04 Dec The L Word: a compelling desire for Depth
In our Luxury Redefined blog series, we are looking at the 4 Ds of luxury: four key themes that brands can leverage to meet the needs and aspirations of tomorrows’ consumers.
This week, Senior Consultant Ella Majava explores the power of DEPTH (n.): the quality of being profound (as in insight), or full (as in knowledge).
Luxury products and experiences have always been a way to express who we are. But as luxury consumers and their values are transforming, the brands they choose and the statements they want to make through these choices will look fundamentally different.
To connect with luxury consumers of tomorrow, brands need to create products, experiences and stories with DEPTH.
Millennial and Gen Z luxury consumers’ lifestyles and values are different: they are focused on growing as people, having meaningful experiences, and making a positive impact to society. To them, luxury that is simply about exclusivity or projecting status doesn’t feel relevant. Luxury needs to enable them to experience more, learn and feel inspired, and make a statement about what they stand for.
And they are urgently aware of and want to make a difference to issues around them. Luxury needs to show that it is not just desirable, but also responsible in all senses of the word: environmental, fair, socially inclusive. Brands that don’t live up to these standards simply won’t be tolerated by the new luxury consumer – whether it’s Victoria’s Secret being called out for exclusionary comments about trans female models, or boycotts following Dolce & Gabbana’s racial stereotyping of Chinese consumers. No amount of status, heritage or exclusivity will protect brands who fail to demonstrate their values go beyond the superficial.
So how can brands show they have DEPTH and foster deeper, richer connections with new luxury consumers? Brands already creating products and experiences with DEPTH include…
- Leather goods brand Paradise Row, which prides itself on being one of the few British bag brands to manufacture in East London, supporting local artisans and trade. The brand also takes inspiration from everything from culture to psychology to create collections that have meaning and DEPTH – their first collection, CORE, is inspired by East End culture, and their second collection, EMPATHY, by psychology and human emotion.
- Luxury fitness brand Equinox, who recently launched the Commitment Collection to take a stand for social justice and celebrate those who have fought for a more equal world. The range includes items such as the ‘Stonewall Stilettos, made of “black sparkle vinyl hand-ripped from the benches of the Stonewall Inn”, the home of the modern LGBT+ rights movement.
- Detroit-based luxury brand Shinola – which takes its name from an iconic but now defunct shoe polish brand – is on a mission to reinvigorate Detroit through investing in local industry and craftsmanship. Their aim is to not just to create thoughtfully designed, long-lasting and beautiful premium products, but also to “create a community that thrives through excellence of craft and pride of work”.
- 700,000 Hours, a ‘wandering luxury hotel experience’ that moves to a new destination every six months and offers a rich, curated experience for visitors, helping them connect with local culture, nature and spirituality: a very different alternative to traditional luxury hotels that cocoon and protect travellers from the chaotic outside world.
DEPTH is about connecting with new luxury consumers and their values at a deeper level – by showing who you are and what you believe in as a brand, and inspiring people through connecting them to culture, society and causes they’re passions about.
How can your brand live, breathe and share the values and inspirations that have shaped it, and create a deeper, more meaningful relationship with the new luxury consumer?
For more inspiration on the future of luxury – including our insight on the New Connoisseur tribes of tomorrow – book in a complimentary 1-hour L Word session with the Mash team via the button below.
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