A market typically correlated with excess, luxury is given an eco update
Implications - With the philanthropic world being dominated by the wealthy, the luxury market is evolving to cater to the green-minded elite with a preference for exclusivity. While the eco movement continues to shun elaborate and exotic indulgences, this development of a green luxury market expresses consumer commitment to eco-conscious alternatives, but also an inability to decrease consumption as a way to express wealth and prowess.
Trend Themes
1. Green Luxury - The green luxury market expresses consumer commitment to eco-conscious alternatives, but also an inability to decrease consumption as a way to express wealth and prowess.
2. Eco-friendly High-end Vehicles - Combining style and luxury with sustainable materials and eco-friendly technologies can attract consumers with a preference for high-end products and an interest in eco-conscious alternatives.
3. Sustainable Luxury Accommodations - The trend of sustainable luxury accommodations allows the wealthy to travel guilt-free while experiencing the exclusivity of eco-conscious alternatives.
Industry Implications
1. Automotive Industry - Opportunity for high-end automakers to invest in eco-conscious designs and technologies that cater to consumers with a preference for luxury and sustainability.
2. Hospitality Industry - Opportunity for hospitality industry to cater to affluent consumers who are interested in eco-friendly and sustainable accommodations that do not compromise on luxury and exclusivity.
3. Architecture and Design Industry - Opportunity for architects and designers to incorporate sustainable and locally sourced materials in luxury real estate developments that cater to eco-conscious consumers with a preference for high-end living.
