The Luxury Report by meaning.global explores how the big five cultural shifts are redefining the global luxury landscape today and offers five strategic actions that luxury brands can take right now to create authentic meaning, new value and cultural relevance for the new luxury consumer.
Global luxury has changed beyond recognition. Luxury brands are facing a lot of new challenges nowadays and are struggling to accept this redefined global reality as their new normal.
Cultural irrelevance is one of the key reasons why global brands struggle to retain their value today. This is especially important for luxury and heritage brands as their value is tied to their symbolic and cultural value.
When meaning structures get destabilized, brand value gets eroded which causes volatility. All is not lost, but winning requires gaining a new type of knowledge. Understanding how cultural shifts are changing the very essence of the luxury business is key for luxury brands to remain relevant and profitable.
To restore the core value and essence of luxury, we need to redefine what luxury means to people today to match our evolving needs and expectations in the 21st century.
You can download the complete report here.