concept tied to an idealised …show more content…
Yet, few luxury companies take proactive sustainable development stances. This sector, though clearly aware of the stakes, thus remain discreet, which some critics interpret as uninvolved. Beyond opinion leaders though, it becomes necessary to measure public opinion, especially considering the few wide-scale studies available on sustainability and luxury. The dependent variable, luxury consumers' perception of a contradiction between luxury and sustainability, will enable us to identify which variables increase consumers' scepticism about the coexistence of luxury and sustainable development ideals. (De Barnier, …show more content…
We see that they don't don't talk much about their actions. Luxury brands don't talk much about their attempts and this an inuit characteristic to be restrained. It builds and maintains this image of theirs of independence and admiration. By avoiding to provide much information about themselves, they seek to create the dream life that they are selling. Besides performing and their indulgence in sustainable development activists criticise them because of their real reason that is their visibility is very high and therefore very easy to blame them. The public attraction towards this sector is linked to high profile consumers like the VIPs and celebrities whose influence is very strong in the society. This segment is made of exceptional purchases. These purchases are often made to escape reality and identity to the brand ideology. However we may argue that luxury is a focused on its authenticity which brings contradiction to sustainability. This may include inherent ethical methods and challenges for the industry such as the sourcing of diamonds and the issues which revolve around the production of leather. Despite all of these challenges and difficulties, there has been some real progress towards sustainability in the luxury fashion sector in recent years, some of which, including branding, marketing and communication may be applicable to any ethical fashion