This is hyper-condensed summary of The Future of Luxury – the trend briefing webinar by TrendWatching. For the full (1 hour) YouTube video packed with additional examples (as well as expansive trend descriptions) – follow the link at the bottom.
The nature, the meaning of luxury is changing.
The luxury industry is still driven by the consumer’s search for status, but we have moved on from “luxury is what I own” and even “luxury is what I have done” towards the vision of “luxury is who I am as a person”.
Luxury is – to be more connected, creative, healthy and ethical than the masses.
- The Quintessential Self
- Premium Redeemed
- The Extravagance Economy
- Post-Demographic Luxury
1 The Quintessential Self
To combine self-improvement with luxurious indulgence.
Example: The Mandarin Oriental hotel in Barcelona offered visitor packages that included participation in the Barcelona Marathon. The top spec package included accommodation, a personal coach and spa treatments to fully prepare for the run.
2 Very Important Data
Total personal data control for peace of mind.
Example: Bvlgari Vault. Bvlgari & WISeKey offer a secure platform that stores personal mobile data in a high security bunker in Swiss Alps.
3 Premium Redeemed
Indulgences that make the world a better place. It is not about how much money you can spend, but how much you can give away. The ultimate luxury is to know and be able to tell people that you are having a positive impact on the world.
Example: Fog Point – vodka distilled from San Francisco fog water. The product brings attention to the issue of water sustainability and allows you to serve your guests with a drink as well as a story about the environment (and who you are as a person).
4 The Extravagance Economy
Ultra-convenience & insta-service everyone is used to these days, but applied to luxury.
Example: JetSmarter app – applies the principle of Uber to private jets.
5 Post-Demographic Society
Embrace the world in which identities, lifestyles and expectations are liberated from demographic determinism.
Example: Lamborghini targets women and families: audiences that are far outside of the brand’s traditional clientele.
The Future of Luxury: Trend Briefing Webinar by TrendWatching