Despite the fact that 2021 was a completely turbulent and atypical year for the luxury industry, its historical trend of growth and consequent recovery was put to the test, showing a notable improvement compared to a chaotic and uncertain 2020. According to one of the consulting firms leaders in the United States, Bain & Company, contemplating the sale of products and experiences in 2021, the sector registered worldwide sales of about 1.29 billion dollars.
And although this strength and growth is expected to continue on the rise for this 2022, luxury has not been exempt from a fundamental transformation and adaptation, in accordance with the trends, habits and challenges of the contemporary world, even questioning some of its dynamics, values and qualities that have characterized him for decades.
According to the expert voices and the recent trends that have reconfigured luxury in recent years, the growth projection will depend on and will show a particular variation, depending on their respective associated sectors.
For Claudia D'Arpizio, a partner at Bain & Company, one of the most notable transformations will show some of the recent human values, where the personality and needs of the client are more present than ever.
Thus, where before it was all about status, logos and exclusivity, today it is expected to be replaced by recent dynamics such as health, mental care, social conversations, as well as a renewed sense of purpose and responsibility.
The opulence and eccentricity shown in the past, today is in a transition where security, climate change, much more natural environments, and even the implementation of intelligent, applied and intuitive technologies promote responsible luxury, with personality and much more. more diverse, without ever losing the iconic halo of personalization and exclusivity.
Modern luxury promises conviviality, open spaces and meaningful experiences. Thomas M. Barwick (Getty Images)
A visible example within these new scenarios can be found in the travel industry and alternative tourism.
After the recent restrictions and sanitary measures, the increase and diversification of routes and less populated destinations, as well as outdoor adventures on our own, aboard our cars, reflects that private transport is today an extension of the universe more intimate and memorable, where luxury provides us with and enhances experiences without limits, tailored to our needs and with the highest level of performance and technology.
Simplicity and high contrast are two of the concepts to follow in the near future to understand and get in tune with this reformulation of luxury within key sectors such as fashion, technology, the wellness industry, as well as through personal items. and services linked to pleasure, comfort and even entertainment.
Something that we will surely see will be the adoption and presence of retail brands in the virtual world.
During 2021 alone, various firms announced the launch of clothing lines only through their digital channels, as well as the release of "accessories" on NFT.
In 2022 and 2023 it will be common to associate luxury with augmented reality, the blockchain, the metaverse and gamification.
Virtuality and metaverse as new luxury experiences. Simon Dawson (Bloomberg via Getty Images)
Consequently, the consolidation of digital channels went from being one more complement and experimental marketing tool for brands, to forming a leading sales force.
Likewise, as never before in history, luxury is now being seen as an optimal vehicle for investment and a genuine commitment to sustainability, inclusion and social responsibility, incorporating fun, genuine meaning, adventure and personalization at all times. exclusive.
According to the specialized site Luxe Digital, there are clear items that mark a before and after in luxury: where there was status before, today there is a unique opportunity for self-expression, and the resignification of individual value or niche markets ;
Given the social value and iconic meaning that helped build the brand, today we are seeing a backing of history, identity and cultural credibility.
In short, the recurrent place of indulgence linked to luxury today is fading to be more in tune with those things that matter to us, unite and resignify us as human beings, prompting the consumer to leave his passive role to create, criticize, but above all experience life no matter where, more awake and aware.
