Millennial Perceptions of Sustainably Produced Luxury Goods
More companies are looking towards sustainable products as a means to adjust to society’s changing views towards manufacturing and its environmental impact. Consumer behavior literature states that lifestyles, attitudes, beliefs, and social networks highly influence purchasing behavior. So, millennials purchase products that reflect their own concern for the environment. Millennials are set to be the next biggest influencers right after the baby boomers which is why this topic has significance for the continued success and growth of the luxury goods industry. This quantitative research study analyzed 35 survey responses to answer the following research question: How do millennials react to sustainably produced luxury goods?
The findings of the research were that millennials place high importance on sustainable production and would think more highly of someone that purchased a sustainably produced luxury good even if they themselves would never purchase that same product. Despite their high value on sustainability, many responded that a luxury good made with recycled materials should be priced lower than a luxury product produced with virgin materials. However, an equal amount of participants responded that they would pay the same price for a sustainably-produced product if the purchase supported eco-friendly practices.