Along with technology taking more space in our lives, for better or worse, a strong trend in luxury democratization has taken place the last 15 years.
We will dig here the relationships between Technology and Luxury Democratization, deconstructing this trend to dig further and try to forecast where we are going from there.
What is Luxury Democratization?
Luxury Democratization was defined by the Boston Consulting Group in 2002 as:
"Middle-market consumers selectively trading up to higher levels of quality, taste, and aspiration."
- "Middle market consumers" is pretty straight forward for everyone to understand, it's probably you and me as you have access to the internet, can read and have the time to do so.
- "The quality, taste and aspiration" here show the switch from ready to consume, low quality and products without a real soul, as consumers are more keen to get interested in products and companies with a compelling story, quality products and a real purpose.
How a product is made, its impact, are now public, easily known by everyone through global information, travel and experiences.