The surface of luxury was never truly satisfying. Labels and price tags and big names can only entice people for a moment. When money is no object, those symbols of excess soon feel empty and pointless.
Over the past few weeks we’ve heard people say they’re looking for something more. Whether it be genuine history, passionate craftsmanship, complete personalization, or simply something that money can’t buy… super affluent consumers expect more from their luxury purchases. Being expensive, famous or rare is not enough any more.
When Florence tried to tell us about her first taste of Dom Perignon, she was lost for words. Finally, we learned that the 1985 bottle had been opened with an old military sabre, and her first sip was so wonderful she has never matched it since. The experience spoke to her senses and her heart, not to her ego or her mind.
For Vincent, luxury is intimate, something only he knows that value of. He learned to appreciate true luxury from his grandparents.
“My grandmother’s collection of jewels was so beautiful, I would play and pretend to be a pirate, and she taught me about the stones. Now I’m crazy for old diamonds, with fewer cuts.” Vincent grew up to become a designer with Boucheron and now sells his own jewelry.
“Luxury should not be loud. Luxury is on the inside, not the outside.”
The media is talking about a return to refinement, but we think this is only part of the answer for luxury brands. “Toning it down” is an obvious response to the new mood of financial prudence. But refinement is often about less, we believe that affluent consumers are in fact seeking more. More meaning, relevance and personalization. More care, thought and creativity.
Opportunity: As luxury items and experiences become more refined on the ‘outside’, they must become more rich and full on the ‘inside’.
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