New York, NY—The sharing economy is perhaps the most disruptive trend to impact the luxury market since brands embraced democratization of luxury overall. Marketing agency Cocoon has identified this as one of three important trends that at the midpoint of 2016 are standing out as most impactful.
For younger consumers—the demographic all brands are trying to woo—luxury is important. But they’ve redefined it in many ways, and one of those ways is that access to luxury is more important than ownership. Whether it’s a yacht or a high-end timepiece, many younger consumers want to rent one when they need it without committing to the full cost of keeping it.
DuBois Et Fils has introduced a “Rent Your Luxury Watch” program where, for a monthly fee, consumers can rent an exclusive timepiece for a set period of time. According to a report from Luxury Society, the brand also will track each watch and the story of where it has traveled will become an integral part of its appeal. Top of page: a DuBois watch. Image: Luxury Society
Playfulness is another key trend. Luxury brands such as Karl Lagerfeld and British department store Harvey Nichols are injecting a sense of fun and whimsy into luxury products, positioning them as something playful rather than the traditional seriousness that accompanies such an expense.
Lastly, individuality continues to be an important trend. As any jeweler with a strong bridal business knows, Millennials want their rings to be unique and special to them. While they may believe in shared values, the way they express those values is highly individual.