Luxury products are – by definition – not necessary. They begin where necessity ends. And many luxury brands have increasingly struggled to justify their more conspicuous excesses to a more challenging consumer marketplace of opinion.
However, something very interesting – and vital to the future of luxury – is beginning to emerge. Luxury brands are beginning to realize that there is a way to turn responsibility into a key part of luxury brand DNA.
After all, luxury is about turning the rare into the aspirational. In a culture where responsibility remains rare, luxury brands can play a key role in defining their positioning in a more responsible way
The ever-quotable Tom Ford has often been a surprisingly good futurist of the luxury industry, and his latest interview on the subject is no exception;
“Consumers, at least in the West, are now demanding ethical luxury. People want to demonstrate their environmental or social consciences – they are no longer fashion victims who covet items because they see a celebrity owning them. They still want and desire fine things. Luxury is not going out of style; it needs to change its style. The industry can no longer be propelled purely by logo-driven marketing. Luxury used to mean hard-to-find. Then it became hard-to-miss. We need to replace hollow with deep.” — (Via CNBC)