How can we define luxury? "Luxury is what you cannot afford," says expert Luca Solca. "Luxury is what you aspire to."
Clearly, affordability and aspirations are different for everyone. "But you could argue," continues Solca, "that in almost every category, you now have an upgraded and improved version that could potentially represent a small luxury, even in sandwiches."
From luxury super-yachts to high-end handbags, this edition of The Agenda with Stephen Cole examines how the premium market is continuing to thrive and why now may prove the perfect time for it to undergo a post-pandemic makeover.
The first expert is the aforementioned Luca Solca, Senior Research Analyst of Global Luxury Goods at the Sanford C. Bernstein Investment Research Institute, who explains why the very meaning of luxury is constantly evolving.
With the second-hand luxury market seeing record growth, just what impact is the rising trend of sustainability having? And are brands adapting quickly enough to take advantage? Positive Luxury co-founder Diana Verde Nieto explains the benefits of sustainable business, and why it's crucial to remaining relevant.
As travel has been one of the industries most affected by the COVID-19 pandemic, Adam Sebba – CEO of luxury travel company The Luminaire – discusses how demand for high-end luxury cultural and educational tourism has been soaring since lockdowns.
And finally, would you buy a digital dress or a virtual v-neck? It's estimated the Metaverse and NFTs – non-fungible tokens – could make up 10 percent of the luxury market by 2030. Marjorie Hernandez, a digital fashion expert and co-founder of The Dematerialised, explains whether big brands are convinced enough to adapt to this growing trend.