What has made luxury a luxury will always remain true. There are elements of luxury that are foundational and have endured over time. But because we do not live in a static world, people have changed and the context for luxury has shifted. As a result, luxury expressions and manifestations will change over time. Once defined by social significance (owning a lot of expensive things), luxury has evolved to be about personal importance (creating unparalleled experiences for oneself).
My first conversation was with an expert in the field of luxury who spends a great deal of time researching what the future of luxury looks like and will mean to affluent consumers. She was quoted in a recent article by saying, "luxury is as much about people looking for ways to define themselves as it is about exclusivity."
In our conversation, she talked about how modern notions of luxury embody ‘tools that allow for personal transformation, that add originality and a new dimension to oneself.’ In other words, luxury today is less about being an owner of expensive things, and more about looking for ways to express oneself as complex and original human beings.
Luxury consumers still want to consume; they’re just looking for ways to justify it. In turn, she infers that luxury is nuanced and multi-dimensional. Some of the new dimensions could include:
Ethical: Luxury is less about expensive and inaccessible materials/craftsmen. It’s more about just methods of production, fairly sourced materials, and having an interesting and transparent back-story.
Altruistic: Luxury experiences or products that give back.
Productivity: Luxury with an element of utility that allows one to maximize their time and experiences.
Luxury has endured because it never loses sight of its foundation. But if luxury brands continue to act the same in a changed world among a changed consumer, they risk becoming irrelevant.
No comments:
Post a Comment