Defining luxury might sound simple but the whole concept of luxury has changed significantly over the last few years. Where once we thought of luxury as being an abundance of material possessions, the focus has shifted to more personal concepts of freedom, space and time. So let’s take a look at what luxury is all about in today’s world.
Defining Luxury
The meaning of the word luxury is actually lust. It originates from the Latin words luxuria meaning excess and luxus meaning extravagance, which became luxure in French. In Elizabethan times, this was associated with adultery, yet it eventually came to mean opulence or splendour.
The Paradox of Luxury
Originally, luxury goods were all about craftsmanship and owning items that were not readily available to others. However, this all changed with the rise of mass production in the Industrial Revolution and the globalization of commerce. Consumers can now easily obtain the same items worldwide, whether by travelling overseas or by ordering online from a platform such as Net-a-Porter or Farfetch, Yet scarcity remains a determining factor in whether goods are considered to be luxurious. In the current climate, many mid-market luxury brands are struggling whilst those at the top end are thriving. So how do we reconcile this paradox of luxury" Tech brands such as Apple have been successful at controlling supply to create demand for their new products. Limited editions and exclusive previews are also good ways to dr...