Luxury codes are shifting. Senior consultant Berny McManus explores emerging expressions of luxury and what they mean for brands of any calibre...
Last year saw Crowd DNA report on the evolution of luxury, with our LuxDisrupt work exploring the changing concept of premium. Keen to discover the latest industry views and how some of the world’s leading brands are defining luxury, we headed to ‘The Flipside’, a recent exhibition in London’s Old Selfridges Hotel.
After an evening analysing codes of luxury, five dominant themes were still clear. Personalisation (the idea of individually curated experiences) was explored in The Libationary by My Lyan via tailor-made cocktails. The luxury of time (as a break from the daily rat race) was welcomed by Selfridges’ Shadow Dial installation, while luxury as an experience (as opposed to an object) was explored in Louis Vuitton’s travel concept. The luxury of simplicity (as a stripped back display of wealth) was tapped into by Loewe via nature, craft and tradition, while scarcity (and with it, uniqueness) was evoked in Byredo’s dystopian vision of water as a luxury.
What connects these emerging codes is their transient nature; they can’t be quantified. Luxury is experienced, ephemeral and related to ‘needs’ that span multiple elements of a consumer’s everyday life.
So why has luxury changed? In the wake of value shifts, such as the trust deficit, the perception of luxury brands has been reframed. Brands are waking up to consumer expectation around accountability and transparency. We’re seeing a democratisation of the commercial world where luxury brands are measured by the same yardstick as everyone else. They’ve taken on a new meaning, which speaks to the many vs the few.
The experience economy has also helped this gain traction. The reality is the majority of consumers can’t cruise around in Bugattis or go head to toe in Hermes. Instead, a consumer-centric flavour of luxury is emerging where people push back against pre-defined definitions. Consumers are no longer looking to brands as the leaders; brands should be looking for ways to enable their luxuries to be a part of consumers’ lives.
Here are a few thought starters on how to speak luxury in 2018:
The quick win
Leverage social media to offer micro-moments of luxury. Tap into the dialogue by inviting consumers to share their ‘luxury of the day’ or ‘my luxe moment’ via posts or stories – but keep it playful to avoid ostentatious shows of luxury.
Create events that delight consumers’ senses, imaginations and intellect. Dial up multi-sensory elements and seamlessly integrate tech to provide an experience that will add unique value to their day and beyond.
And in the future
Optimise tech to elevate your brand beyond category noise and business challenges. For example, in the face of major concerns around the source of diamonds, De Beers (who mine and market 30 percent of the world’s diamonds) have started using blockchain technology to offer total transparency to their consumers.