Luxury Trends: Tradition 2.0
in Strategy & Trends | by Ethan Lyon
By Ethan Lyon, Senior Writer
As one of the most pervasive trends in luxury, Tradition 2.0 is about revamping and re-imagining luxury. Instead of starting from the drawing board, purveyors of luxury have found success in creating products, inspired by the old, with a new twist. Whether it’s sweetening the deal with perks or re-stylizing traditional luxury, brands catering to the affluent lifestyle are spinning convention to develop products and services that are grounded in familiarity while updated with a modern edge.
Sweetening the Deal—As purveyors of luxury find new ways to sell their products and services, sweetening the deal with new incentives, such as throwing in an additional item, is a way to entice luxury buyers. Whether it’s adding a new service or item of a collection, getting more for the asking price is entices buyers to purchase in a time when getting more isn’t about paying more.
Updating—Revamping old markets with luxury products is a way to capture a new luxury audience, while adding a twist to tradition. Expanding to new markets is a way for luxury brands to offer new experiences for an affluent audience.
The Bentley is Included—In the upscale town of Cardiff, San Diego, a luxury homeowner is selling his four bedroom home. This real estate sale has a twist—the 2007 Bentley is included in the $1.799 million asking price. If you act now, they’ll even throw in the stage furniture. This selling tactic of “sweetening the deal” can entice affluent buyers to purchase luxury real estate in a time when large purchases are becoming less frequent as the economy sours.
Glamping—When we think of camping, we conjure images of leaky tents, mosquitoes, dirty clothes, disgusting outhouses, etc. For those camping in luxury, it’s more like Persian rugs, private bathrooms, a real bed with high thread-count sheets. The accommodations are more like a hotel room outdoors than a typical camping experience. To take on such a camping excursion, a caravan would be required and the planning would make your head spin. That’s why there are luxury resorts that offer such amenities, in a rising trend of what is called, glamping.
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