Luxury Market Slump: A Shift Towards Subtlety and Ethics

Economic uncertainty, political instability, a discernible shift in consumer principles and tastes and, arguably, a lack of inventive design have all culminated in the global luxury market’s current slump. Some of the sector’s most notable names in luxury fashion, motors, jewellery and champagne have all, in recent weeks and months, reported an unprecedented downturn in sales.

Of course, global inflationary pressures and wider political tensions remain beyond the control of brands and businesses. However, their key area of resilience in the face of these challenges lies in how well they can respond to consumers’ values and needs, especially in uncertain times. Brash and vulgar displays of wealth that marked the heyday of the 20th century are today deemed tacky and inappropriate in a world where personal ethics have risen to the fore and where wealth disparities have become more apparent. The latter is an uncomfortable truth, especially for the Millennials and Gen Z generations who will come to represent up to 70 percent of global luxury spending by 2030. They seek investment in brands that are perhaps not so vehement in their materialism; where allure is in a brand’s ethos and ethics as well as aesthetics. Not all luxury markets will align with the shift toward subtlety and ethics, but design continues to be a formidable tool in a brand’s ongoing quest to remain relevant and engaging to the luxury consumer; a vital means of future-proofing in the face of turbulence. If luxury brands are to rally against the market slump, they must think carefully about how their design resonates with today’s consumer values. Importantly, design must communicate a more nourishing value proposition than superficial beauty can ever provide. The paragons of taste have shifted. So-called ‘stealth wealth’ has toppled the desire for emblematic, logo-festooned status symbols

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