Luxury can be driving a red sports car and living in the most expensive houses in the Philippines, or luxury can be sitting down under a mango tree while the cold breeze of the wind kisses your cheeks, and the clear blue sky gives you a relaxing feeling. Luxury can be both the grand things and the small things of your daily life. But how did the luxury industry change for the year 2022?
A red sports car symbolizes one’s status in life| Photo from Unsplash Website
The Luxury Industry
When the COVID-19 virus struck the Philippines, many business industries were greatly affected. The small business and even the huge companies were not exempted from experiencing a significant loss in their conversions. Every level of the business industry where filtered and trimmed down, leaving the most essentials in the line. The luxury industries were set aside for quite some time because people are putting priority on the things that matter in the most desperate of times.
The government even alarmed and informed the public to put a value on the simple yet basic of needs to survive while staying in luxury homes Philippines because the pandemic was very uncertain, and no one knows when it will end. The luxury industry was in a pause waiting for its time to bounce back.
During the start of the pandemic in 2020, the luxury industry including luxury goods and experiences was in a challenging year but when 2021 started, there was a relatively significant improvement in their sales.
Resiliency of Luxuries
The luxury industry is one of the most resilient industries. Having been hugely affected by the pandemic, the luxury industry was one of the fastest business industries that bounced back. It moved at a substantial pace that gradually accelerated in its projection.
Luxury and its Meaning
Luxury is a state of comfort or extravagant living as Oxford Dictionary explained it, while luxury goods and experiences are the products and services that are non-essential yet greatly desired by the wealthy and few people. These are things that a person can live without yet for affluent ones, these add and spark joy in their lives. For some, it connotes status but to others, it brings additional self-worth and value. Usually, luxury goods and services are being paid for their brand, quality, and craftsmanship. Some were being made for a long time to come up with a valuable and worthy item or service.
You’re not living a luxurious life without a luxury jewelry| Photo from Unsplash Website
Luxury business owners needed to think of creative ways to make their businesses remain alive in the middle of the wilderness. Luxury brands need to deliver a more timely and timeless form of items to empower individuals.
As the meaning of luxury varies because of the changes caused by the pandemic, there is a wide discussion on how luxury will look in 2022. The meaning of Luxury in 2022 will evolve, becoming more diversified and contextual, according to Luxe Digital.
Resale: Rise of Second-hand Luxury
People have seen the value of life during the pandemic. It took a pandemic to know those simple things are enough. Even the wealthy people, as they stayed in their luxury homes in the Philippines, they had the realization that you can still live in this world even with the simplest of things. In this regard, as the business industry rises from its fall because of the result of the pandemic, people are now becoming smarter in managing their wealth and possessions.
Year 2021 when secondhand luxury stores became a trend, and on the upcoming year, the scenario might be the same. People will start to roam around their luxury homes Philippines, consolidating their most expensive treasures and items for selling due to seeing life and health as more valuable than ever.
The change in the meaning of luxury in 2022 includes shaping and fueling the resale market because affluent people see this as more convenient, sustainable, more affordable with the same quality of luxury goods and a new form of their investment.
Luxury bags are being sold for lower prices but still with its luxurious quality| Photo from Unsplash Website
Luxury is No Longer Limited on Stores but will be Occupying the Digital Platform
The global pandemic has opened doors for luxury items to be sold online, or what people also called social commerce. As people are staying in their mansions in the Philippines, many are accessible on the tips of their hands. Even buying luxury homes for sale or luxury lots Philippines is now possible by just being online. The meaning of luxury in 2022 will be more flexible due to the acceleration of online sales, especially luxury goods. The share of online sales would double base on the growth from 2019-2021. Global consultancy group Bain & Company forecasts that online sales will be the biggest channel for luxury items by 2025.
Many physical stores might be forced to close fully embracing live stream sales on social media. If it will not be closed, owners are forced to renovate and redefine their stores for a much more attractive store for their affluent consumers.
In Asia, live shopping will get to be more popular in the year 2022 because consumers continue to seek entertainment and engagement even while they shop.
Everything is now online| Photo from Unsplash Website
The meaning of luxury in 2022 will be dictated by the millennials and Gen Z generation. According to Luxury Daily, today’s millionaires are in the 18-44 age bracket. They are the ones liquid enough to spend. They even can buy luxury homes Philippines, the most beautiful houses in the Philippines with their own money.
Millennials are in love with luxuries based on craftsmanship and understated pieces while Gen Z or the Tiktok Generation is about taking the old style back and recreating them. No doubt this generation will be growth influencers for the luxury sectors in 2022. They are set to occupy 70% of the luxury market by 2025 and cause more than 100% growth. Big brands are working on this opportunity to feed the wants of this young generation by relating to them and winning over them. In this way, it will be both beneficial to the young consumers and them.
Millennials and Gen Z are the ones who will dictate the luxury movement for 2022| Photo from Unsplash Website
Besides elevating the luxury sales online and young generation occupying the luxury world, it is said that millennials and Gen Z generation is becoming more on data-driven luxury experiences. The meaning of luxury in 2022 will dive deep in embracing and putting a digital layer in their brands for greater experiences of their affluent consumers. Luxury brands are expected to offer first-class digital experiences like Brittany Corporation that gives private viewing and online tripping of their most beautiful houses in the Philippines. Through their website, customers can effortlessly access the luxury homes Philippines of this outstanding developer, catering to the most expensive houses in the Philippines. In addition to this, you can easily identify luxury homes for sale and luxury lots in the Philippines through their site. Being data-driven as a luxurious brand is a new trend this coming year, it was the result of the pandemic that brought companies and consumers in an agreement for a simpler transaction and experiences towards greater benefits to both parties.
Luxury is Freedom
More than the luxurious items and experiences, the meaning of luxury in 2022 will show more about freedom. Luxury is to buy whatever we want. Luxury is to do whatever we want to do. It is to freely spend whatever we have to however we want to. Luxury is to freely move outside ourselves. But it’s just ironic to know that luxury is too expensive and to the majority, it’s out of reach.
It was said that the luxury sector moves not at its own pace but at its consumer’s pace. The consumers and shoppers indeed dictate the projection of luxury. We, as consumers, have the power to dictate the movement of the luxury sector. It depends on people. It depends on us. The meaning of luxury in 2022 is in our hands.
Luxury is Freedom| Photo from Unsplash Website
The Meaning of Luxury in 2022
The meaning of luxury in 2022 may be different from what many people know but it will spike up for the better for the next year. Hopefully, the projection of all luxury brands would go up as to compensate for the losses it had for the two years of the pandemic.
Thinking of what luxury items, experiences, or investments you would want to add to your Wishlist for the coming year? A good long-term investment would always be luxury homes Philippines. Acquiring from the most beautiful houses in the Philippines and having one of the most expensive houses in the Philippines would always be a great investment.
You may continue scrolling and visiting the website of Brittany Corporation for its luxury homes for sale and luxury lots Philippines. All luxury homes are made with quality materials by the most competitive engineers and builders in the country. They have built the most beautiful mansions in the Philippines.