Analysis: The Rise of New Luxury
The nature of luxury consumption and branding is changing, and with that new rules begin to shape the marketspace. Fattori Fraser, of strategy consultancy “Gemic”, elaborates on the matter in a must-read analysis.
“We are witnessing a seismic shift in luxury, one that the overwhelming majority of categories and brands refuse to acknowledge. This oversight means that brands have a difficult time distinguishing between the old and the new type of luxury consumer. The old consumer responded to cultural codes of luxury and exclusivity that were unanimously recognized from above. The new consumer, conversely, is self-made, self-assertive and selective. It is imperative for us to trace how this new consumer came to be and examine how she manifests herself in order to theorize how consumer categories should be reimagined around her.
[…] It is up to the luxury consumer to produce their own criteria and imbue their own sense of meaning within the luxury object. Here we see a break-down of the archetype, where luxury shrugs off its role as an authority figure: gone are the Gianni Versaces, Antoni Pateks, and Elizabeth Taylors. New luxury looks to new sources, coinciding with globalization: it moves away from the hegemony of Paris, New York, London and opens itself up to cues from Addis Ababa, Chengdu and Bogotá. The consumer can imbue the new luxury object with their own selfhood, in the absence of the archetype.”
Read in full here.