While solemnly devouring a bowl of piping hot ramen at a cosy Bandra diner following a long day at work, I overheard two girls in their late 20s prattling about their desire to spend their summer vacation in Cappadocia. What truly caught my attention, however, was their emphasis on creating a “Bespoke Travel Experience”.
Synonymous with ‘luxury travel’, this experience is specifically tailored to provide a unique, personalized, and luxurious holiday to the client.
Like a true fashion enthusiast who unintentionally tends to associate luxury with classy silhouettes, the Birkin, and a pair of Manolo’s, ‘how peculiar,’ – I wondered.
Sitting aloof with my thoughts in that crowded restaurant, I spent the rest of the evening thinking about how the meaning of luxury had changed (or rather, evolved) over the years.
I remember my parents’ generation viewing luxury through a very historical lens. They attached it to attributes like exquisite quality, craftsmanship, prestige, and most importantly, exclusivity (owing to rarity or a high price). For them, luxury was confined to a Rolex Watch or a Jackie Bag.
A typical modern, Gen Z consumer, however, is redefining luxury by expanding its scope to include unique experiences, consciousness, and self-expression over mere expensive products. With luxury becoming more accessible due to factors like globalization, increased spending power, consumer preferences, digitalization etc., luxury consumers are seeking a different sense of exclusivity- ‘experiential exclusivity’ and ‘digital exclusivity’.
Much like “Bespoke Travel Experience”, the youth today yearn for personalized experiences like private art tours, gourmet dining, luxury cruises etc. to satisfy their desire for indulgence.
Moreover, technological innovation is playing a pivotal part in giving luxury brands an upper edge over brands that are failing to embrace it. Though quality and craftsmanship are still intrinsically embedded in the industry, new consumers are gravitating towards brands that can blend the digital and physical elements of luxury. They appreciate the integration of Augmented Reality (AR), Artificial Intelligence (AI), blockchain etc. and wish to adorn a brand that is in sync with the latest digital trends.
Out of many trends, ‘expressive luxury’ is the latest fad. Consumers wish to pay a high price for brands that showcase their beliefs and hence, elevate their ‘sense of self’.
Owning a brand that is sustainable, ethical, and innovative is a bigger ‘wardrobe flex’ than a heavy price tag.
For the sake of luxury’s abiding obsession with its conservative roots, the traditional perception is still significantly persistent. However, I reckon that there are more inclusive and nuanced ways to discern luxury that a consumer is resonating with to a greater extent now (Mainly GenZ and GenY).
There is a very evident transition from ‘brand expression’ where luxury was more about a particular brand or product to ‘self-expression’ which shifts the focus from products to consumers and how the brand makes them feel about themselves.
By the end of my meal, I started to wonder what luxury truly meant to me. I realized how my father (a luxury enthusiast himself) viewed luxury from a spectrum of accomplishment and emotion. I, on the other hand, was more pragmatic and adventurous in my comprehension. After a sincere waiter interrupted my chain of thoughts with, “Bill, ma’am”, I was left with one thought- that luxury, much like life, is all about abandoning dormancy and embracing change, no matter how sudden or uncomfortable.
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