The future of luxury brands in an on-demand world
By Tracey Follows, 2016-10-10+, Campaignlive.co.uk
Can luxury brands both embrace the sharing economy and remain aspirational? It’s an existential question they now need to answer.
Luxury brands are prefaced on the idea of scarcity – what is scarce is of most value, and what is difficult to acquire or to access confers status. But in a world of abundance, in which nearly everything is accessible and nothing is scarce, what are the symbols and codes that communicate that something is a luxury?
> Which role does digitalization, technology and social media play?
> Which degree of exclusivity is right and how do the cultural differences create a need for customization?