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The future of luxury: mega drivers, new faces and scenarios

Yeoman, Ian and McMahon-Beattie, Una (2018) The future of luxury: mega drivers, new faces and scenarios. Journal of Revenue and Pricing Management, TBA . pp. 1-14. [Journal article]

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DOI: 10.1057/s41272-018-0140-6

Abstract

What is the future of luxury? Using scenario planning, this paper explores four possible futures of luxury set in 2030. Scenario 1, Trading Up to Luxury, discusses how consumers with increased wealth aspire to buy luxury products and experiences. Scenario 2, Prestige Luxury, focuses on the behaviours of the seriously wealthy and examines how the mega-rich influence luxury markets. Scenario 3, Enrichment and Experiential Luxury, illustrates how the concept of luxury has become less about materialism and more about experiences. Scenario 4, Craft and Authentic Luxury, illustrates how the exclusivity of luxury is framed by craftsmanship, history and uniqueness. This paper is based on an examination of the evolution of luxury as a concept and highlights eleven contemporary drivers of change including the democratisation of luxury, demanding consumers and premium pricing. The study allows those involved in luxury industries to understand change and, using the scenarios, to position their products or experiences.

Item Type:Journal article
Keywords:Luxury, Futures, Scenario Planning, Premium Pricing, Authenticity, Experiences, Democratisation, Affluence.
Faculties and Schools:Ulster Business School > Department of Hospitality and Tourism Management
Ulster Business School
ID Code:39836
Deposited By: Professor Una McMahon-Beattie
Deposited On:28 Mar 2018 13:42
Last Modified:07 Feb 2019 23:23

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