Luxury is changing
Luxury is changing dramatically:
The old model of luxury, based on affluence and exclusivity, is now only one part of the story:
– Only 7% of luxury consumers agree ‘luxury is all about being part of an exclusive club’.
Luxury now means many things to many people:
– 68% of luxury consumers agree ‘time is the biggest luxury’.
Luxury has expanded and includes a broad array of elements:
– This new research has discovered 14 key dimensions in the luxury market.
Traditional elements within luxury remain important, but new forms of luxury have also emerged:
– Status, extravagance, connoisseurship, seduction and brands being uber-premium (the ultimate of their kind) are still key dimensions with luxury.
– The research has also found nine new dimensions in the luxury market.