The value of a luxury brand and its creations is under scrutiny especially by millennials. The worldwide drop in luxury consumption has been blamed on Russia and China’s economic slump plus other factors. but luxury goods themselves are actually under attach for misplaced values and purpose in a rapidly shifting world.
“The report notes that it wasn’t just the slowdown that had a negative impact on luxury, however. Consumers’ changing attitudes about luxury across the globe have created a view of “luxury products as expensive indulgences inconsistent with their desire to live in a modest and sustainable way,” particularly when it comes to millennials. Young consumers have “expectations of authenticity, individuality, creativity, and a higher purpose beyond consumption,” says the report. “The new status is having something that speaks to you as an individual, not something that exhibits wealth.”
What this means is that a review of luxury and the alignment with a higher purpose such as a charity event or sustainability initiative is one way to salvage the image of high consumption or excess perception. Doing good for a higher purpose or community benefit gives a luxury brand the brand association that has already swept the world. Disruption of the status quo is a credo of the up and coming new millionaires who are the target market for the sustainability of an “old world” luxury brand that needs to find some relevance.
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Report is quoted from Jing Daily