Luxury has changed its meaning over the course of time. The traditional notion of luxury is changing. The consumer values have been changing as the younger generation is becoming the main buyer of luxury. In this age, what is the real meaning of luxury?
Luxury and indulgence in all this luxurious had been a way of living for the rich and affluent. It was a way for people to feel exclusive. Luxury has a new meaning now and is considered a mere status symbol. As more and more people are able to buy it, luxury is losing its exclusive status and isn’t the same as it used to be. Around its edges, the concept of luxury is getting a little blurry, making it less clear where it ends and where it begins.
- Luxury on Rent
Luxury is now available on rent. Is it considered luxury if you’re renting a 2500$ dress for a fraction of the price? Even though through rentals luxury is available to more people, rental dilutes luxury’s emotional power. Exclusivity has been an integral part of the luxury market but these services are making it accessible to a wider range of people and making it mainstream.
- Luxury is a graphic t-shirt
Luxury is becoming more about the brand rather than about the product. A plain t-shirt with just the brand’s logo can be sold for 200$-300$. The criterion for what is considered luxury and what is not is sort of disappearing as more and more brands are just focusing on selling rather than maintaining their status of exclusivity. Young shoppers are now prioritizing uniqueness over the traditional markers of high-end craftsmanship.
- Luxury lives on Instagram
The coming of social media the old worldview, where brands, for the most part, made their own particular open picture starting from the top, through commercials and by building associations with design magazines and editors. More and more people on these sites are becoming ‘influencers’ and there is a shift in the balance of power as the ‘influencers’ are also affecting the brand’s image.