Conscious Luxury is the mindset. It’s about sustainable awareness and sustainable execution as consumers want the “back story” of manufacturing and relevant experiences.
Sustainable is status. Ethical Valuation of Luxury Brands: Luxury brand stories today are transparent. Products and experiences must be meaningful to consumers lifestyles right now.
Conscious luxury is the focus as well as on sustainability; social responsibility, diversity and inclusivity.
Health and Mindfulness: Affluent consumers continue to focus on this.
‘Wellness’ is the gold of today. Consumers now feel it is vital and brands should continue to create and offer accordingly as this is not expected to change anytime soon. ‘Solitary Leisure’: People doing activities alone has defined this pandemic. ‘Homebody Economy’: According to McKinsey & Company the “homebody economy” persists. Consumers and employers are adjusting to the norm of remote work models and hybrid work models. There is corresponding shift in purchases and investments focused on home-based working and living (to help with safety and wellness.) McKinsey expects to see this trend continue.
