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Luxury Global Marketing Trends 2022

 

The definition of luxury is transforming, and so are we as individuals, societies, businesses, and cultures. It’s been interesting keeping up with the advancement in technology, as digital media, and the internet, in general, seem to be taking over the world, one day at a time. The question is: what is ‘luxury’ now and how do businesses change and adapt within a society veering away from premium and exclusive and leaning into more authentic, inclusive, and personalized experiences? Embracing the new meaning of luxury can benefit luxury brands in the long run – it allows brands to transform value, drive growth and regain cultural relevance.

It’s important to understand that as the world changes in its pace and scale, cultures, industries, and societies are also changing. This redefines the luxury game profoundly and although some brands still don’t want to face this change, it’s very much here and it’s very much happening. If luxury brands wish to remain relevant, profitable, and popular in this new world of luxury, they need to embrace how to navigate this cultural intricacy and create a different future aligned with the current course of the revolution. In a nutshell, the 21st century has changed its narrative and individuals are focused on coming back to themselves by focusing on self-care, mindfulness, and social awareness. Empowerment, self-love, and authenticity are essential parts of this new global shift. People are seeking new ways of ‘being’ as opposed to owning things.

There are five key cultural shifts redefining luxury at present. The first shift is about empowering individual lifestyles and identities, and luxury brands should strive to empower their customers to be the most authentic versions of themselves. Customers want to express their identities and lifestyles by developing a unique sense of style that suits their desires and personal needs. Brands can find ways to help customers maximize their potential to be the best versions of themselves.

The second shift is about redefining ‘personal luxury’ to ‘creating personalized luxury experiences.’ Luxury experiences should feel intuitive, and effortless and act as organic extensions of a brand and its product portfolio. These experiences should be transformative, make us come to life and touch our souls, and help us connect to our essence. Through the strength of this connection, the creation of a positive and meaningful connection to the brand will be created. Luxury brands should help people get the most out of their lives and treasure the unique memories they make with loved ones.

The third shift is about embracing everyday luxury and new essentialism as opposed to opulence and rarity. As we all know, luxury used to be set aside for the best, special and rare things, and special experiences. But there is a rise in the tide of affluence combined with 24-hour access to social media and online Internet shopping. This means that there is a democratized access to luxury and the result is that more of us would like luxury items to be a part of our daily lives, especially as the meaning of luxury has started to diversify and change in our society today. New, savvy consumers have become somewhat of shopping connoisseurs and satisfy their essential requirements as they look for premium quality. In a nutshell, luxury brands need to create meaningful value in people’s lives if they want to become essential.

The fourth shift is about seeking new forms of relevance as opposed to embracing the legacies and cultural heritage. People have become less willing to respect established luxury institutions and brands globally, just because they have a prolonged-standing legacy. We’re in the future and no longer in the past, and personal relevance is the key to the heart of a new luxury consumer. No brand has an eternal right to claim luxury status in today’s world, which is why no luxury brand can afford to rely on its successes and achievements. For brands to be relevant today, they must consistently look for refreshing and new ways to contextualize the past with the present, the old with the new. To appeal to the new generation of luxury consumers, luxury brands need to tie their heritage, legacy, and craft into the cultural context of today.

And finally, the fifth shift is about brands being catalysts of cultural changes instead of focusing on luxury consumption. We are currently at the precipice of immense cultural change, as the inner dynamic of the luxury game shifts from iconic brands toward empowered, authentic consumers. There is an increasing need for luxury brands to be vocal and heard on political and social issues. We create who we are in this current world, and we use our choice of brands as the substantial identities we produce for ourselves. By advocating for cultural and social values that their consumers care about, successful luxury brands can continue to flourish organically while simultaneously remaining authentic to their inner principles.

We have recently seen some luxury disasters because some brands have misjudged their cultural expressions entirely. It takes cultural evaluations and observations performed by luxury businesses, to translate such marketing strategies into meaningful business and brand values. For a meaningful brand strategy, embrace your identity, enhance your customer’s identity, be wholly present in people’s day-to-day lives, mine your context for new relevance and capitalize on the zeitgeist (ideas and beliefs of the current time) so that you accelerate cultural changes.

 

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