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Tuesday 18th February 2020

Luxury PR in an age of Austerity

By Lysbeth Fox, 

This year during Hollywood’s glittering award season there was one man widely hailed as the best dressed; he was the one wearing the plain black tuxedo.

It was the same one he wore to the Oscars, the Baftas, the Golden Globes and to the SAG Awards. Best Actor Winner Joaquin Phoenix repurposed his suit to make a statement about sustainability in the middle of the world’s most glamourous runways. "This man is a winner," tweeted its designer, Stella McCartney, after he debuted it at the Globes. "Wearing custom Stella because he chooses to make choices for the future of the planet. He has also chosen to wear this same Tux for the entire award season to reduce waste."

But the actor wasn’t just making a statement about sustainability in fashion – he was making a statement about luxury too.

In our current climate, consumers are taking a much closer look at what they buy. And consumption on its own, and for its own sake, is no longer something to be admired.

The age of the flashy Insta-brag is mercifully coming to an end.

Rather than viewing this as a negative for luxury brands, I see this as a moment of great opportunity – because what luxury has done and what will always do best is to highlight its heritage. Luxury manufacturers draw an open and transparent line from manufacturing to purchase, and luxury has long mastered the art of telling its own origin stories.

You may remember, as I do, in early 1997, when Patek Philippe came up with a tagline that would go on to become iconic. It was, "you never truly own a Patek Philippe…. you merely look after it for the next generation". This campaign became so successful and well-known that now it's almost a cliché.

This idea fits beautifully with today’s ethos. The demand for luxury has never been stronger – and in great part because of the new eco-sensitivities – because it brings with it a deeper dive into examining best practices. Luxury goods stand on the shoulders of their trust and reputation- there is no ‘fast fashion’ in the luxury sector.

The numbers back this up.

In point of fact, the global luxury goods market is still growing. In 2019, it increased 4 per cent to an estimated €1.3 trillion (according to Bain & Company). And while the appetite for luxury has not diminished in the slightest, the definition of what defines luxury is moving all the time. Today’s modern consumers want authentic goods, with local, authentic stories behind them — and they also seek experiences that are thoughtful and that deeply resonate.

In the luxury travel industry, we have seen this with the trend towards experiences over consumption. It’s no longer about the biggest, most blinged-out jet or overwater suite -today’s luxury traveller values stories over services. They will pay more, and carbon offset in order to have life changing and enriching moments that they will remember for years to come.

And luxury hotels are clamouring to meet this desire. Rosewood targets "affluential explorers" with opportunities to search the Bahamian seas for an expensive watch, or sleep under the stars the Arabian Desert; and Rocco Forte allows guests to land on Mount Etna in a private helicopter, or hot air balloon over Rome. Last year Mandarin Oriental partnered with luxury tour operator Abercrombie and Kent and the Four Seasons Costa Rica offers "conservation land and sea experiences" that pair guests with experts to learn about sustainability and the country’s wildlife.

As customer behaviour continues to evolve, a modern luxury purchaser has emerged. They care about the story behind the brand, the overall experience it generates and the values that are inherent within.  To successfully connect with them, inspire them and nudge them towards quality over quantity in all things, we need to understand that luxury and longevity are pretty much and forever will be the very same thing.

Lysbeth Fox is founder and CEO of Fox Communications.

Photo by Mohamed Masaau on Unsplash