The world of luxury is changing. Global consciousness is growing and consumers want to be moved, engaged, inspired and fulfilled.
There is growing recognition that hospitality needs to reach the next level of evolution. People feel increasingly drawn to live their lives in concord with their values. Material is no longer enough.
The definition of luxury today is becoming less typical. In short, ‘luxury status’ is revolving less around things and more significantly around how we feel, from a myriad of perspectives.
In the recent ‘Experience Economy’ businesses and brands curated memorable encounters, thus the ‘experience’ became the product.
With the next evolution, referred to as the ‘Transformation Economy,’ consumers seek more than the mere experience. They crave something authentic and meaningful — an experience that is in some way transformative, resulting in the improvement of physical or emotional well-being.
Brands that can offer a meaningful route to soulful luxury will be the ones that stay ahead of the game. Consumers want to be moved, engaged, inspired and fulfilled. They want to undergo an actual sense of transformation.
Brands need to deliver an emotional experience that will enhance the lives of their customers. It’s no longer enough to offer a product or service; brands must frame their offer within the idea of enhancement.
In the future consumers will choose products and services based on how they will transform:
their appearance, health and fitness
their lives - relationships, work life or wellbeing
their ways of thinking - politically, socially, morally and self
Wellness travel will see a shift from a consumptive to a contribution mindset.
Smart businesses realise that they are the catalyst for something profound.
This content was gathered through online research and in particular credit goes to Soul Luxury Consulting.
