The Future of Luxury in Times of a Global Pandemic | Part Two


Back to Essence: Entering new luxury paradigm. What does COVID-19 mean for the future of luxury brands?

The COVID pandemic has impacted the business sector very powerfully this year. But, the impact hasn’t only been in terms of declining sales, government restrictions and volatile purchasing power. It’s shown us what was long brewing underneath the surface.

Uncovering our essential needs

The inability of many businesses to deliver true and meaningful value that resonates with people in a way that feels authentic to them, adds something substantial to their lives, like fulfilling their essential needs for instance.

Where we are in 2020 and why

The cracks have become self-evident. Many brands have lost the connection to who they were — to their very essence. And in luxury, that’s a double whammy because the essence of the brand, its roots, where it came from and its symbolic value are the primary assets that make it feel like luxury.

Entering the new luxury paradigm

On the horizon, the luxury consumers will be moving more toward experiential luxury and away from its materialistic expression. Brands need to put more meaningful values into their offerings that branch out into services and experiences and away from luxury in a strictly physical sense — as ostentatious symbols of wealth and power.

How did we get here?

Luxury was never supposed to be about the surface value. It’s always had its own inner essence that corresponded with education, cultural knowledge and the way of life. It was contextualised in a real lifestyle. Every object had its proper place, way of use and was passed down to future generations.

Back to essence: reviving meaning and humanity

By us returning back to the inner essence of things and to the meaning of luxury in our own lives, we can now put this lost meaning back where it belongs — at the core of brands to give them true value that enriches our lives.

Where to next?

For more information on the New Luxury paradigm and why Authenticity is the new luxury, read Dr. Martina Olbertova’s interview with Eat Love Savor featuring her thoughts on the subject.

About the author

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Founder & CEO Meaning.Global. Social scientist, writer, strategist and semiotician exploring the nature of consciousness, cognition, social and cultural change.

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