Global Luxury is Today’s Cultural Obsession
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Luxury brands deeply immerse themselves into global culture to sell more than just their image. By venturing beyond one’s material desires, the products represent success, style, and wealth to the rest of society. Luxury is working its way into Generation Z’s culture by revitalizing streetwear, art, and social media.
With luxury brands centered more on customer loyalty, their objectives have changed. Currently, the retail world is prioritizing customer anticipations for shared values. Rather than focusing on product promotion, they have rotated their efforts towards customer acquisition and retention. It takes time for a brand to build a culturally appropriate platform. By understanding audiences and their cultures, companies can market them on a values-based approach and satisfy the industry’s shifted mindset.
Image Courtesy: The Fashion Law
The increase in creative collaborations among prestigious brands is due to the desired goal to have shared principles. Marketing experts claim that people want to experience moments that are bigger than themselves. That explains why consumers look to brands for discovery and inspiration. Luxury labels are becoming cultural curators, establishing platforms that create a new purpose while offering a global appeal. Collaborations allow them to reinforce what they stand for and determine how their stance fits people’s cultural ideals.
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Luxury markets are influencer hotspots, and in the age of social media, it explains why luxury consumption is evolving. Individuals aspire to dress like their favorite celebrities and wear the clothing they see in fashion shows. People use luxury to express their individuality and integrate high-end products into their aspirational lifestyles. Brands are starting to create more than just one aesthetic to tend to the constantly changing culture in today’s society. Popular culture reflects social changes, leading businesses to capitalize on the growing relationship between luxury and pop culture.
Internationally respected companies are starting to align with countries’ intercultural values and individuals’ culture-specific values. Global luxury brands are continuously competing to keep up with people’s demands for high-end products and figure out how they can fit into their daily lives. People associate luxury with exclusivity and have specific preferences when it comes to high-quality goods, buying from reputable fashion houses like Chanel and Hermès. Brands want to change their cultural values to meet the diverse needs of modern societies without abandoning their status of prestige and exclusivity. Consumers look to international corporations for cultural representation. Curations allow brands to naturally tell their stories and join a cultural movement.
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Gen Z is responsible for driving global luxury consumption. In order to build lasting relationships with consumers, brands must expand their cultural credibility. In China, more individuals obtain a high net worth, contributing to their country’s dynamic cultural environment and increasing accessibility to the luxury space. They are advocates of a collaborative economy, believing luxury is an integral part of their culture. The meaning behind “luxury” has changed from generation to generation. Young consumers are redefining the meaning of luxury to highlight the sudden merge between culture and commerce. International luxury brands show society who they want to be, giving them a global identity to connect with others.
Strike Out,
Writer: Veronica Polanco
Editor: Karina McCarthy
Graphic Designer: Lauren Wakeman
Tallahassee