LSN : News : Discover LS:N Global’s new macrotrend, Luxury Recrafted

Discover LS:N Global’s new macrotrend, Luxury Recrafted

Global – What’s in our newly launched Luxury Futures 2023 report – and what can your business learn from our research?

Entitled Luxury Recrafted, this new LS:N Global macrotrend explores how status signifiers are changing and reshaping the luxury sector, whether by rejuvenating dormant markets, placing craftsmanship on a pedestal or prompting brands to champion eco-positive action. New generations of affluent consumers self-identify as collectors, and envisage luxury sector players as guardians of craftsmanship and provenance and ESG champions. Above all, they see the luxury sector as a cultural compass.

But the lessons from our macrotrend have relevance beyond the luxury industry. As we look ahead, these key consumer shifts will ripple down into other sectors as we collectively seek both awe in elevated branded experiences and circularity in the products we acquire.

In the full report, you will find best-in-class case studies, key innovators, expert interviews, market statistics and strategic implications you can apply to your business.

What the experts say

‘The new wave of luxury connoisseurs means that brands need to review their strategies, ensuring these tech- and archive-savvy consumers feel like a part of the story, without alienating the brand narrative that appeals to historic clients’

Marta Indeka, senior foresight analyst, The Future Laboratory

Tiffany & Co and Snap create immersive US Open fan experience

US – American luxury jewellery giant Tiffany & Co, known for its legacy in tennis, has collaborated with the United States Tennis Association (USTA) and one of Gen Z’s favourite social media apps, Snap, to create an immersive fan experience at the 2023 US Open. The partnership marks Tiffany & Co’s first venture with Snap’s AR Enterprise Services (ARES), which integrates augmented reality into businesses’ websites, apps and physical locations.

At the US Open, Tiffany & Co’s fan booth will offer an AR mirror experience with a diamond-inspired tennis racquet and iconic trophy, along with the option to participate in a virtual volley. The AR experience will be available to fans attending the US Open from 22 August to 10 September. This collaboration between Tiffany & Co and the USTA dates back to 1987 when Tiffany & Co began crafting the US Open Singles and Doubles Trophies, but the integration of Snap’s new ARES elevates this partnership, allowing consumers to experience the brand through multiple touchpoints, as discussed in Snap’s Retail Play.

The partnership also comes at a time when racquet sports are peaking in popularity and are being repositioned for new generations, a topic we explore further in Racquet Culture Redefined.

Snap and Tiffany & Co at the 2023 US Open, US

Strategic opportunity

Consider how to capitalise on Snap’s AR Mirror technologies to invest in building experiences that not only enhance brand engagement but also allow brands to collect consumer data and offer personalised services

Stat: Belief in online conspiracies greater among US teens than adults

Photography by Polina Tankilevitch, Russia

US – A study published in August 2023 has shown that teenagers are significantly more likely to believe online conspiracy theories than older generations, illustrating the broad impact of Gen Z’s relationship with social media.

Findings from the Center for Countering Digital Hate (CCDH), a non-profit organisation that fights misinformation, show that 60% of 13–17-year-old Americans surveyed agree with four or more harmful conspiracy statements – compared with just 49% of adults. For teens who spend four or more hours a day on any single social media platform, the figure is 69%.

The study polled more than 1,000 adults and 1,000 teenagers aged 13–17 about their ideas on social media and its impact. It also asked respondents to state whether they agreed with damaging statements from several categories of misinformation, including anti-vaccine statements, anti-semitism and Covid-19 misinformation.

‘It should not come as a surprise that this chaotic and topsy-turvy environment, in which disinformation and hate are algorithmically amplified without effective guardrails, has produced a generation of kids who are so susceptible to falsehoods,’ said Imran Ahmed, CEO of CCDH.

In Provocation Platforms, we previously analysed how societal resilience has led people to step out of their comfort zones in favour of dissenting perspectives, fake news and mistrust in the establishment.

Strategic opportunity

Consider how to prepare your younger employees and customers to critically assess online information by understanding how misinformation spreads on social media. Can you invest in workshops, training and awareness campaigns on identifying and countering online fake news?