True luxury creations are by default sustainable, as they are made for eternity.
THE REPORT
Sustainability in Watches & Jewelry
Customers are one of the driving forces of sustainability, showing growing interest. Our past research showed that 62% of consumers want companies to take a stand on social, cultural, environmental, and political issues, and 65% of consumers say that they are more likely to buy from a brand that supports a cause they care about.
In the Luxury Watches & Jewelry sector, key sustainability topics that matter to clients are limited-documented, prompting Accenture to conduct its research in 2022. This involved a multi-criteria decision analysis, social listening, and interviews with luxury stakeholders. To update this view, Accenture conducted a dedicated social listening campaign for this updated point of view to understand what customers are discussing online in 2024 concerning sustainability in the Luxury W&J space. In this report, we will discuss the top 3 sustainability topics that luxury W&J brands will want to come to grips with.
Regulatory reform has emerged as a primary driver of companies’ sustainable practices. As the regulatory momentum accelerates, Luxury Leaders seem to shift their sustainability-related focus from customers to compliance.
(See Report “Regulation Challenges”, p10)
The focus on sustainable sourcing, operations, labor, and circularity has intensified, with "Sourcing & Production" now ranking as the top priority for luxury brands, accounting for 29% of mentions in social listening. Ethical concerns have also risen, now representing 20% of customer mentions, reflecting a shift towards responsible production.
(See Report “Strategic challenges with sourcing, operations, labor, and circularity”, p17)
As regulatory pressures grow, 92% of luxury leaders plan to increase ESG investments. By 2025, 50,000 companies in Europe must report sustainability data, driving the need for robust internal controls. Data centralization and automation are key to ensuring compliance and accurate reporting.
(See Report “Operational and Strategic Enablers”, p20)
Discover how luxury brands are reducing environmental impacts, cutting carbon emissions, and adopting circular models with recycled materials and lab-grown diamonds, while preserving the timeless value of luxury.
