Luxe In Flux: the observation of the development of luxury

  On sale at the new elite, I devoted a chapter to the history of luxury and argued that luxury is essentially a cultural universal, after at any time exists between culture and time, but occurs on different time and place. Not known even in cultures for materialism, there are special objects and experiences that are popular just because they are special. In every culture, there are objects that are beautiful, artistic, exquisite and sublime, there are experiences that are rare and memorable. In both cases, one who appreciates the luxury of emotion inherent in the pride and passion that has raised transcends the mere use value.

Luxury is impressive for its versatility and adaptability, and how life in general is faster than ever. At my company, we carry out a survey of deep dive on the latest developments in our barometer, and the beginning of May, I will share the luxury of The State Daily Luxury roundtable in 2013, and our view of the forum Luxury in Flux (and of course here on MediaPost).

". Boom in luxury" As we express our most recent data in context, it is difficult to believe that almost a decade passed to the period since the mid-2000s, it seemed that every s' were also enriched by the rich admired , not denigrated or resentment. And during the late 90s dot-com boom has hit a new series of high-tech millionaires, the boom of wealth seemed so accessible - .. it is based on property values, the foundation of the American dream itself middle class and affluent consumers used material based "feel" rich and wealth "anticipate" Extensions luxury brand cheap several times, leading some to wonder if luxury had "lost its luster." It was a problem that would not last long.

Even with the effects of the Great Recession luxury has not disappeared - it has become so obvious and subtle. He became a more casual experience and less of a coherent life, while refining its forecast of affluent consumers of the middle class and the mass. Many more focus on the most passionate about their class brands, luxury consumers are increasingly focused on discretionary spending in the categories of greatest enthusiasm.

But luxury is more subtle and qualitative way as well, and 2008-9 was developed by words such as "stealth wealth" and "shame" logo The meme that dominated the spirit of the time -. Of. Has developed stories of women who leave the most famous New York fashion retailers with their purchases in plain brown bags luxury - it has become more restrained and subtle, defined as more and more intimate, unique and yourself. It was less about the logo and the logo, what is meant. means that it is designed to be personally meaningful.

It is a testament to the resilience of luxury - and fulfills a deep need for some consumers - that the issue of shame logo fades quickly. In 2010 and 2011 it socially acceptable to buy luxury again, as long as you're smart about it seemed. Luxury historically expensive, has to be further developed value-based. In our November 2011 Point-of-View Forum on luxury we presented data showing 89% of inflows agreed: "When I decided to buy a luxury item, I go out of my way to find the best possible price." While the industry wondered if the discounts could tarnish the perception of luxury consumer attitudes is clear: only 22% agreed: "If a luxury product is sold, it takes the perception of luxury."

Brash succeeded in adjusting the value of the new requirements in luxury, finding success with flash sales and other merchandising approaches on value. Some traditional luxury brands found success by the line on the price, but to convey its value proposition more directly with messages of longer duration, quality or the legacy of excellence without compromise in service, craftsmanship and materials. Perhaps the most difficult - the new demand for value on the most recent developments, and really combine luxury should focus on the value and sober and personal meaning.

Today, the added luxury continuous evolution, with additional requirements on top of the old. Our recent experimental study examines the elements and "social holy" luxury, and the changing role of technology and social media in the hopper luxury. We quantify the mobile devices themselves are a hot new affordable luxury - a stylish and durable design value due to low prices and utility - with about 40% of the tributaries usually purchase high-end electronics for sale (almost beyond any other category ).

In the first part, converge many of today's luxury trends as they put a younger generation of Millennial tributaries reflect their unique stamp on the feeling of luxury - a generational change-of-the-art, we fully explored in our database the next month.

For now, it is clear that inflows more luxury than ever expect excellence without compromising high value, social credibility with personal meaning, unique design with an understated elegance. These benefits are difficult to individually and collectively, to communicate, to communicate intimidating, especially while remaining faithful to the authentic brand. To be successful, brands and media must work together to effectively tell interesting stories that intertwine the DNA of a brand with this collection the changing needs of consumers.