LVMH Moet Hennessy Louis Vuitton S.A. Chairman and CEO, Bernard Arnault has predicted a more discerning luxury consumer emerging from the world-wide recession. He predicts that they will demand quality, craftsmanship, creativity and exclusivity from luxury brands. But they will also expect commitment to social and environmental responsibility. – June 15, 09 WWD
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The Luxury Institute has announced trends for 2009 including an embrace of corporate responsibility as a critical business need and not just a slogan. Wealthy consumers have increased their preference for socially responsible brands from 51% in 2006 to 57% last year. Expect that number to rise dramatically by 2009. The global crisis of confidence in governmental, financial and other institutions will drive luxury consumers to demand that luxury brands serve not just them, but society as a whole.They will require luxury brands to be ethical with all constituents, charitable in ways that make a difference to their beneficiaries and eco-friendly in ways that can be documented.
