Luxury Shifts Up A Gear

Bmw Australia Ceo Vikram Pawah Explains Why Modern Luxury Is Highly Emotional And All A Question Of Attitude.

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Today, luxury is defined by factors such as personal gain and the emotional journey rather than owning statement pieces from brands founded on tradition, craftsmanship and heritage.

Once tangible, status is now the opposite; less about ‘what I have’ and much more about ‘who I am’ – for example, more environmentally friendly, creative and connected. A person who seeks out a luxury product today knows what they want and is looking for a very personal experience.

The reasons behind this shift are well-documented. Wealth is no longer a privilege of the older generation; something accumulated over years, even decades, of hard work. As such, we’ve seen the average age of a BMW customer reduce considerably to around 45.

As we grow more interconnected in this digital age, we’re always ‘on’. Time – and how we spend it – is increasingly precious. Analysts report that affluent consumers are also conscious of the negative impacts their consumption has on the environment, society and their health. Therefore, another aspect of modern luxury is indulgence without guilt.