The Definition of Luxury Is Being Reshaped by Changing Consumer Behavior
Photo Credit: An Abercrombie and Kent exclusive desert camp. Luxury consumers want to set themselves apart from others. Abercrombie and Kent
Skift Take
Luxury is in the midst of a metamorphosis. While luxury once meant the most expensive or most well-known product or experience, today it's become a way of being or moving throughout the world.
Luxury is a means of travel rather than a destination. Previously evident only by the physical representation of wealth, it is now sought after for its mental and spiritual expression.
Today we pursue it by willing ourselves to last five more minutes in that morning meditation, fly to Switzerland for the latest and greatest in anti-aging treatments, or receive daily alerts about which neuropsychologist is speaking at upscale lifestyle retailer ABC Carpet’s “Deepak HomeBase.”
The concept of luxury is changing exponentially today because our societal and cultural norms and expectations are changing more quickly than in the past.
This accelerating rate of transformation is similar to what futurist Ray Kurzweil calls human history’s Law of Accelerating Returns, which in summary says advances are getting bigger and bigger and happening quicker and qu
