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The future of luxury: mega drivers, new faces and scenarios

Author

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  • Ian Yeoman

    (Victoria University of Wellington)

  • Una McMahon-Beattie

    (Ulster University)

Abstract

What is the future of luxury? Using scenario planning, this paper explores four possible futures of luxury set in 2030. Scenario 1, Trading Up to Luxury, discusses how consumers with increased wealth aspire to buy luxury products and experiences. Scenario 2, Prestige Luxury, focuses on the behaviours of the seriously wealthy and examines how the mega-rich influence luxury markets. Scenario 3, Enrichment and Experiential Luxury, illustrates how the concept of luxury has become less about materialism and more about experiences. Scenario 4, Craft and Authentic Luxury, illustrates how the exclusivity of luxury is framed by craftsmanship, history and uniqueness. This paper is based on an examination of the evolution of luxury as a concept and highlights eleven contemporary drivers of change including the democratisation of luxury, demanding consumers and premium pricing. The study allows those involved in luxury industries to understand change and, using the scenarios, to position their products or experiences.

Suggested Citation

  • Ian Yeoman & Una McMahon-Beattie, 2018. "The future of luxury: mega drivers, new faces and scenarios," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 17(4), pages 204-217, August.
    • Handle: RePEc:pal:jorapm:v:17:y:2018:i:4:d:10.1057_s41272-018-0140-6
    DOI: 10.1057/s41272-018-0140-6
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    References listed on IDEAS

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    Cited by:

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    4. Areej Algumzi, 2022. "Factors Influencing Saudi Young Female Consumers’ Luxury Fashion in Saudi Arabia: Predeterminants of Culture and Lifestyles in Neom City," JRFM, MDPI, vol. 15(7), pages 1-13, June.
    5. Raluca-Giorgiana Chivu (Popa), 2021. "The Role of Marketing in Luxury Tourism: A Case Study on the Structures of Tourist Reception in Romania," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 636-645, December.
    6. 'Phil' Klaus, Philipp & Tarquini-Poli, Annalisa & Ahmed Mostafa Alawad, Nawal, 2022. "Lifestyle of the rich and famous: Exploring the ultra-high net-worth individuals’ customer experience (UHCX)," Journal of Business Research, Elsevier, vol. 147(C), pages 49-58.

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