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The future of luxury

White Rabbit gallery in Chippendale, Sydney, is an example of a privately owned art collection that is open to the public

White Rabbit Gallery in Chippendale, Sydney, is an example of a privately owned art collection that is open to the public

Beverly Hills Conference and Visitors Bureau (BHCVB) today launched a global trend report, The Future of Luxury.

Authored by trend forecast agency, IN(K), it examines the current landscape of the global luxury sector, offers an in-depth analysis of the high-net-worth market, and forecasts the newest luxury trends.

Here’s what the report, titled ‘Luxury 3.0’, found:
• The rise of the ‘Localtarian’ – a sustainable lifestyle choice where the food conscious only eat local.
• Old-school hideaways: a bespoke buzz – secret, speakeasy-style spaces are catering for the super-rich’s desire for discretion and exclusivity.
• Prime-grade sourcing – designers, chefs and food entrepreneurs are rediscovering old techniques to give an extra layer of narrative to luxury goods.
• ‘Menswear revenge’ – women’s fashion has traditionally been the driver in innovation, but menswear is starting to fight back with the growth in men’s spending overtaking women’s.
• As mindfulness becomes more popular as a wellbeing trend, the report predicts an emergence of luxury consumers seeking ‘sati-faction’. Sati, the Buddhist word for mindfulness, is about helping people to switch off in a fast-moving, 24/7 world and find inner satisfaction.
• ‘NoGo’ – a rebellion against logos on luxury goods.
• Also discovered in the report is a new generation of art collectors entitled MARTYR – Millennial ART Yielding Revenue. This group sees a younger generation of high net worth individuals investing their wealth in art, then often showcasing it in public places, bringing ‘art to the people’ in an effort to give back.

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