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Altered Aspirations
Reappraising aspirational brand experiences
What we aspire to experience and own has changed remarkably in the
past decade. Our motivations have changed from the materialistic to the
experiential; from the time-consuming to the instantaneous. This has forced
luxury brands to be more transparent with their products, processes and
ethics, and also created innovative collaborations between old world craft
and new age technology.
It’s this consumer-driven democratisation of the premium market that has
taken luxury from the preserve of the few, and into the hands of the many.
We’ve termed this era of change and evolution in the luxury market “Altered
Aspirations”, as brands respond to an increasingly diverse and complicated
set of consumer desires, particularly among Millennials.
This issue of Map looks to uncover the drivers for such a seismic change
in consumer behaviour, and explores the effect it’s had not only on luxury
brands, but also on the mass-market.
ALTERED ASPIRATIONS
What this means for you
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Rethinking Exclusivity
An element of exclusivity is key for high-end brands to retain their appeal and
inspirational image. Ask if your brand has done enough to ensure it still holds
those values of rarity, specialness and elusiveness.
Innovation is the New Craftsmanship
Technology evolution has forced brands to redefine the concept of
craftsmanship through the lens of innovation beyond traditional means. Ask
how your brand can reinvent what quality and craftsmanship means in a era of
digitally native and technologically aware Millennials.
Evolving Aspirations
Consumer perceptions of aspiration are moving away from ownership
and the material, towards sharing and the experiential. Is your brand
truly delivering an aspirational offer, or is it using tired conventions that
consumers are weary of?
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