Read an interesting article Millennials lead the charge to find real life . . . and slow tech from the Financial Times, which said that millennials are more interested of the IRL (In Real Life) rather than watching screens and using technological gadgets because millennials are fed up with the constant technological disruption. Millennials are also heavily digitally exposed, and therefore, IRL provides more fruitful experiences. Millennials want to experience the analogue lifestyle, even more, deeper because they see the analogical world more meaningful, and perhaps, a little bit more secure and predictable than what our current world represents.
Therefore, it can be argued that this phenomenon opens an interesting opportunity for luxury brands to provide products to be used in real life. Everything from clothes to perfumes, champagnes to notebooks, pens to pieces of jewellery, books to cosmetics, watches to pieces of furniture, and far beyond. Luxury brands also provide high-quality experiences by IRL shops, spas, and hotels. The luxury industry can utilize this new trend by offering the old school world with a modern twist. However, this new trend can be a serious turnaround for the tech industry, which means that consumers want to embrace the old world. Constant change might not be the issue, which people want.
The definition of luxury is also expanding to:
Therefore, the luxury industry should always be a little bit rebellious. Think different.
Published in Luxury Sales Academy.