Major changes in luxury values, worldwide
According to a recent study by Boston Consulting Group presented today at the 5th edition of the Luxury Summit in Milan by Il Sole 24, luxury shows major changes in the values consumers associate with luxury: from owning to enjoying life / avere a essere / from ‘extra luxury’ to ’intro luxury’ / from ‘self luxury’ to ‘shared luxury’ / from seasonal to perennial.
The BCG report highlighted a significant decline in values in the U.S., especially in the way luxury and status are perceived and consumers focusing on quality (especially research), authenticity and ‘results driven’ luxury products (durability etc). The focus on authenticity and quality has been found to be similar in both mature mature markets like the U.S. or Japan and in emerging markets like Brazil and Russia.
Live coverage from 5th edition of the Luxury Summit in Milan – with the support of Four Seasons Hotel, Milan