Page 1

ZACK COHN

THE NEW LUXURY EXPERIENCE


ZACK COHN

THE NEW LUXURY EXPERIENCE

The Situation Consumer culture has changed following The Great Recession. How has this affected the luxury market? In particular, how is younger people’s perception of luxury evolving?

2


ZACK COHN

THE NEW LUXURY EXPERIENCE

Experts /Research

ALICIA

JILL

+ RUSTY

RUSSELL

JESSICA

Manager Cafe De La Esquina

Manager OAK

Front of House The Wythe Hotel

Owner Tommy Guns Salon

Bar Manager ISA

?

I spoke to a group of experts whom I considered at the forefront of luxury. The following review is informed by their helpful insight.

3


ZACK COHN

THE NEW LUXURY EXPERIENCE

Luxury before 2008 HBO’s Entourage portrayed a group of fictional guys defined by their extravagant spending habits.

4


ZACK COHN

THE NEW LUXURY EXPERIENCE

In the decade before The Great Recession, luxury culture was defined by big franchises and high prices.

5


ZACK COHN

THE NEW LUXURY EXPERIENCE

One-Dimensional Luxury Shopping at luxury stores became an increasingly homogenous experience. The Burberry, Louis Vuitton, and Prada stores at suburban malls looked nearly identical to the same stores in downtown shopping areas.

6


ZACK COHN

THE NEW LUXURY EXPERIENCE

Name Brand Badges Luxury items were meant to be recognized, and you recognized in them. What was important was the name brand, how much money you spent, and little else.

7


ZACK COHN

THE NEW LUXURY EXPERIENCE

The Luxury Space Before 2008 THE CULTURE

CATEGORY

Going to malls, going to downtown centers, going online and accessing the same options as everyone else.

Huge international luxury brands with offices in foreign countries ran their brands as monoliths.

PRODUCT

CONSUMERS

Products were across huge international supply chains and came with a built-in obsolescence

Price drove purchase and self-expression was defined by the sum of all the luxury goods you owned.

8


ZACK COHN

THE NEW LUXURY EXPERIENCE

The New Luxury (post-2008)... Streetwear brand Supreme features glamour model Kate Moss in its Winter ’12 ads.

9


ZACK COHN

THE NEW LUXURY EXPERIENCE

The market for luxury goods was transformed following the market crash of 2008 and subsequent economic downturn.

10


ZACK COHN

THE NEW LUXURY EXPERIENCE

Mindfulness The definition of luxury is evolving as something that emphasizes the production process and an appreciation of the characteristics and nuances that make goods unique.

11


ZACK COHN

THE NEW LUXURY EXPERIENCE

What Happened to the Local Shop? Changes in behavior emerge as a response to the idea that the local and personalized shopping experience is in jeopardy of disappearing.

12


ZACK COHN

THE NEW LUXURY EXPERIENCE

Themes INGREDIENTS

AUTHORSHIP

AVANT ORDINARY

DIALOGUE

13


ZACK COHN

THE NEW LUXURY EXPERIENCE

Ingredients These days purchasing a luxury item or experience is similar to reading the nutrition facts on food labels at the supermarket. The recipe that goes into the production process is a critical factor in assessing the value of a product.

14


ZACK COHN

THE NEW LUXURY EXPERIENCE

Ingredients

Hamilton Shirt Co.

The Fat Radish

For decades this brand has been producing handmade shirts

An emerging favorite of NYC’s elite art scene, this

out of its Houston workshop where the team can oversee all

restaurant is gaining attention as the most fully realized

aspects of design and construction.

“locavore” experience with high quality local food ingredients and artisanal decor.

15


ZACK COHN

THE NEW LUXURY EXPERIENCE

Authorship Buying a luxury good is an extension of the social channels (Tumblr, Pinterest Instagram, et. al) where you express yourself. It’s a real world curation decision that reflects your creativity and taste in a world of infinite choices.

16


ZACK COHN

THE NEW LUXURY EXPERIENCE

Authorship

Partners & Spade

Supreme

Partners & Spade showcases handpicked brands for

The fan culture around Supreme’s limited releases is

sale alongside art and artifacts in its storefront gallery.

famous. It produces a fraternity among those who buy.

17


ZACK COHN

THE NEW LUXURY EXPERIENCE

Avant Ordinary A growing number of luxury entrepreneurs are marrying low-brow, irreverent street trends with high culture tastes to poke fun at luxury’s rarified tradition.

18


ZACK COHN

THE NEW LUXURY EXPERIENCE

Avant Ordinary The Westway

Opening Ceremony

Built in a former strip club, The Westway is a dance

Opening Ceremony, Rodarte, and Rick Owens are

club that has rejected the shiny veneer of exclusive

high fashion labels that actively channel ordinary, local

nightclubs by ironically repurposing a trashy hangout.

street trends into the lines they produce for runways.

19


ZACK COHN

THE NEW LUXURY EXPERIENCE

Dialogue As a response to the automated recommendations found on sites like Netlfix, Pandora, and Twitter, people are gravitating toward knowledgable experts who are immersed in what they do.

20


ZACK COHN

THE NEW LUXURY EXPERIENCE

Dialogue Tommy Guns Salon

PDT

Tommy Guns’ salon Owner Russell Manley says men

Jim Meehan, owner of the East Village speakeasy PDT,

spend $75 on a cut at his shop for a human,

has a staff known for its first rate mixology expertise.

personalized experience. They’re looking for something

People go there to talk recipes and liquor brands with

that isn’t totally ordinary.

the owner and bar staff.

21


ZACK COHN

THE NEW LUXURY EXPERIENCE

The New Luxury Experience THE CULTURE

CATEGORY

Spending money on a luxury item is all about authenticity and the nuances of the experience.

Luxury experiences are being sold by auteurs - entrepreneurs who are immersed in their craft.

PRODUCT

CONSUMERS

What goes into a product is a critical element in telling its story and drawing attention to the traits that set it apart.

Consumers come equipped with info and expect to learn more in person. Explaining why you bought something reflects your curatorial abilities.

22


ZACK COHN

THE NEW LUXURY EXPERIENCE

The Strategy Luxury brands have to bring people closer to their purchases - both physically and emotionally. Relative to the retail experience, each of the brand’s shops should be a unique cultural adventure. The local community should also be honored in the experience while at the same time positioning the brand as part of a larger creative ecosystem. The brand is responsible for facilitating the process of how its customers ultimately select goods. Bespoke, personalized service leaves customers feeling empowered by and connected to the choice they made.

23

The New Luxury  

An examination of how young people's perception of luxury is changing.

Read more
Read more
Similar to
Popular now
Just for you