Not long ago, electric lighting was considered a luxury. For that matter, so were mobile phones. But, notions of luxury often change with technological advancements and cultural shifts.
With the start of the new decade, Lexus is sharing key findings from its most recent research on the future of luxury; specifically, what will the luxury “must have” requirements be 10 years into the future?
As a leading luxury brand, Lexus has always been curious about what those notions are and has consistently sought to anticipate luxury consumers’ expectations. “From the very beginning, our greatest curiosity hasn’t been machines, it’s been people,” said Lisa Materazzo, vice president of Lexus marketing. “What moves them? What makes them tick? It’s the inspiration for everything we do. From the products we craft to the dealership experience, it’s what makes us uniquely Lexus.”
As part of ongoing efforts to exceed expectations, Lexus commissioned a study of more than 3,200 Americans from Gen Z to Baby Boomers. According to the study, exceptional experiences and quality top the list of demands. But new must haves have also entered into Americans’ future luxury expectations, including time for the occasional “digital detox,” a desire to be unique and an increased focus on wellness.
Amazing Experiences, Exceptional Quality
Simply put, luxury has always been about exceptional quality and, more recently, experiences over possessions. They are the single most inherent features of luxury and are the top “must-haves” for luxury brands, according to the study findings.
Most Americans (56%), feel that luxury is better described as a lifestyle of experiences than a collection of belongings. This trend is projected to continue, as the majority of Americans (73%) believe that identifying luxury with experiences over belongings will be just as, if not more, important in the next decade. *