Affluent consumers don't make purchase decisions lightly. They want to get to know the company behind the products and services they buy, meaning a luxury brand's reputation is its most important asset. Diana Verde Nieto is the co-founder and CEO of Positive Luxury, a company that assesses luxury brands' commitment to social responsibility and awards qualifying brands with the Butterfly Mark. For our July report, "Affluents in France, Germany and the UK: Savvy and Demanding, Both Online and Offline," Nieto spoke with eMarketer's Karin von Abrams about how the affluent demographic—and luxury itself—has changed.
How would you describe the state of the luxury market?
Luxury today is not just about the affluent consumer. Luxury is being democratized. Brands are looking at "urban luxury." It's not just about haute luxury and very high-end stuff like it used to be.