How luxury is stepping into the future

383
photo (c): www.pexels.com

By: Retail In Asia

Having been in the industry for nearly a decade, I’ve seen how it has adapted over time. Just a decade or two ago, all that mattered was exclusivity, one-upmanship, and ostentatious grandeur. Today, it has evolved to encompass so much more.

No matter how the concept of luxury evolves, there are core values that stay true. Luxury is time, craft, and heritage. It is incredible workmanship, immense attention to detail, and mastery that spans generations. Its savoir faire (French for ‘know-how’) exemplified, in knowing how to use all the above to create something that lasts a lifetime.

The last two years have served as a catalyst for immense change across the globe. According to the 2021 Luxury Goods Worldwide Market Study by global management consulting firm Bain & Company, 2021 marked the turn of the Twentennial, where key changes for the next 20 years for the global luxury market have been fast-forwarded. Consumer behaviors and touchpoints have been upended while markets grow more concentrated.

Brands across industries have had to make sharp pivots, but the best luxury brands have been able to successfully embrace the change. Here are three key ways brands have done so.

 

Read FULL story HERE: