The Post-Luxury Consumer
by Winston Chesterfield – Director, Custom Research
Luxury is in a state of flux; whilst there are many opportunities for the industry, there are also many threats to growth. In their Global Powers of Luxury Goods study, professional services firm Deloitte highlighted four ‘horsemen of the luxury apocalypse’; reputational risk, regulation and stakeholders, external events and inertia.
Whilst valid and certainly points for consideration, these issues reflect the underlying problem with the luxury industry – much in the same way that an ostrich thrusts its head in the ground, luxury tends to relate only to itself.
One thing that the report does not address has been an elephant in the room for the last decade – how luxury relates not just to itself but also to non-luxury. Luxury organisations can no longer ignore that the age of high-low consumption is actually a long term threat to luxury.
The complete version of this article is available on Luxury Society