What's going on?
Highsnobiety & Boston Consulting Group’s continue to investigate where the future of luxury is headed. Their latest report, "Navigating What's Next: 2023 and Beyond," explores the key trends and shifts that are shaping the global business landscape.
There are some obvious shifts that have been accelerated. E-commerce has gone through the roof, and digital channels have become even more important than ever before. But that's not all – the report identifies a few gems that we've plucked below.
- "[High] Income consumers (thus far) exhibit a resilience to the current climate, feeling more optimistic about the recession and expecting to spend more."
- "Social and travel occasions are going to dominate consumer spend, with a renewed importance of classic and timeless pieces that won't go out of fashion."
- "Mental and physical well being have increased in overall importance for the customer and self care and escape have become luxuries."
Why should I care?
Nuance matters. When Highsnob says, “New Luxury.” They mean exactly that. It’s the new bloods who are, as they call them, “Cultural Pioneers” — someone who is younger and more ahead of the curve. They have a different mindset and values compared to your typical luxury consumer.
By 2026, Millennials and Gen Z will comprise around 75% of the True Luxury personal goods market. So, don't be so quick to dismiss those up and comers. They're the ones with the influence going forward.
Link to full study here.