How are luxury brands signalling sustainability? Are experiential vacations the new norm? When do people factor resale potential into their buying decisions? In this part of the 2023 Expert Outlook, we speak to three experts about how luxury is maintaining its allure amid the cost of living crisis.
Diana Verde Nieto is the co-founder of Positive Luxury, which helps companies adapt and transition to a new climate economy by assessing their ESG performance and forecasting social and environmental risks. Diana is a pioneer in ESG and a globally recognised figure in the sustainability field. She holds a degree in global leadership and public policy from Harvard Kennedy School, and she has been trained by former US Vice President Al Gore at the Alliance of Climate Protection, subsequently being honoured by the World Economic Forum as a Young Global Leader.
Marie-Cécile Cervellon is a professor of marketing at EDHEC Business School in France, with a speciality in luxury marketing. She sits on the scientific committees of major conferences in luxury and contributes editorial direction to fashion journals.
Chandler Mount has researched the world's affluent and wealthy since 2011. He was named Luxury Researcher of the Year by Luxury Daily and has appeared on Fox Business and in Forbes, among other notable media outlets. He has helped guide the marketing strategies for more than 100 brands, both large and small. Chandler is a certified insights professional and member of the Insights Association, American Marketing Association, and the Association of Consumer Research. He is underway being certified by the International Standards Organization for market research (ISO 20252).
Nicolas Lopez is a New York-based behavioural analyst at Canvas8. He holds a degree in political science from Columbia University. His research is driven by the relationship between the political, material, and cultural spheres. Outside of work, he can be found writing fiction and riding his bike with no hands.
Young, values-led luxury consumers are increasingly prioritising bold yet elegant jewellery that enables self-expression through gender fluidity. Within this context, Alan Crocetti has emerged as a forward-thinking brand that’s shaking up the sector through contemporary design.
Though they’re conscious of economic turmoil on the horizon, many Americans still want to indulge themselves with both big and small splurges. Having investigated this in the Luxury Sector Snapshot, Canvas8 spoke to eight people about their luxury spending intentions in 2023.
Why are people turning to small luxuries amid global permacrisis? What’s causing authenticity and durability to become the new symbols of status? Who are the shoppers rejecting opulence for understated luxury? And how are values-led, sustainable products elevating exclusivity?
Rising prices across sectors are leading many people to focus on cutting costs above all else. But in the luxury market, the continued demand for quality and authenticity is seeing some call out products that fall short. So, how can brands appeal to savvy shoppers who crave both value and status?