Rapid digital acceleration has challenged many industries to balance tradition with innovation; however, this tension is particularly acute for the luxury sector. A striking paradox exists between traditional luxury, which centers on exclusivity and scarcity versus modern luxury, which enables accessibility to all.
Can the two exist in harmony?
In this paper, we’ll take a closer look at many facets of the luxury brand paradox and the consumers that will drive its future. We will explore the need to balance the rich history, culture, and exclusivity of a luxury brand with the growing focus on ESG (Environmental, Social and Governance); consider ways to enhance the brand-consumer relationship; and examine a new world of potential opportunities for luxury brands in the rapidly growing metaverse.