Do you think Old Money is the only resource to have easier access to Luxury Market?
"Luxury is accessible to everyone and is NOT a luxury anymore" asserts that products that were once thought of as extravagant and exclusive have recently become easily accessible and within the reach of a wider range of consumers. It refers to an upward trend in how luxury products and experiences are portrayed become available.
Is #Luxury still a Forbidden Fruit? This idea has changed significantly. Let’s see:
- Is Old Money the only Luxury?
In the past, luxury was frequently linked to an elite class in other words #oldmoney of Richie Rich? Well, he purchased mansions of gold and ate sugar in diamond plated spoon (no pun intended) - expensive & exclusive. However, the consumer behavior – you, me and all our gen z/millennial folks has changed over the period of time and people tend to prioritize a higher value on experiences, self-expression, and satisfaction over products. Is this Elon Musk or Mark Z? Or is it a generation who is just faster and smarter? Think about it.
- Versace Watches on TataCliq - Add to cart?
Isn’t advancement directly proportional to innovation? Bob the Builders modified the manufacturing spaces, warehouses and design fields for luxury production at lower costs, thereby maintaining the top tier quality of our #Birkins. You can Netflix and binge your fav thrillers alongside adding a #Rolex to your cart.
- Instagram - an Algorithim born to Outdo ChatGPT.
The aggressive growth of e-commerce has revolutionized the luxury goods industry. Luxury lifestyle inflencers/communities/organisations have had a focused objectification in efficient ways of creating substantial bonds with the community and their loyal consumer. The Internet influences more than 60% of purchase decisions, and more than 70% of consumers engage with their favorite brands on social media.
To be honest, there is no definite end to this blog. Although we can’t really detect what’s the future of luxury industry but we can read the data and subsequently determine what 2030 holds for us as a booming generation under the umbrella of AI.
So stay tuned!
