What is luxury today? The rise of the social media, on-demand services, as well as a shift in consumer values towards sustainability — all are challenging the traditional meaning of luxury.
By Katia Kachan, Cross-Border Business Enhancer for Luxury & Retail, Speaker & Writer
According to Google search, luxury is “a state of great comfort or elegance, especially when involving great expense”. Can this definition be applied to a shopping experience on Farfetch.com? And what about Instagram Gucci campaigns devoted to Millennials and Gen Z who account for 50% of the brand’s sales ?
Once luxury was the world of old money and aristocracy. It was defined by heritage, excellent quality of products and customer experience. For Dana Thomas, fashion and culture journalist and author, the luxury of today is “simply a product packaged and sold by multibillion-dollar global corporations focused on growth, visibility, brand awareness, advertising, and, above all, profits” . Is that truly a shift of today? […]