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LUXE TREND 54
A WORLD IN TRANSFORMATION PART 1

Here in the U.S., in the middle of the Coronavirus storm, we are in mandated quarantine, consuming news and rumors like a Keto-diet breakfast bar. We’re living in this moment when the ideal of the “good life” as conceived in the 1950s, is finally irrelevant. Privilege and Luxury now have new definitions. Aspirations and the notion that wealth protects and luxury insulates, have been dynamited out of existence.

Luxury companies, like Louis Vuitton and Dior, converted their perfume factories to manufacture disinfectant gel for French hospitals. Burberry is making hospital gowns in their raincoat factory. Stores and malls have closed. Italy has virtually stopped operating altogether, as has most of Europe, and the world, in fact. The world predictions are dire and the horizon has disappeared from view.

During this series of singular moments, our isolation can create brilliant glimpses of the future of our world. Personal insights born from fear and despair, can become future promises, brimming with so much potential.

Self-prescribed isolation is a rather modern concept, as we are all lost in our digital echo chambers. Until now, we have shown a preference for being insulated in our carefully curated view of the world.

The current medical reality intersects with economic reality. The combination’s lethal impact has created a storm that was impossible to fathom even a few weeks ago.

It has become far too scary to think beyond today. Rather than trying to predict what the world will look like a few months or years from now, what seems appropriate is to stay reflective. The process of remaining creative and productive in this period of upheaval is an important exercise in helping shape our concept of the future.

Changes in Human Behavior

We are currently in a prolonged phase of anticipated grief and responding to the crisis reflexively. Our behavior is already creating new behavioral patterns in large pockets of the population. At the same time, we are also indulging in our addictions, from fear and anxiety, to the use of unhealthy substances. Thanks to social media, we were used to practicing social distancing with gusto. The mandate to avoid physical contact found us extending that practice.

The question remains: how do we emerge from this crisis? Will our collective post-traumatic stress disorder last for more than a few months? How will economic reality shape the future? As entire industries are decimated out of existence, the way we traveled, assembled and celebrated as people have changed. Post-crisis, the first order of business will be to start curing the global psyche of the health crisis and its tremendous economic impact.

Fewer Luxury Goods, More Exclusive Experiences

What was exclusive and covetable 2 months ago, is undesirable this month. Our needs have changed. The value of a Dior Cannage bag, and its status equivalent, are no longer of consequence.

As we go through a period of intense adjustment and of getting back to basics, we will be testing new ways to communicate luxury and desirability. Luxury may just be how we inspire one another; how we reinforce our emotional connections. Sharing experiences with a few loved ones will become more commoditized. Families who weathered the health crisis and emerged stronger from it will seek to create more opportunities to celebrate together.

Travel, Hospitality, and Special Events where social intimacy is prized will be forced to adjust to a new environment. Expect some of these services to provide virtual tools and environments as an extension of their services. As a society, if we can’t cure the medically afflicted for a long time, the outlook for recovery for these industries is bleak. Survivors will be more inclined to transact and celebrate within micro-societies. Small will be not only beautiful, but it will also be safer. What it might not be is profitable.

Luxury companies will focus more on growing and communicating their culture rather than their products. The challenge will be to create ideas that are as profitable as luxury products..

Retail

Already in decline since 2018, luxury retail is arguably one of the first victims of the crisis. Fashion retailers, burdened with debt, will consolidate or cease operating altogether.

When the crisis abates and stores are allowed to reopen their doors, expect a wave of sales and price wars. Personal care items, such as cosmetics, will all be in abundant supply until the possibility of re-stocking the shelves becomes difficult. Problems in supply chains will be evident as early as this summer. What is uncertain for now is the demand for these products.

In the short term, online shopping will experience growth. One scenario we predict is digital-only creative collaborations, a portion of which will be donated to victims of the crisis.

Food and Nutrition

NASA may begin weighing in on how we feed ourselves and how we stay well-stocked. If social distancing measures repeat themselves until a vaccine is discovered, less fresh produce and reduced farming output might mean stronger demand for cheaper food with a longer shelf life.

Restaurants are facing an uncertain future. While some food innovators will survive and perhaps even thrive, a restaurant resurgence will not be possible until sanitizing for Covid-19 offers reassurance. Chefs such as Rene Redzepi of Noma or Ferran Adria of El Bulli, or their disciples, can offer helpful guidance on how technology can further revolutionize future practical food concepts.

There is also the subject of feeding and caring for those left unable to support themselves because of health or unemployment issues.

For the affluent, exclusive medical and wellness retreats with treatments that are proven to be secure and effective will flourish. In those environments, a small revolution in food and nutrition might also occur.

We’ve already been slowly accepting our version of baby food for adults which is delivered to our doorstep, blendable and, organic. The next chapter of the food revolution will seek to further that concept.

The intersection of Medicine and Beauty

Virtual health is a growing sector of the economy projected to generate several billions of dollars of value in the next few years. Concierge medical services like Forward, whose customer base is the affluent young Gen-Zer, have also entered the marketplace at the boutique level.

Beating this virus might necessitate a unique type of remedy. It might create an opportunity for wider use of wearable medical testing devices. In the near future, these devices could become a luxury add-on, maybe even designed by a famous jeweler or accessories designer..

The next generation of beauty products will move beyond their present traditional applications. For example, a Chanel eye shadow could automatically bio-adjust to your skin’s particular composition.

Focusing on the concept of The New Normal is fast becoming a subject of obsessive inquiry. We are in a frenzied and exciting chapter in the history of civilization where in a matter of a few short weeks the concept of Luxury has been upended. We have a lot of life-and-death issues to solve that will render any display of luxurious excess a thing of the distant past.

Those of us who are enthralled by the beauty of products that tickle our hedonistic tendencies might find the contrast of this new world shockingly stark. However, new worlds have been built on the head of a pin. We now have a tremendous opportunity to find new meaning, share resources, share knowledge, and move towards the concept of well-being as a basic human right.