The concept of luxury is undergoing a significant transformation as a response to the ever-changing world around us, is the message of a recently released report by the trend-watching David Report
The report accurately describes the luxury market being divided into “into an uber premium trend and a more enlarged trend... that a lot of people at least in theory could afford”.
The report, however, sees the definition and experience of luxury changing in the future with a “more sophisticated pattern around the corner in the traditional luxury markets” as high-end consumers start to feel uneasy about lavish expenditure on unnecessary items when “people are starving and the world is about to get overheated”.
“We see a new kind of responsible luxury that is evolving from the inside. It looks quite different from luxury as we know it today,” the David Report states.
“Future luxury will not be all about consumption. It will probably be more about cultural experiences than material possession. More about sharing than keeping.”
Of course luxury by definition is for the few and not the masses and the David Report is quick to state that even thought the future of luxury will be less ostentatious it “unfortunately it will still not be available to all and every one”.
“That’s the built-in nature of luxury. It makes us feel special, kind of selected. That’s why it is so important for us.”