The luxury industry keeps changing along with the market taste, general trends in lifestyle and overall progress; but after a pandemic, and a worldwide recession, trends seem to be converging in this particular industry towards a radical shift imposed by the way continuous quarantines shaped people and their tastes, probably irreversibly.
Here are 3 observable trends in the luxury industry that will constitute the main trend pillars of the coming years:
Due to all the changes that happened in the world, the need for privacy escalated for both health and well being reasons; and a huge portion of the HNWIs market (the main consumer of luxury) which already values privacy, now stresses it even more; this is why both the hospitality and retail sector will have to work along this new requirement.
The worldwide recession that already cost the luxury industry billions in losses, is also forcing it to find new ways to generate revenues; and a lot of these ways are about customization in direct or indirect ways to appeal to specific market segments. From geographic to cultural, up to personal customization is now how luxury brands and venues appeal to their potential clients through “calling by name” strategies.
Luxury brands, from retail to venues passing by services, who were able to “speak” to their clients during the worldwide pandemic, are to expect a better recovery. The years 2020 – 2021 proved that people expect their most coveted luxury providers to have a human voice during crisis and to prove themselves as an ethical presence during tough times. Brands from now on not only have to speak of luxury, but also of the human dimension of luxury, business and community.
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