The luxury market is booming worldwide once again. It’s expected to rise by 8% and be worth $260 billion by the end of this year.
Luxury is about stimulating the senses- touching, hearing, tasting, being around beautiful things- all stimulate the senses and impact your state of mind.
The idea of luxury has evolved thorough out history. In ancient Greece meat and fish were a luxury. For England in the Middle Ages it was spices. Right now it’s about the luxury of things.
What will be considered luxury in 10 years? Meaningful experiences. For the new consumer, the luxury of things is becoming dull. They want to be touched emotionally, and have meaningful experiences that they can savor and remember. New priorities like sustainability and ethical concerns are also emerging in the new luxury.