If ever we needed confirmation about the rapidly redefined boundaries of luxury, itâs the fact that millennials and Gen Z are set to represent 40% of the luxury market by 2025.
Brands across the board are having to swiftly adapt to reflect the values of this emerging consumer group, one that cares less about superior heritage, extravagance and excess, and more about transparency, ethics, purpose and experience. Exclusivity is still relevant, but for this entrepreneurial and empowered consumer group, the luxury sector needs to shift away from barriers to entry and the unobtainable, towards the all-obtainable and relate-ability.
The big question for brands is how they can recalibrate themselves in response to these changing notions of luxury without alienating consumers or diluting their core values.
