Hedonism, Heritage, and Human-Centricity: The New Codes of Global Luxury
A new paper from Ipsos, 'Hedonism, Heritage, and Human-Centricity: The New Codes of Global Luxury' investigates the intricate dynamics shaping the luxury market in the 2020s. Drawing from Ipsos Global Trends and other Ipsos research, we find a consumer base oscillating between cravings for instant gratification and a yearning for stability rooted in heritage brands.
We identified seven consumer trends currently impacting the luxury sector:
- The supremacy of global brand equity
- 'Carpe Diem' consumers embracing immediate gratification
- Materialism as a social scorecard
- A retreat towards heritage and safety
- Digital duality with a love-hate relationship toward technology
- The sustainability expectation gap, where consumers expect brands to take the lead in ethical practices
- The longevity economy emphasizing health as the ultimate luxury
These trends distil into three macro-themes:
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The rush for significance
Where luxury purchases act as social validation.
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The anchor of authority
Highlighting the trust in established brands.
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The quest for human-centricity
Amidst advancing technology.
We suggest that luxury brands must demonstrate global authority while – at the same time - engaging on a personal level. Done well, this strategic balance will portray technology and sustainability as standard practices rather than unique selling points, humanize luxury experiences, deliver consistency across brand experiences globally, and embed a narrative of longevity within products and services.
Luxury strategies must adapt to differing consumer expectations between regions like Asia-Pacific and mature Western markets by blending innovation with heritage and projecting value as both immediate and enduring. For sustained success, luxury brands should reflect on their strategic positioning: whether they act as a trusted haven, provide emotional experiences, mediate the consumer expectations around sustainability, or enable authentic connections facilitated by, but not dominated by, technology.
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