At Future Hub®, based on our trend tracking and monitoring we believe that ‘luxury’ has a much wider meaning across the generations and regions of the globe. Luxury is far more dimensional and expansive in its descriptive versus the traditional views. We believe luxury is more like a prism of light with its many shades of colours, versus the traditional view of just one colour. Today luxury is both about expensive, exclusive products, as much as it is about products and services that mix and match between luxury and non-traditional forms of what we would define as luxury. Gone are the days of “prestige” and “social status” as indicators of desirability in luxury brands.
Today, time is the most important luxury – being able to find ways to disconnect oneself from the ‘always on’ world. Eating organic, taking the road less travelled on a holiday, or apps on your LSD (lifestyle support device/mobile phone) that help manage your life are all new forms of luxury that need to be included in the redefined category of luxury we see today.
For the younger generations of today, luxury is far less about a prestigious nameplate or high price tag, but rather far more about the overall experience, convenience and reward factor. The millennial generation, or Gen-Y, have a different perspective on luxury and are likely to ask the following questions when purchasing a product or service: how does this product or service contribute to my quality of life? How does it satisfy my emotional as well as practical needs?
Today, everything we do is being redefined; technology is permeating into our everyday lives. In this new economy, everything that we do is being challenged, re-defined and reinvented by the industry disruptors. Luxury brands are now being redefined by their actual brand experience and the way in which they connect to their customers.
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