Luxury in the 21st century: the value of mind over matter
Sanjay Nazerali
Tomorrow's luxury consumers will define themselves not by trading up to ever-loftier levels of expenditure, but by shifting their time and money towards intellectual and cultural objects and experiences.
Emerging markets, such as China and India, will keep the sales of standard-issue Louis Vuitton buoyant, but the traditional luxury markets, from the US to Japan, will experience seismic changes. These will be more fundamental than any trends witnessed so far in luxury.
COMMERCE OUT, CULTURE IN
Commerce will go out; culture will come in. Matter will wane;...