How to grow via premiumisation
This article is part of a series of articles on premiumisation. Read more.
Need to know
- In recent years the traditional price/status hierarchy has broken down – mid-market brands have suffered as consumers trade both up and down.
- Status has become less about what you have and more about who you are.
- Two thirds of consumers not only say they want sustainable products or experiences but actively switch to boycott a brand based on their sustainability credentials – companies are therefore growing increasingly conscious of their role in sustainability and building it into their brand’s goals.
- Mindful of waste, brands are looking for secondary packaging to be beautifully designed, to be kept rather than thrown away.
- Everyday products are being elevated to bring a little touch of luxury through local traditions, beautiful cut outs, single origin or being wrapped in emotion.
- Premium brands are moving away from a smooth, glossy perfection to embrace a more rugged imperfect aesthetic that stimulates the here and now – they are looking to the Earth and universe for inspiration.
- A flawed, subversive mash-up and ‘ugly’ design aesthetic is also emerging as luxury fashion houses move away from manicured products and marketing campaigns and mix high-brow and low-brow (street culture) to appeal to a younger generation.