The Luxury Trends Of 2018: Green Is The New Black, And More | Forbes

A recommendation engine is in development that will machine-learn from other user habits and image databases to suggest outfit combinations and help plan new purchases. Luxury brands will need to adapt to selling to algorithm-driven systems as well as humans with implications for pricing strategy, marketing approach and more.

Green luxury

Green is the new black. Rising concerns about climate change and environmental sustainability will impact affluent consumers, particularly millennials. Green luxury is catching on fast in China , where consumers are embracing the benefits of living green, not simply for egalitarian purposes, but for their own happiness.
Chinese consumers are more likely to purchase ethical brands at a premium price. (Photo credit: FRED DUFOUR/AFP/Getty Images)

According to market research firm Mintel, Chinese consumers are more likely to purchase ethical brands at a premium price. Fifty-eight percent of surveyed consumers indicated that they are willing to pay more for ethical brands.

International luxury group Kering, which owns brand such as Gucci and Yves Saint Laurent, is leading the green movement in China. It recently launched a WeChat mini-program named “My EP&L” (Environmental Profit & Loss), an environmental impact measurement tool that informs consumers of the environmental cost of their purchases, and allows them to make ethical choices based on the calculated cost. The lower the cost, the greener the luxury.

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The Luxury Trends Of 2018: Green Is The New Black, And More.