One consumer’s luxury is another’s ordinary: this is the identity crisis the luxury sector finds itself facing. The term itself is being shattered – ten years ago, ‘luxury’ meant relaxing in a spa in the Swiss Alps, splashing out on an expensive designer handbag or spending time at a perfectly manicured golf course.
But nowadays, younger consumers in particular have more diverse needs and tastes. The term is having to morph and change as a result.
As things become less clear-cut, how can brands truly meet consumer expectations when definitions of luxury are so disparate?
The solution for...