Luxury has always captured the everlasting expression of what our society is, through the creation of unique pieces that give a sense of belonging to a particular fashion moment.. Brands are gradually evolving towards putting under the spotlight symbolic values and meanings that resonate with their consumers’ need to express who they are through a product capable of telling an inner story.
In this ever-changing scenario, 2020 will be remembered as the starting point of a new Era for both the Luxury and Fashion industries. Both systems must learn to play a different game, following the new customers’ needs for more authentic, personalized, life-enhancing moments they can connect emotionally with. A well-thought brand strategy and clear communication will be the only recipe to survive in this new turbulent world, while rethinking the system. After all, during a global pandemic that sees the Maslow’s hierarchy of needs not met, it is no surprise witnessing a shift of the luxury concept.
When physiological and safety needs are no more covered, people, find it hard to focus on higher needs such as social belonging, esteem, and self-actualization. Therefore, this is a unique time for companies to connect genuinely to their customers, showing their true values by remaining truthful to their roots while focusing on continuity.
The new Luxury will be about emotional well being: lifestyles will be significantly influenced by the physical, social, cultural environments in which we live. We will all pursue activities and make choices that will lead to a real state of personal well being. Physical health, emotional and financial components will merge, with the world having to reset to these new dimensions.
It all starts with an idea, a vision towards uncharted horizons and the thirst to go beyond what’s already known: A Journey has begun. Throughout the centuries we, as humans, have always turned our collective eyes up to the Cosmos, letting the far away glimmering of the stars be an encouragement to dream.
This journey is a golden opportunity to tackle the unknown and let it all unfold right before us, in a journal brimming with great stories. A quieter style of luxury will emerge. The next decade will be one of uneasy affluence, with customers in many parts of the world reverting to less conspicuous forms of luxury. Brands, Academies and Visionaries will have to be culturally credible and grapple with that fundamental shift in what “luxury” really means, as consumers become more environmentally and socially aware and digital channels become more important as sources of inspiration and purchases.
They will ultimately be the Stargazers of our story, observing calculating and predicting alternatives to deliver a new kind of magic engagement. This however would mean nothing without the Cosmonauts, intrepid space travelers ready to challenge all assumptions and be the pioneers taking the first steps onto the new territories of Luxury. As the main target of luxury purchases by 2035, the iGen’ers will be our Cosmonauts, a generation of fearless future leaders that will rewrite history and reshape the world of Luxury as we know it.