Image Source Stylus Curve
At the end of April, Stylus hosted a Spring Innovation Forum which they shared their latest macro trend, The New Rules of Luxury. By 2025, it has been envisioned that there will be 263,500 ultra high net worth individuals. This forecast displays a 41% increase from 2016, concurring the critical necessity to understand the changing luxury climate in order to seduce the super rich.
The event opened with a quote from Suzy Menkes, stating that has been a definite shift from the material to immaterial. Hayley Ard, Head of Consumer Lifestyle dissected the rise of the Basement Bourgeoisie, who are hibernating and opting for covert lifestyle. To inspire trust and generate engagement with this group, a shift to access over ownership will be become the norm. The future will see the rise of consumers hungry for knowledge and the pursuit of individuality will be king.
With these key changes in consumer behaviour, Katie Baron, Head of Retail explored the need for brands to re-engineer exclusivity to foster effective engagement. As aforementioned, the appetite to learn is a key shift within The New Luxury Age.
Courting this desire to self accelerate intellectually, Net-A-Porter’s Yoox shrewdly collaborated with two distinguished Italian business universities. The PR surrounding the collaboration reinforced the luxury brand’s attitude towards learning, which efficaciously resonated with their consumers and positioned the brand as a self-enabler.
42courses is another example of brands recognising the value in education to engage with consumers. Acting as an enabler, 42courses partnered with thought leaders and intelligent brands to help consumers develop new skills.
Whetting the societal desire to learn, Aesop curated a monthly newsletter entitled The Ledger that explores philosophy and ethics. Intelligently, the content includes further reading lists to academia.
Moving away from materialism, knowledge and self-betterment is key to connecting with consumers within the Luxury Sector. Brands act as enablers and show a commitment to learning will thrive.