Opulence no longer signifies a break, but is integrated into the everyday
Implications - Typically, luxury signifies a break from the mundane; a way for consumers to escape everyday life and treat themselves. The fast pace of American society is changing this concept with luxurious experiences integrated into necessary parts of the consumer's everyday life. This shows a shift in the definition of luxury as it relates to status, in that relaxation is no longer a signifier of opulence in a society that glorifies being busy.
Workshop Question - How could you provide your customer with a small dose of indulgence?
Trend Themes
1. Everyday Luxury - The trend of luxury no longer being a break from mundane has created opportunities for brands to cater to consumers’ desire for high-end experiences in everyday activities such as transportation, dental hygiene etc.
2. Fashion-inspired Everyday Products - Fashion brands are collaborating with everyday brands and designing everyday products such as plastic shopping bags, appliances, and metro cards; thus setting themselves apart from other everyday brands.
3. Luxury Fitness - Fashion boutiques are expanding into luxury gyms where fashion enthusiasts can workout while experiencing a brand's identity.
Industry Implications
1. Luxury Transportation Industry - The luxury transportation industry has an opportunity to cater to high-end consumers’ desire for a more personal, relaxing, and exclusive experience while providing a faster and convenient means of transportation.
2. Everyday Products Industry - Everyday products industry can capitalize on consumers' demand for exclusive designs by partnering with fashion brands for a unique yet high-end collaborative experience.
3. Luxury Fitness Industry - The fitness industry can capitalize on the trend of luxury experiences by creating exclusive boutique gym experiences that cater to fashion enthusiasts and offer a personalized 360-degree approach to well-being.
