We were recently interviewed by Monocle Magazine as part of their exploration into the changing notions of luxury. With the effects of globalisation and our lives becoming ever more dominated by the digital world, it seems that analogue experiences and physical objects, with a strong narrative and sense of craftsmanship are overtaking the outdated principle that price defines luxury.
Having debated the concept of "Modern Luxury" with their global community, Monocle have concluded that new luxury requires a key set of ingredients.
Ingredients of new luxury
- Provenance – Where was it made and by whom? During the decades of rampant globalisation, few people asked these questions; now they are key to a luxury brand’s appeal.
- Sense of community – Transparency has become a key ingredient of luxury and has been demanded by more discerning consumers. The recent revival of the open factory and the atelier shop are the perfect example of this trend towards ethical production.
- Craftsmanship – Before we built in obsolescence, we used to build objects to last. Age-old craft techniques are still often the best ones for guaranteeing the quality of a product.
- Narrative – Consumers want brands to have a story that they can buy into, of which they can feel a part and to which they can show their loyalty. Heritage is something you can’t manufacture.
- Local pride – Luxury should not look the same no matter where in the world you are. People now want experiences that are true to their roots, wherever they may be.