WHAT DOES LUXURY MEAN FOR CONSUMERS IN 2020? 

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 Focus on feeling 

We live in a time where we own so much stuff that the stuff loses its value. It is the feeling, meaning, and experience surrounding a product that adds value to luxury goods.  

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 Brand experience 

The new generation of luxury consumers is a generation grown up in a world that is centered around (sharing experiences). Luxury experiences should be tailored to the exact needs of the customers, an authentic and personalized experience, not only during events but in every experience they have with the brand (shopping, customer service, etc.).  

--> Creating a personalized experience revolving around a consumers purchase gives us a unique opportunity to get the consumer emotionally connected to the brand. 

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 Creating space for the future  

Brands are no longer relevant just because they have a long going history, a rich heritage, or a big legacy. Consumers want to see what brands have to offer in the present and what they can bring them in the future. To offer this, brands need to let go of the past and create space for the future while staying close to their identity.  

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 Adding everyday meaning  

People are more likely to buy a product if it adds value to their everyday life, by for example having a special function that your other stuff doesn't have. You can also create meaning by communicating a certain lifestyle that appeals to the consumer. 

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 Culturally involved   

Consumers are (unconsciously) looking for brands that help them build their own identity. They want brands that stand for the same things as they personally believe in. It's becoming more likely for brands to be involved in society and politics.  

Brands are becoming cultural icons; making social statements for consumers to connect with.