The Future Of Luxury: 5 Trends Reshaping The Luxury Industry

Luxury is often a choice more than a blessing in disguise. Although it is true that some people are bestowed with only the best in the world, some people find ways to earn a luxurious living. Whatever may be your option, you get to choose whether to live life in luxury or not.

For some a big home with a pool, Jacuzzi, and a modern kitchen is a luxury while for others having a little more space to accommodate everyone in the family comfortably works just fine. Sometimes if owning a yacht from 4Yacht is a luxury that you can have, others feel taking a bite into one of those luxury chocolates such as Godiva or Guylian is good enough. Hence, luxury is also a perspective.

Here are some latest trends on how the luxury industry has changed course.

  1. It is considered a pride when Prada, Burberry, or Armani open only a few select shops to make their customers feel extra special However, some of these brands such as Prada are now considering selling their products online, which is a major game changer.
  2. Rentals are meant for those who could not afford to own certain priced possessions. Why then would big brands even think of renting some of their goods to the less privileged? Today, many start-ups including Bag, Borrow & Steal or Flont are giving every consumer a chance to hold at least one luxury item at least for a day in their lives for a small price.
  3. Artificial intelligence and robotics are slowly finding their way in almost all fields but did you ever imagine that these would enter the luxury industry as well? For instance, if being served by a human-like robot waiter at a luxury hotel or being operated by Dr. Robot with great precision is not considered a luxury, then what is?
  4. If the Ferrari were to introduce a new car, it would be one of its kinds and as designed by the Company. Not an extra dot even if you wanted it to be there. However, luxury brands today are considering altering their designs and products as per the tastes and preferences of their customers, giving it a more personalized touch to the product.
  5. Previously having a five-course meal four times a day was considered a luxury. This changed to having freshly grown farm produce or organic foods at the dinner table. However, today synthetic preparations such as lab-grown meat or lab made diamonds are considered a luxury item that is worth showcasing.