The meaning of luxury
A word that used to evoque privileged indulgence and rank. But digitalisation combined with globalisation and a shift in spending power have fuelled new expectations for luxury.
Luxury has become younger. Once largely confined to an older, more conservative clientele, younger generations are now moving into the luxury market, and disrupting it their way.
But as much as luxury is changing, it is also remaining the same.
Luxury never, ever, compromises on quality. Excellence is at its core. This excellence is earned and consistently delivered. Luxury remains an emotional purchase, and the quest for personal satisfaction is still intrinsic to any luxury product or service.
The meaning of luxury seems nowadays to be shifting from acquiring high-end products per se to being more about acquiring first-class, authentic, one-of-a-kind experiences. It’s now more than ever about experiencing luxury rather than owning it.
Expressions of luxury, in its new context, have become more subtle and understated, more personal, individualistic and intimate, and less ostentatious.
Luxury is now all about offering consumers something outside of their ordinary experiences, with consumers wanting to bring their own personality to the products and experiences they purchase, and for these products and experiences to be an expression of their own personal creativity. Luxury is now about inclusivity and this authentic connection between the brand values and the consumers’ own personal stories.
Source: Extract from the book Shine: Digital Craftsmanship for Modern Luxury Brand, Florine Eppe Beauloye, 2017
Our take on luxury
Beyond bling. New consumers, new values. Experience over expense. Emotions and craftsmanship.