Fundamental Changes Taking Place in Luxury Market

The desire to do good and give back is a bellwether of fundamental changes taking place in the luxury consumer market The recently released Luxury Report 2009, Unity Marketing's report on the annual state of the luxury market, show that the culture is shifting and the lifestyle of luxury indulgence is no longer the American ideal.

'Luxury consumers' desire to do good and give back is a bellwether of more profound changes taking place in the luxury market,' said Pamela Danziger says, President of Luxury Marketing. 'Luxury has lost its luster. Today luxury is synonymous with excessive indulgence, self-gratification, and an arrogant, wasteful lifestyle. Affluents who have much are giving back, doing good, taking concrete steps to make the world a better place.'
Danziger continues, 'When the current recession is over, the luxury market is going to be very different from the way it was before the current crisis. The next generation of affluent consumers are thinking about the impact of their consumption on future generations and learning that conspicuous consumption is not the way to grow wealth, to achieve happiness or to make their lives more meaningful.'

A new age of post-materialism is emerging

Affluent consumers no longer measure their achievement in the things they have and own or by the size of their home or brand of their car. They are measuring life success in new ways, including what they contribute to society and how they help make the world a better place for all of us.
'As this new trend toward post-materialism takes hold, luxury doesn't mean the same thing it once did. People with money will always want the best quality, best workmanship, best style and design, but when they shop they place the emphasis on concrete attributes and values that are measurable and defined by facts and figures, not image or status,' Danziger explains.

'Luxury is turning inward. It no longer is an external or outward show of status or wealth, but to an inner state of being defined by personal happiness and an outstanding quality of life,' Danziger concludes.