Luxury Unfiltered is a weekly column by Daniel Langer, an expert in luxury branding, hospitality and activations who was named a “Global Top 5 Luxury Key Opinion Leader” by Netbase Quid.
Years ago, I created the term “extreme value creation” as a practical description of what luxury is all about: The ability of a brand to step out of the conventional and create something of such extreme value for an individual that it becomes – in the perception of that person – extremely desirable.
However, this focus shifts away from cultivating the deeper emotional connections that underpin the luxury experience. Luxury, in its purest form, is not a transaction but a relationship — one that is built on anticipating an enhanced version of self. This puts many brands at a strategic disadvantage, as Gen Z is already today responsible for 20 to 30 percent of all luxury sales, depending on the geography. And if a brand under-indexes with the next generation today, tomorrow is not guaranteed.The democratization of luxury through digital channels, while expanding reach, has also muddied the waters of exclusivity.
In addition, luxury brands must embrace innovation, not just in their offerings, but in how they engage with consumers. Lastly, sustainability and social responsibility are increasingly becoming part of luxury's intrinsic value. Consumers, especially younger ones, are looking for brands that not only offer exclusivity and craftsmanship, but also reflect their ethical values.
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