Luxury Institute News

June 28, 2012

Wealthy Shoppers Don’t Buy into ‘Lux-Anthropy’

By Robert Frank
CNBC
June 27, 2012

The luxury world  is filled with talk about “social good.”

The wealthy are going Green, we’re told. They care about how companies treat their workers and communities. They prefer to practice responsible Lux-Anthropy, which maintains you can buy that expensive handbag or necklace and still feel good about its positive impact on mankind.

But apparently, there limits to Lux-Anthropy.

A new survey from the Luxury Institute shows that just 39 percent of consumers with more than $150,000 in income are willing to pay a premium for brands that champion high ethical standards.  And the number of affluent consumers who seek out ethical brands is down by 11 percent since 2007.

“Even wealthy consumers have de-emphasized social responsibility as this economy focuses everyone on price value and away from social issues,” says Luxury Institute CEO Milton Pedraza.

Click the link to read the entire article which includes a quote from Milton Pedraza, CEO of Luxury Institute: http://www.cnbc.com/id/47979078

Spread the wealth, share!

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