Originally Published: 2018
Category: Economics and Entrepreneurship
Luxury is no longer defined by scarcity and privilege: Today’s consumers value down-to-earth, authentic human experiences and unique unrepeatable experiences.
Selling luxury has always been about the perception of scarcity combined with exclusivity, but there are signs that the future of luxury may need to work harder than that. Selling modern luxury requires that the experience offer more value than the product.
What happens when this new consumer mentality of experience-above-all-else meets the traditional mindset of how luxury has always been sold, through a combination of perceived scarcity, price-based discrimination, and celebrity-induced longing? Our research suggests that a new focus on Approachable Luxury will separate the brands that survive from those who won’t.
This trend was published in the 2018 edition of our Non-Obvious trend research and therefore automatically receives an ‘A’ grade. The continuing relevance of these trends is assessed annually and rated based on a combination of reviews feedback from readers, clients, colleagues and our own observations.