Time Has Become The Ultimate Luxury

The luxury market has reportedly been declining since 2008, down 2% in 2024 alone. As we watch the industry pivot to reinvent the concept of luxury, an evolving image of cultural aspiration is emerging. The recent chapter of luxury has been called "quiet", high quality items without flashy displays of wealth; a trend in response to the post-pandemic economy. What appears to be the next wave of luxury is an evolution of this concept rooted in creating meaning: an in-group identity for those who get it.

This evolution of luxury feels like it's not unrelated to two things. Firstly, there is an undeniable social rebellion against "elitism" -- from the recent election's political villainizing of "elites", to the eat-the-rich sentiment clouding the coverage of one particular CEO's recent murder. Secondly, consumers today have a different relationship with trends. As a result of algorithmic influence, everyone has to participate in trends, from consumers to brands. There is no longer room in culture to project cool, or elite status, through avoidance of trends and association with bleeding edge "things". The social algorithms simply wouldn't know what to do with you. These cultural shifts are at odds with an industry that was arguably born out of selling exclusivity. As example, underneath the absurdity of Balenciaga’s Crocs heels is a visible shift within a category known to distance itself from the mass market, now instead selling the ability to bring elevated and distinct taste to an existing mass moment.

What culture is responding to in luxury isn't just a quieter aesthetic, it’s also marketing inspired by the idea that time is the ultimate luxury. Miu Miu's recent resurgence of reading pop-ups in New York and Milan exemplify an appetite for more thoughtful, intentional luxury: a celebration of things that require time and effort in an age of instant gratification. Not a surprising tactic considering over the Summer a study validated that Gen Z values luxury simply to "showcase an accomplishment, not as a status symbol." For campaigns across categories, there is a clear opportunity to move beyond the product by curating meaningful experiences that treat the user's time and intention as its own luxury.