Personally, I find the “traditional” concept of luxury as something enjoyed exclusively by certain people to be extremely boring.
There is a new approach to the idea of luxury growing within our generation that shifts our prospects from acquiring things to acquiring experiences.
Younger consumers value experiences over tangible items. Millennials, in fact, would rather spend their hard- earned money on activities than on luxury goods. They’re all about putting a premium on experiences and finding opportunities to post a share-worthy story or enviable experience to brag about on their social medias. It’s the new social currency.
In the “traditional” concept it was more about the product and seeing the purchase as a trophy or an achievement, while for the Millennials it’s more about collecting memories and actively seeking unique experiences.
My luxury is focused more on my personal quality of life. I am not satisfied to buy what is sold to me–I have the need to see, understand and experience.
Luxury, in its new environment, is the enjoyment of the best in life.
Luxury to me is just recognising and embracing the things that give my soul some sunshine. It can be the simple things: a day on the beach, salty skin, the color of the sky, seeing a sunrise, the perfect cup of tea, hugging a friend, a wonderful book, chocolate, replaying your favorite song or diving beneath a wave.
From this point of view, luxury is any little thing that reminds me to love the life I am living, and to not simply live it, but to enjoy it because it must be worth it.
To conclude I think that nowadays companies should be aware of this shift and explore new horizons. They should obviously be aware of the product they are selling but most of all they should be open minded and interested in making a purchase an experience.