The Dawn Of New Age Luxury

Luxury is in a state of metamorphosis. Once a symbol of extravagance, exclusivity and pleasure, today its identity and definition has gone through a complete change. Today a consumer thinks differently about products and services. His idea about spending his money has changed and so has changed his expectations from luxury.

When we think of luxury, brands like D&G, Gucci, Burberry come to the mind. For decades, these brands have rolled out expensive and unique bags, watches, coats, purses and more. However, today luxury is not just limited to an unaffordable commodity. It’s the holistic brand experience that matters. 

The biggest factor contributing to this shift in perception is the millennials. This 80s and 90s born community is not only social media obsessed but believes in living every moment. The concepts of YOLO and FOMO have been brought to life by them. They believe that money shouldn’t be spent on something just because it’s a big brand. They seek more. They want things that make them stand out, offer a personal touch and experience. For them luxury is about personalisation and freedom of expression.

Following are some of the trends that have redefined luxury:

1. The need to be unique

With Instagram, Snapchat, Facebook and other social media websites becoming the life of millennials, brands need to understand the value of individualism and self-expression for these individuals. The effort they put to look amazing in every picture showcases their desire to wear and own items that are unique and quirky. 

Therefore, luxury brands can no longer use the same old traditional prints and styles but use bold, bright and eye-catching hues and colours on their products to get the attention of their potential customers. 

2. The overall brand experience

Luxury is no longer about perfumes, bags and shoes. Today it extends to lifestyle, travel, concerts and a lot more. The fact is, Millennials prefer experiences to products. They would prefer spending their money on a luxurious trip than a pair of highly expensive shoes. 

Today it is important to create interactive experiences with the consumers, have an active presence online and stay abreast with viral trends to stay close and connected to the customer. Take them on a journey with you instead of just offering a product.

3. Collaborations

From Hermes tying up with Apple to Tommy Hilfiger rolling out the Gigi Hadid collection, the current trend today is brand collaborations and tie-ups. Getting big Instagram influencers gets you close to a long-list of ardent followers who treat these celebrities like style gods. They spot their favourite celebrity sporting a style, indulging in a luxurious activity, and they would aspire to try the same.

4. Limited edition luxury

In this digital age, Millennials desire to possess things that are currently trending, they also want to own products that no one else has, in order to stand out. Brands increase their desirability by releasing limited-edition products. Recently, luxury brand Louis Vuitton created a campaign in collaboration with Supreme and released a special edition of the LVMH owned luggage brand: Rimowa in April 2018, in a red aluminium case with the white Supreme logo plastered all over it. As soon as it released, it was sold out in the matter of 16 seconds. The key thing to note is that limited edition is the king.

5. Responsible luxury

Today, luxury is also about being ethical and conscious towards the environment, people and sentiments. People are encouraged to buy brands that are environment-friendly and make a positive socio-economic and environmental impact. Fur coats, leather bags, are a big no-no. Sustainable lifestyle is the order of the day.

In many respects, the modern luxury doesn’t completely throw out the values of the past but redefines them. Customers today want to feel excusive and special, but they won’t pay a high price just because a product has a luxury brand’s name on it. 

Today, luxury needs to offer more. It has to become a part of customers’ life, connect with their emotions and offer experiences that create a special place in their heart.