Luxury consumers
Luxury consumers
Trendwatching explains ‘status stories’: as more brands go niche and therefore tell stories that aren't known to the masses, and as experiences and non-consumption-related expenditures take over from physical (and more visible) status symbols, consumers will increasingly have to tell each other stories to achieve a status dividend from their purchases.
Expect a shift from brands telling a story, to brands helping consumers tell status-yielding stories to other consumers. This is being driven by major shifts and trends taking place in the consumption arena, especially in the luxury sector, including:Uniqueness - the shift from mass to unique explains the surge in niche or even one-of-a-kind products and services
Visibility - mature/prosperous consumers now predominantly live in experience economies and there is a shift towards an online, virtual world, which means yet another challenge for visible, physical, real world status manifestations
Alternative status sources - whether it's participating, donating, showing off skills, giving or caring, there are now multiple status spheres, as mass consumption as the sole defining characteristic of societies is starting to feel tired.
Monday, 07 April 2008 10:24