The world of luxury has undergone an evolution due to globalisation, bringing new demands and new international consumer habits.
What is interesting is that this is a flourishing market, impervious to any type of crisis. Confirmation of this arrives in a research carried out by Kantar which reveals that interest in purchasing luxury items does not seem to have lessened.
But how has this elite market segment evolved? What does it mean when we talk about ‘luxury’ in 2022? Which macro-trends define it? What is the profile of a luxury item consumer?
More sustainable and eco-friendly growth
According to Deloitte, almost all luxury companies are focusing on more sustainable and eco-friendly growth. In our sector, this is a shift already seen a couple of years ago, which is now becoming stronger and represents an essential condition of the way of doing business.
The role of virtual reality
Another feature is virtual reality, used as a tool for branding. More and more brands are venturing into the world of avatars and the Metaverse. The first concrete project arrives precisely from the world of eyewear in the form of smart glasses Ray-Ban Stories, created by Meta (Zuckerberg’s company) and Essilor-Luxottica, and which in the last few days have won top prizein the competition Red Dot: Best of the Best.
Also the world of gaming is a huge attraction, especially for fashion brands, some of which have already played around with this virtual world. According to a report by Morgan Stanley, this sector (related to the luxury market) could make 20 billion dollars by 2030.
CSR initiatives and projects
The market research company Kandar highlights another important fact: also for luxury brands, it will be increasingly important to share causes with their customers. This phenomenon, known as brand activism, improves the relationship between (potential) customers, playing a key role in creating brand loyalty and transforming buyers into brand ambassadors.
In our sector we have seen various examples during the pandemic and we have yet others now linked to the war in Ukraine. Among these are, for example, the charitable projects of the De Rigo H.E.ART Onlus No-profit Foundation and Safilens.