Here To Stay
For this issue, we have put together a selection of top luxury brands and leaders in the space who give insights into various aspects of the luxury market.
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“Luxury is the ease of a t-shirt in a very expensive dress.”
It is interesting to see how the idea of luxury has changed over time.It seems to have gone from being dressed in fancy hats, dresses, pearls and impossibly high heels to wearing a Chanel dress with sneakers, for a visit to the Ritz for afternoon tea. There seems to be more honesty associated with the idea of luxury now.
The consumers of the future, affluent Millennials and Gen Z, can be credited with this shift. They demand authenticity, convenience and comfort along with personalised experiences. Luxury brands now tailor their offerings keeping in mind preferences of this rapidly emerging class of buyers.
Sustainable luxury is another significant aspect that has emerged. It is essentially a luxury product with sustainable values. Given the fact that environment issues are increasing monumentally and our collective concern for the planet, sustainable luxury products come as a great option for buyers. Moral values and ethical concerns are
driving purchasing decisions and it is the younger lot that is most focused on such aspects. They want to align themselves with brands they know do good or give back to society and the environment in some way. They are willing to pay top price for products that fulfil such values.
Another interesting change is the way luxury brands are now engaging with their consumers in the digital sphere. Conversations on the digital medium for luxury brands highlight values that align them with their consumers. This keeps their prestige intact and makes the brand more appealing to the consumer. In a world where there can be too much engagement, this is an effective technique to stay above the noise. A strategy worth thinking about for all brands really! Curate conversations around your core brand values instead of pushing the product, this will ensure you to stay top of the mind even when you are not visible.
For this issue, we have put together a selection of top luxury brands and leaders in the space who give insights into various aspects of the luxury market. We feature Gauri Khan on the cover, to us she was a natural choice when talking about luxury—a consumer of luxury who is also a creator of luxury. Of the insights presented in various features of the magazine, it is interesting to note that despite the global economic outlook, which has dented certain sectors, the luxury market will stay the course and continue to grow.
The current issue of BW Businessworld comes with all other regular features and columns.
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