Last month Watch & Jewellery Initiative 2030 was invited to speak and present its work in an inspiring discussion on the future of luxury at the Business Fashion Environment Summit, hosted by Vogue. Congratulations to Boston Consulting Group (BCG) and Vogue for hosting such an inspiring event.
Iris Van der Veken, Executive Director and Secretary General of WJI 2030 spoke on the panel alongside industry leaders, including Fernanda Hernandez, Head of Sustainability at Luisaviaroma, and Claire Bals, Co-Founder at Gezeiten, about the future of luxury, growing consumer expectations, and the shifts made in the watch and jewellery industry to enhance sustainability and transparency.
Iris Van der Veken touches upon what luxury means to her, “There has been a clear evolution on what people define as luxury. We think of art, beauty and craftsmanship. We expect high quality. However, consumers now expect that there is a brand promise behind this beauty. People and planet matters. The conscious consumer is now starting to ask more critical questions.”
The concept of luxury has seen an evolution in recent times, understandably so because of the rapidly changing pace of societal values across generations, technology disruptions and the challenges we face collectively. In the past, the word luxury meant:
– Timeless and aspirational
– Lasting value and quality
– Beauty and Craftsmanship
– Elegance and beauty
– The highest status and great in-store experiences
Luxury today is increasingly focused on stories and experiences surrounding the products, how they inspire us and to what extent they align with the values we hold dear. Consumers are changing, retail is changing and the very definition of what luxury means is changing for a lot of consumers.
To appeal to Millennials and Gen Z – who are predicted to make up for 70% of the luxury market by 2025 – luxury brands need to shift their mindset, towards sustainability.
A brand must articulate its core values clearly. It has to be honest to build a lasting relationship. Fostering a sense of belonging. The new standard of luxury doesn’t treat people and the planet like inexhaustible resources.
Even though the core pillars of luxury – beauty, comfort, and elegance – are still very much intact, there is a new set of lifestyle goals and aspirations at play which is causing a revaluing of priorities. True luxury cannot exist without embracing real ecological principles and the consumers of today seem to echo this.
What do you believe is the concept of new luxury? Watch the panel discussion here – 60) Business Fashion Environment Summit 2023: Inkluzywność w modzie – YouTube