Thursday, 19 May 2016 03:58

Bespoke and the world- The Future of Luxury

Beverly Hills Conference & Visitors Bureau presented the Future of Luxury recently in Delhi and analysed the growing trend in luxury in the light of the digital onslaught. Will it go back to traditional? Will the digitalisation take over? It is interesting, intriguing and a good read for those interested in the luxury market.

 If you know about Hollywood then you know of Beverly Hills where the top notch entertainers of Hollywood make their home surrounded in swirls of luxury. The A- listers who reside here have a knack of discerning prestige luxury that you will find in its chic shops, grand old mansions, exceptional luxury hotels and spas and the architecture. Beverly Hills after all is one of the world’s most sought-after locales.

 Very recently Julie Wagner, CEO, Beverly Hills Conference & Visitors Bureau was in India on a short trip to unveil the Future of Luxury accompanied by Mary De Hoyos, Sr, Director of Tourism Business Development. The report is authored by trend forcast agency, IN(K).

  The luxury Report provided and examined the current landscape of the global luxury sector, offering an in-depth analysis of the high-net-worth market, and forecasts of the newest luxury trends. As one of the original luxury destinations in the world, Beverly Hills continues to dominate in the luxury sphere.

 The report identified the top 10 cities by their population of ultra-high net worth individuals (UHNWIs), analysing their different demographics and spending patterns.  It looked at who is consuming luxury goods and services, and examined the different spending habits across multiple generations, in particular the increasingly influential millennials.

 

The release of The Future of Luxury arrived at an ideal time as a report by The Associated Chambers of Commerce & Industry of India showed that the Indian Luxury market is expected to hit $18.6 billion by 2016 from the current $14.7 billion. Industries such as fine dining, electronics, luxury travel, luxury personal care and jewellery are seeomg increasing revenues and are expected to grow by 35 percent over the next three years. Spending on luxury cars continues to rise, growing upwards to 20 percent over the next three years.

 As for global trends, the report showed that London had the highest UHNW spend and will continue to surge given its central location, time zone and hub airport, benefiting from the increasing city hopping millennial. Tokyo, second on the list of top 10 cities of UHNWIs, saw a decrease in its super-rich in comparison to its counterparts. However, the value of individuality and exclusivity has become more mainstream, due to the increasing Japanese custom of gifting.

 The research indicated the digitalisation of exclusivity where traditional luxury brands are increasing their digital presence, appealing to a more digitally savvy audience. Almost all iconic brands can now be bought online as we all know, if not all, at least a limited version of their products are  available for retail online.

However the report findings suggested that luxury will come full circle. Along with the importance of the digital offer, luxury consumers will seek out more original and authentic experiences that can’t be seen or bought online. The brands will seed to enfuse the digital with the physical to create more immersive brand experiences and consumer journeys.

 Another future trend identified by the report was that consumers will revert back to ‘old-school’ concepts, such as private members clubs, meeting places for connoisseurs, organic, locally-sourced eating and exclusive tailoring. Craftsmanship, exclusive products and services as well as more traditional practices will herald over the digital revolution that is currently taking the industry by storm. It is also consumption with a conscious positive impact on society and the psyche.

 

The last one showed some interesting new trends according to the report:

  • The rise of the ‘Localtarian’ – a sustainable lifestyle choice where the food conscious eat locally-sourced ingredients. The top-end restaurant scene in the US and UK will see an influx of these types of restaurants where chefs look to their own communities for the freshest items for their menus. This we are already seeing it in many of the hotels and resorts who prefer to grow their vegetables and herbs making it not just garden-fresh but organic as well.
  • Old-school hideaways: a bespoke buzz - secret, speakeasy-style spaces are catering for the super-rich's desire for discretion and exclusivity. Bigger brands are also tailoring their offers in different cities to create buzz based on limited editions
  • Prime-Grade Sourcing - designers, chefs and food entrepreneurs are rediscovering old techniques to give an extra layer of narrative to luxury goods. Rediscovery of old techniques and materials feed into the customer’s desire for exclusivity
  • ‘Menswear Revenge’ – women’s fashion has traditionally been the driver in innovation, but menswear is starting to fight back with the growth in men’s spending overtaking women’s. The report reveals that bars, pool tables and barbers in men’s retail stores will be the new norm in luxury capitals around the world
  • As mindfulness becomes more popular as a wellbeing trend, the report predicts an emergence of luxury consumers seeking ‘Sati-faction’. Sati, the Buddhist word for mindfulness, is about helping people to switch off in a fast-moving, 24/7 world and find inner satisfaction. This concept reinforces the forecast of luxury returning to a purer, more subtle era
  • ‘NoGo’ – a rebellion against logos on luxury goods. The Normcore trend is having an impact in the luxury arena and the new generation of luxury consumers don’t feel the need to ‘show off’ their wealth. Rather, they are opting for understated, more bespoke and crafted luxury goods, the report reveals
  • Also discovered in the report is a new generation of art collectors entitled MARTYR - Millennial ART Yielding Revenue. This group sees a younger generation of HNWI’s investing their wealth in art, then often showcasing it in public places, bringing ‘art to the people’ in an effort to give back

 

The Future of Luxury is available globally and can be downloaded from the Beverly Hills website atwww.lovebeverlyhills.com/futureofluxury.

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