The future of luxury

May 26th, 2009 1:49 pm

Luxury as defined by a dictionary is “the state of great comfort and extravagant living” or “an inessential, desirable item that is expensive or difficult to obtain”. Have you ever wondered what would happen to the concept of luxury if it became more commonly accessible and ordinary? How will the future change the idea of luxury, and to what extend the NEED will take over the WANT, just as OLD (reused) is taking over NEW with the idea of environmental responsibility and sustainability.

Luxury vs. Overconsumption

“Future luxury will probably be more about cultural experiences than material possessions” shows the trend analysis from The David Report Bulletin. The world is changing and along with it, the values and priorities of the various generations. While the baby boomers are used to luxury in its original meaning, the Millennials are pushing the bar when it comes to brand, social responsibility, environmental concern. High-end brand marketers must rethink the way of satisfying the needs of both younger and older consumers. Generation Y is still willing to pay more for quality, but is not concerned with the brand tag as much. Their decisions are based on both need and function more than inessential want. The unexplained generation of trash will soon come to an end. David Report also highlights that “in the future, we will buy less but better products and the
ones we choose will probably speak with a lower and more subtle voice”.

Luxury vs. Sustainability

Green is no longer ugly. Designers all over the world have figured out ways of creating fabulous sustainable, reused, recycled and most of all, quality (furniture, finishes, accessories etc) products which have a potential to compete with the high-end, well-known brands. These days consumers are smarter, better educated and want to support local manufacturing and businesses, which also mean personalized care, one-on-one customer service and neighborhood betterment.

Luxury vs. Timeless Design

If you think about it, not too many people would think of recycling or discarding of a Barcelona Armchair by Ludwig Mies van der Rohe or an Omega Speedmaster watch…..only because they got tired of that look. Despite the brand recognition, it’s the quality and timeless easthethics that make these products luxurious. Today’s consumer is unusually curious and makes educated decisions based on facts, not fad. On the other hand, Gen Y buyers tend to turned anti-brand and choose a product based on their personal brand experience. “The brands that will understand that they are just a tool for the consumer to realize their personal dreams will survive and flourish” David Report Bulletin explains.

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