what is luxury today

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Today there is no certain definition of luxury: everybody has his own understanding of it. In other words luxury isfreedom to live the life you want. You have to answer the question: What luxury means to you?

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  • What are the biggest trends in the luxury market?

  • One of the biggest trends in the modern luxury market is the shifting focus towards experiences over material things. By 2022, the Boston Consulting Group predicts that personal and experiential luxury alone will be a 鈧?,135 billion market鈥攁 34% increase from 2015.

  • Is there such a thing as luxury?

  • Yes, yes, and yes – but if these were the only criteria, everything from smartphones to well-made running shoes would be considered luxury items. The key to luxury is and always will be centered around an idea of exclusivity – the feeling that not everyone will be able to get their hands on or experience whatever it is that the brand is selling.

  • What do today’s high-earning consumers want from luxury?

  • Instead, there is a shift from the external to an internalization of what is considered to be luxury. Today’s high-earning consumers are looking for experiences that help them learn, differentiate themselves, express who they are, and have a purpose beyond comfort and pampering.

  • What does the future hold for personal and experiential luxury?

  • By 2022, the Boston Consulting Group predicts that personal and experiential luxury alone will be a 鈧?,135 billion market鈥攁 34% increase from 2015. This may be partly due to the view that experiences are harder to commodify: meaning they are more likely to be authentic.

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