Well, I think it is time to speak clearly about some things.
What exactly should be the concept of ¨Luxury¨?. The extraordinaire founder of all these things Ms. Coco Chanel used to say: ¨Luxury is the opposite of vulgarity¨.
According to this, I guess we should all thoroughly review this concept that is worryingly beginning to get ¨diluted¨ (into I do not ¨what¨), step by step in this 21st. Century. You just have to check in Instagram for the hashtag ¨#Luxury¨, and I guess you will realize what I am trying to mean now.
THE GOOSE THAT LAYS THE GOLDEN EGGS.
I mean we should necessary begin to make a stop and think about all these things carefully, before we kill ¨that goose¨. Specially now when the Luxury Industry presents its best global perspectives ever for the near future, with a 9%/year growth up to the year 2025, driven by a growing Chinese middle class and a recovery in more mature worldwide markets, such as the new Millenials era; that ¨tech-savy¨ generation that will represent 45 percent of overall luxury consumption, with Asian consumers accounting for more than half.
The biggest reference worldwide in the Luxury Market, the Jumeirah Group, is about to expand its hotel offer with at least five new resorts and the launch of a new lifestyle brand. The other ¨giant¨ in this context, the Marriot Group, is planning to open 40 Luxury Hotels in 2018, which demonstrates we are already IN a new golden era of Luxury.
THE MOMENT TO LAY THE FOUNDATIONS.
However, I guess we are doing something wrong when experts need to incise the concepts of ¨real Luxury¨, or ¨true Luxury¨, as if they were forced to make a difference for what might be currently happening.
..Can we conceive as ¨Luxury¨ the first tourist trip around the Moon planned for the end of 2018??.
..Is ¨that¨ what Ms. Coco Chanel was referring as ¨Luxury¨ in the 20th. Century??.
..Or on the other hand, are we changing the rules now??. Are we considering ¨Luxury¨ as for instance the beach club parties where attendants spray 1,000eu. bottles of champagne??.
Because this is really happening today, and I guess these numbers are also included in all the ¨analysis¨ related to the future of the Luxury Industry. In this sense, I am afraid we might be unconsciously creating a new market bubble where the concept of ¨Luxury¨ is just becoming a powerful tool for the client attraction.
WE NEED TO RESCUE THE ¨HIGH CLASS¨ CONCEPT.
In the current moment when plenty of ¨outsiders¨ are entering the market of Luxury, I guess ¨exclusivity¨ is something that begins to lose its essence. Now, everybody with ¨simply money¨ can afford what before was just reserved for the privileged. This is a process with no apparent limit, that probably began with the gestation of the new generation of rich sportsmen who raised from non-privileged environments. People that began to behave like most of the current ¨Millenials¨ do today.
In this way, it would be really opportune to make an exhaustive balance for what the National Basketball Association (NBA) was in the USA thirty years ago, and what it has really become these days. Make a proper comparison for what players like Julius Erving, Magic Johnson or Michael Jordan behaved in their golden days, and the current celebrities that surpass this sport today. I do not just mean tattoos or mega cars (probably everything began through the forward Dennis Rodman). I mean getting out of jail to play the games.
..And I guess this is sadly and worryingly detrimental for the current concept of ¨Luxury¨. In the end, we all have to be aware of how Millenials behave today as their heroes do. The ¨monster¨ is already being fed.
EXCLUSIVE SOLUTIONS FOR VULGAR CHALLENGES.
The ¨real¨ luxury traveler already knows about all these things, and the industry must now adjust its strategies to the new ¨tsunami¨ that it will face in the next few years. I think it is time for the ¨unique experiences¨ conceived as ¨high class actions¨, not based in tangible resources but inapproachable and educated live enjoyments.
In this sense, CREATIVITY will be the next powerful tool to satisfy the high expectations for ¨exclusivity¨, that Luxury consumers will demand from now on. Luxury providers will be forced to create authentic ¨lifestyles¨, more than just fleeting moments.
According to this, 1. influence at the time of attending events will gain prominence to the detriment of the affluence. 2. Wellness will beat the eccentricity. 3. Authenticity will end up with vulgarity. 4. Education will delimit the class. 5. Segmentation will prevail over the crowds. 6. Limited editions will become the real trend. 7. Ethical offers will be a must. 8. Long term exclusive attention will make the difference. 9. Engagement will build customer fidelity. 10. Higher prices will make ¨Luxury¨ just affordable for the real luxury consumers. These are my personal trends for the next years.
Definitely, ¨once in a lifetime experiences¨ will give rise to the next ¨Real Luxury¨ providers. In this way, I would say the Luxury Market will get into a new era of ¨Status¨. We are in the moment of determining the differences for the ¨High Class Luxury¨ versus the ¨Low Class Luxury¨.
The first ones leading this challenge, will place their brands in the new coming market. The same one that probably will rescue the essence of what Ms. Coco Chanel spoke about once.