The changing nature of luxury: How brands are evolving to meet consumers' demands

Modern luxury brands are evolving their offer to meet the changing tastes of consumers around the world In some markets the heritage and timelessness of a product represents the ultimate hallmarks of luxury, while in others the focus is on the experience or exclusivity of the service. New research reveals that different brands resonate with consumers in different areas of the world, according to which aspects of the luxury experience they most favour The Kadence Luxury Index 2018 surveyed 5,775 consumers in 13 markets about their opinions around eight different components of luxury Quality emerges as the number one driver of luxury, followed by history, status, distinctiveness, timelessness, the feel-good factor, the experiential nature of the brand and exclusivity The research finds the more a brand is perceived to have an established story, the stronger the perception is of it being a luxury brand.

Furthermore, brands known for using quality materials, craftsmanship or . More