'Value instantiation' key to luxury brands' and social responsibility

4 years ago
Anonymous $yQ5BfQaAxy

https://www.sciencedaily.com/releases/2020/01/200113111158.htm

Although the values of haute couture designer handbags and clean drinking water campaigns would seem to clash, "value instantiation," which promotes the integration of disparate values, can help luxury brands thread the needle and counteract the adverse effects of value incompatibility, said Carlos Torelli, a professor of business administration and the James F. Towey Faculty Fellow at Illinois.

One of the most notable trends in marketing has been a pivot toward values-based marketing, which channels consumers' desires to make communities and society a better place to live. Notably, 85% of the top 50 global luxury brands -- Prada, Tiffany and Rolex, for example -- are involved in socially responsible activities such as philanthropy, environmental sustainability and ethical business practices.