The Style Seismic Shift - Definition of New Luxury by the millennial generation.


We are witnessing a seismic shift in luxury, one that the overwhelming majority of categories and brands refuse to acknowledge.

Over the past few decades, some of the biggest luxury brands in the industry have been inflating their prices without adding much value. 

In 2017, the luxury goods market grew 5% overall – and is set to grow at this rate every year until 2020. Considering that 85% of its market growth was fueled by generation Y and Z, this trend is worth exploring. It is fair to say that luxury now is a particular set of values, not a price point.

“What is new is that the absolute luxury segment is accelerating alongside affordable luxury.”

We are part of a movement, defined by its exclusivity, traditional luxury came to appear less and less appealing as its availability spread luxury itself morphing into its next form. In the post-recession age, being mindful and having solid principles are of prime interest to the new luxury consumer millennials are redefining the term luxury. The way new luxury retail experience is in constant change. Trying to capture the crossroads of the emerging new world generation along with the power of the Technology Revolution is not easy.

Luxury retail is fast approaching a new reality, and for established retailers, the challenge to change has never been greater.

We can say it’s the rise of new luxury. More accessible more beneficial not defined by its price apparently will be killing all the overpriced old products in the market step by step. There is a crisis in luxury today, and it’s not just emanating out of China. The global luxury sector is enduring its slowest growth since 1994.

At present, business and marketing analyses of the luxury retail crisis point primarily to a lag in digital, a widening stock and fail to grasp are the new cultural codes and value systems that have developed around luxury consumption – ultimately, the luxury market is treading water because the luxury consumer is changing.

To define our terms, absolute luxury brands are those that have held this status before this style-seismic shift – whose long-standing brand equity and high-priced items are a function of their logos’ cultural capital. Many stylish brands that offer a more suitable price point for the majority of our budgets, will keep you chic and your wallet in check.

The traditional signifiers of aspiration – excess, opulence and status ­– were transmitted by visual codes that for centuries had been financial, geographically and culturally inaccessible to the general public. These codes needed to migrate to retain their exclusivity. We Millennials don’t want that.

New luxury must leave room for the playfulness of the new luxury consumer. What we’re seeing is a growing realization that improvements in dynamic capability and upgrading of luxury fittings have narrowed the gap between inaccessible and overpriced In some ways industry is backing away from that.” with insights into today’s tech-empowered young consumer, in fact, the whole retail eco-system needs to change.

Luxury is not for a limited number of elites anymore. Join us today in the millennial form of the luxury. Let's transform the luxury industry together. The millennial brands in the future will create a sense of community—and emotional connection. There are many examples doing this perfectly and many will follow. Luxury market will re-learn their consumers’ buying habits and lifestyle.

Today, it’s about integrating with and connecting. We’re not far from a future in which digital assistants can bring suggestions for your day. Convenience today means a lot more than it did five years ago. There are higher standards in a world where buyers expect to be able to use their phones to read reviews, make one click and have it delivered within an hour.

We expect fun, entertaining, educational, and interactive experiences along with good products. Take control of aspects of your supply chain are imperative. Create a seamless experience. 

G.D. Yildirim

 

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