There are five elements in what we call The Luxury Shift:

• The New Luxury consumer is younger, more middle class, and demanding greater ethical and sustainable qualities from the brands they buy. Established Luxury companies are really struggling with this, leaving opportunities for new luxury brands that start from a sustainability position.
   

• The definition of Luxury is changing from ‘outer recognition’ to ‘inner reward and indulgence’. ‘Status’ has been the bedrock of the old Luxury brands, but this is gradually being eroded by this change, especially with the advance of the Quiet Luxury trend.
   

• Craft as Luxury is emerging with an increased appreciation of Indian crafts and skills. Consumers in developing economies such as India are starting to question why western brands should feel that they ‘own’ the Luxury market, especially when so much of their range is made outside of Europe.
   

• A growing interest in Learning and Experience within Luxury, with consumers wanting to get more from their brand than just a new product. Established Luxury brands have not responded fast enough to this form of personalisation, even though it is the essence of Luxury. Connecting with the Makers and seeing them using their craft is very motivating for consumers, and cuts across age, gender, wealth, or location.
   

• The focus on China for most major Luxury players is leaving a growing Luxury market like India open to new brands. They have effectively ‘bypassed’ India simply because it is not yet in the top 5 Luxury markets. The pandemic highlighted this risk to leading brands with the extended lockdowns, and now they are entering India at very rapid rate.