A new luxury mindset?

Refreshing the concept of luxury

In China, a country renowned for its efficiency and high-performance workers, Gen Zers have embraced a more relaxed philosophy as a form of protest against a system they now feel is rigged for the rich and powerful. This ‘burnt out’ generation of discouraged millennials worldwide has been rebelling against unbalanced wages, intense work schedules, and a lack of job security, even before the pandemic, and after isolation and distress in result, people are looking to adjust their lifestyle to a more balanced, healthier experiences.

Many consumers have learned that comfort is more important than being fashionable. Wellness and self-care have suddenly become more of a priority than ever.  Global brands should soon expect the traditional luxury fatigue. Although is a challenge, is not necessarily a bad thing, but is an opportunity to creatively refresh their portfolio and products offer, introduce new points of view that satisfy both needs. Wellness and aspirations.

Wellness and self-care have suddenly become more of a priority than ever and have the potential to revolutionize the luxury industry. Luxury brands can inspire this newfound awareness to create healthier and smarter lives.

Reducing the gap between traditional luxury through health and wellness

While consumers integrate wellness into every aspect of their daily lives, so there’s a new perfection that brands could change in their narrative. Outdated vertical luxury definitions fail to understand the convergence and multidimensional nature of wellness. Across sectors such as beauty, fashion, travel, and fitness, wellness is the world’s fastest-growing market segment. And affluent consumers are willing to pay a premium for perceived wellness solutions. Driven by Millennials, social media and online DTC retail, wellness brands can more easily grow globally.

Wellness has become a priority for most luxury consumers. A better understanding of the consequences of our lifestyle choices, and digital health trackers are contributing to inspiring modern affluent consumers to live healthier lives. Luxury brands need to integrate elements of wellness both in their offerings and marketing to capture increasingly health-conscious shoppers. An effective approach to wellness seizes opportunities to bolster a sustainable, healthy way of living whether through partnerships, cross-category expansions, and innovations, or new business models.

Affluent consumers demand natural and organic products. Fashion shoppers are drawn towards high-end athletic/leisure outfits both comfortable and stylish. Bars and restaurants are being replaced by gyms and fitness studios becoming new social hubs for affluent new generations.

The deep desire for health and wellness is radically reshaping what luxury brands need to offer to their consumers and how they communicate the value of their goods and services. Leading brands will be the ones whose efforts make positive contributions and empower consumers in their journey to wellbeing. Wellness is profoundly transforming the luxury industry. Brands creative, narrative and storytelling will benefit to incorporate elements of health and wellness that will resonate with the newfound awareness and new market.

Deepest renewal. La Mer’s iconic Miracle Broth™ reveals a bright, well-rested look.

Looking for a way to elevate your daily workouts or a way to turn heads at the gym? Louis Vuitton has just released the perfect accessory.

Inspire wellness through a new approach to luxury

On the domestic front, the retail industry has also experienced challenges since the onset of the pandemic. From margin pressure and shift to online shopping, affecting the footfall of domestic stores, malls, etc. Again, I believe all of this is a unique opportunity to create better digital experiences and cost-effective approaches, from creative to product development. The right digital initiative can help us measure effectiveness, traffic and better connect and engage with key stakeholders, inside company units, partners and audiences.

Through digital channels, with an aligned 360 vision across platforms, relevant narrative, brand commitment,  proactive, small initiatives and MVPs that allow us to know better our audience and consumers, creating a customer experience that is engaging, personal, healthy, and valuable. Luxury brands are starting to catch up with the market trends into wellness awareness inspiring us to live healthier and smarter lives. A new luxury mindset, where the true luxury is reflected in wellness, comfort, and work-life balance. Accordingly, brands should be prepared for this new mindset that the YOLO economy has ushered in. In fact, today’s YOLO economy has the potential to revolutionize the luxury industry. COVID-19 was the catalyst, but this change was a long time coming.