By Daniel Langer
I just came back from a several Asian capitals and not only across the region was the unprecedented change in the luxury market visible, but it can also be observed worldwide.
Younger and increasingly wealthier luxury clients have much higher expectations and are also open to experimenting different things than the generations before. Even for wealthy clients “value for money” is a critical factor in deciding which brand to purchase.
Perceived value is not just in the product, but also in a plethora of intangible aspects that form the psychology of luxury purchases.
The next-gen luxury consumer
This is where many brands fail – they deliver what I call “luxury in ambition only.” And failure to inspire has consequences. In the rapidly changing luxury market, a seismic shift is underway.
The resale market, once a niche corner of the industry, has exploded into a global phenomenon, reshaping how we think about and consume high-end goods. This is not just a passing trend, but a fundamental transformation of the market.
This revolution is being fueled by three key factors, each of which deserves closer examination. Today’s younger luxury consumers are a different breed.
They’re digital natives, comfortable with online shopping and less bound by traditional notions of luxury ownership. Recent studies found that more than 60 percent of Gen Z and millennial consumers have shopped secondhand luxury, compared to less than 45 percent of baby boomers.
This generational shift reflects changing values.
The price-value disconnect
Luxury brands have been on a relentless upward price trajectory. In the past year alone, we have seen increases of 5-20 percent from brands like Hermès, Chanel and Louis Vuitton. Over a span of three years, some brands doubled prices.
While some price adjustments are understandable given inflation and rising costs, the magnitude of these hikes has outpaced any corresponding increase in value proposition, especially for brands that reduced quality at the same time as they increased prices. This disconnect has pushed many consumers to seek alternatives, with the resale market offering an attractive solution.
Why pay full price for this season’s bag when last year’s model is available at a significant discount and at higher quality?
The arbitrage opportunity
The widening gap between new and pre-owned prices has created a fascinating arbitrage opportunity. As new item prices soar, the value of pre-owned goods increases correspondingly, albeit not at the same rate.
This dynamic has attracted not just individual sellers but also major players. Auction houses like Sotheby’s and Christie’s, traditionally focused on fine art and antiquities, are now aggressively expanding into luxury resale. Even mass-market giants like Walmart are getting in on the action, partnering with platforms like Rebag to offer authenticated luxury goods.
This shift presents both challenges and opportunities for the luxury industry. On one hand, the growth of resale threatens to dilute brand exclusivity and control over distribution.
On the other, it offers a chance to reach new customers and tap into the growing demand for sustainable consumption. For luxury brands, the strategic question is what to do in this situation.
Questions include whether they should find ways to participate in and benefit from this trend rather than resist it. Some brands may need to rethink their pricing strategies or develop their own resale platforms to maintain relevance in this new landscape.
It also warrants a wider strategic assessment on the next generation of clients, their expectations, their desires, and – importantly – where they feel that brands are failing them. I am still amazed how many brands are not yet taking the dramatic shifts in behavior and expectations of Gen Z serious enough.
The next generations are already redefining what luxury means in the 21st century. For an industry built on tradition and exclusivity, this presents a profound challenge – and an exciting opportunity for reinvention.
The question now is not whether luxury brands will adapt to this new reality, but how quickly and effectively they will do so. I already have fascinating discussions on board level with some brands that understood that now is the time to reassess strategies.
The clock is ticking – will your favorite brand rise to the challenge?
Luxury Unfiltered is a weekly column by Daniel Langer. He is the CEO of Équité, a global luxury strategy and creative brand activation firm, where he is the advisor to some of the most iconic luxury brands. He is recognized as a global top-five luxury key opinion leader. He serves as the executive professor of luxury strategy and pricing at Pepperdine University in Malibu and as a professor of luxury at New York University, New York. Dr. Langer has authored best-selling books on luxury management in English and Chinese and is a respected global keynote speaker.
Dr. Langer conducts masterclass management training on various luxury topics around the world. As a luxury expert featured on Bloomberg TV, Financial Times, The New York Times, Forbes, The Economist and others, Mr. Langer holds an MBA and a Ph.D. in luxury management and has received education from Harvard Business School. Follow him on LinkedIn and Instagram, and listen to his Future of Luxury Podcast.
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8JyWJy6Ua4HP9k\/r\/TvJUGrUF50cZQ30ZbBeWV7ncbF7JZbG0euriahJW9VoZHbSvrfPY5AGhyp4l7K4GUzF43I4anp81XQjsZQwt+pBMJlVM\/Jm4HifKD5DD9BO2x451vH6eH20CMp+GP0qzFWe234M\/uvPZNTc7aBlIBLjRkTBWEyHeJgoo5ZcYGV9QQhsaWMMniFeP4gtFoF5dFdX4SUre1ZkXjW1rNFQyMUAJbWH7nKhgpSOZNc4aTDVUcdkcB9B2tsZI6B66U\/pgzrKa6Krwy8S1uM+MjeONe\/m2CHC6lFe\/D3HgWcRH9KSY5CANg5+Y43E3N2LbgxXQDfDZUt\/R3ih\/MAUpC3+j+V1gh0EHzLAo1DZjyyLZ+RbPO3i0MsEQqRQwifx0+1a\/v3kw\/WHTW3nE4\/f5cZuWC+RXzjWJjmWtps7WsPppyd4IeGfUu0NA8Rnrzym0S2dvrdANVFu0MrRQQFOPBnnNApIjzd1MvUHW8ajAsG40A+vl8dhigVa7yyN2UBkLvk6MAmHtu42iMpeeVyjFuhcuS5N4ppzc0oAQR\/qjsJIUskLwUMDklMwjqSMPWucha4Kc7aTvzykpZpDdT\/6SnOdmyXF1Zd7yqaB\/NAzTXqAcoj9RfcNXLnyucUSfP5iGoQ8PR6uQTbmWlTZAJ2DJkxeDdpm2FSzNz5RmI9hru53yvqu3Nsu+NDHrw7JDbOxmvCJzRx\/VniEXL6B4UaMkNKHHXYL2iv+J+Jc+2\/9R1DbX13CtDkMxtWcZ8GOZgJSQtdzuNr0MC7Yql6UNDilLMJDVJBYgIXyXzpYezK4YxLvxx+NTT86jfPT81G3\/Z\/UCm7hAzyRt\/MqK0O\/EekyzdRVn0pvF+p5lZOjsz4Bb\/BIPiT1k\/bIVzwcrFtE7Bsg0VeGsqB+qWsDJ0H1LHuiFcbn5e2W9EwkhYVSIhT+3SK0993X1owZpT8uJKjJT\/XWxeQQ2ZvRgo6puH95JxwKErBQsOFMvyU9HpGFf3kSAsJrMeqqI4yhgcspIErl4bQCXwTs7vGCMwipVS9jRwhLTfZMLe6c8uFnfPVdMQAdZVTGeUFKPlNQ64FLgcfV9rwUsZ83YyN2S+mndQfsoQMtztsFfTxZKhcERmrpZo1W8ms6HQFQPAiQrmIE5ni9ZWKeS+2s2YiLkvILLVkigBQOM6d9roPHbT0VeE3vb7Fh5\/pCna5cphLh\/DUQ4y2EQPXJT+iL\/z697EDMLtKNlvo3EFHZcO20LQ2H3aFE7f8PoJqFFvv+gBj3etQv4FJHHpIqJ6CApJDWYUZ4qdO8rR8yuBbKGqKvFoHtlsLvuLJZR5a7sGmns9m+UpTduxF02EIy6kGpCc4\/dPCzGgeOE5QedQsXDyfmxPwKPogiTGW\/raaggbsXGhhlG4fDzimihiM2gmkHBzTkvDKJWSmFq6ylfif2hfeUUxt09y65ioWfKAsPnb7+KptJyJ2u7ZwAMEamSmLaq6UfOa3\/1bk6fk+peydfU\/+3A22+1k90D7loqj+OB+4CNADSQklGB8DOLBID6uGaCXbxoSrGFFALjKYh6ptUOFojA0ZclWXsPNRDJqUTLB6jwxs2AH92ycWbwyykPB80vgql5nuioAyV1QTu35fg\/twfjHysKKX5rhRh6MktO3jGBy4UBd5BdRAmr6VCUUwJAIccvdbcI+MDgj353WyURRun6\/0iXXIfbor0Scfd+2DZFIFx5Hy1OFfJgTYC0w\/a3F6xbZlI8U04AyrZ2DeTvhvkPtx5tLuhxK3I0QpEWaf9pw9aet0XZ2tGIcPXR9nwU3k2AT9Y+4tfjZJxraEdCwmABmXb3IKW432LqygW6lX4lssjMtcS9+KwtjGCOkyV\/eViVK2rfHERPx42BnSKLMedu\/77k4\/4GPfRYbtEOMQUIO3OvdWZ2qDpZhpRWaOiePHTEt\/Jc4mCcT43ix+0P9wcPCrzABzXl2h3twD6GxBo7jGfTLDUY91veR4Pe3NcB7GS+1vI8aOCC2zQBj9eJ3uYSE\/TJdXii1JcZqMAv0IksgyRtu0jYm6yOQk7\/L732LaqXTtb+V1U9phrqtq3Bo1a42IpcBWgVU12xulQmAiuLfMCY999\/2RqHAFU4x2XruelK5jeXD8I6UVyIklYLdT1Nl+ACzOys2pfQx61PlXmtKg57g\/B1bUr99sfHps6sW3pLTiXiK7hbKW74Rw1Kfd1rjtuhqA0QUyJ0yQDuKrsHakAO0C1WEBQUQ3TXTmBi+pc8frVl6NNmW0kigRm\/zzOc8a95VkPaqpP7i\/3EJZm+9hzFXOxsksu\/YyTvirfL2vCUwg6XPKP0FaknHz5jHdX7hBbhpoMsHJZDMPWJkprIsUQLUEc\/NvzGRcO5sbNr1qaYdNyp5NREq\/7cri\/vaf42WE8of1rSeMMSeyLQ8lQ33AIPeezY+1eUHbkP+QHyWEUOBXUvhsS5McDnFO6Chkuv1w1RRzhawEhgTkx1eWT7tNzibWSFQQvCt7rBrkvAl2v2WXd5Nmrw\/59tzzAUnMPqkWK3PLJh6FdKOVGTklt7Qp1UKsEPpAjNfDZwO7C0y4SH7BRKHrBM6W1B91hJ95gNQUk\/xCuqSuJDqX8vxOIJtDfv7XHVb7tT2ZzMgLntGfKrU4E+RxixwOTHO1Oqj57J\/4wb\/tdjV6l7PTqgzb+sxuMBtVdQJOlzIUwwueZAUgZofuQ3c2tV0lpzHrNjPkDHnVydrhczHr6LWRdW5xAalnI+MiNLZv794JNFx\/m3NjS10R0CV4oL+Mj3y2Gtu+SRb0kh3R5g+yGr8CFLiXHwXcOBzOtWB7pMdUgCVW\/Dg7yGLBW+syYP2\/ypxPJkwe3Bg6u+CH4C+r2xVeckIm5cZdtOEEBn1p2Hpola4+mQEL9CQvB3FNXm600pokZpDr1k\/ZUtl9OcSeV4B0kTuxZxosime+RSt9tLNO29+cvJOPnIKLmk58Nzc14hiU\/BF9FtTeYwyk67Xl\/nktsvycCn8sAm4PMPyCbAbcwM9P9GJGsYJYiIHrDy+kJ20pvo1+mvp2d5kd2UBIie6BM1Ggzp5cor2DxPDyXnCl7hI03cj6bLlx5PSnIBWxfz3TCY\/ErZ5jyi2f+Ji89bFWEFozt0HqapazZc0LUY0Oh0EKQZOZyK6YKlkMvDfiXT+cqpDL1OKQuZBUbkg7q3lMAXhwbJmPkDgzZcqJZmfH\/L0RRKfpRX3chMYbOZBzeSs8Ec+qg39Ia\/Wm9IE1qLJPaFxb+IL5bbZqcRyWf7ngD9AiRh8icsiD33yQd6g7+HcBH7NL6KGxODARn6cqx30jMxc08bOcRiqqp4tXDq\/d6Xk3MTANz8ZQNrJg\/XYRlyYl0aVdgg7oXCVQDh9V\/NFxRF9PSahQaM9\/XeGi\/L0QaOBrN7vC6bspd+qdNSZI8j8cem2YZBXy6Lie9H+ldhZQitQGLCwG+qv\/BpUZljyuHOdyPl\/2SgIgaCdCr+z8kCvB3MErPK9WWug8O9OkpsHifrgkY0I8ofTQs0c9aq4RYBCFU8tA4VKPZTnWsw3jwxsuYz4rO9q4XpvFHCjn4AB1hBEruvLsoazoMJLYIf7W1Aai96vy+zxVNCWQtguxApk8LTUCV07WAAudq10H0zA1KQP3mtM+wOEDYvFfN8CEzYYCpPGB4eP8JoK5YUD\/aycpDdnBJ+xUwHwBPxJd9PrL3XLg+GTJ3k4Q1biUR1NDagoJ7QWtGJPpbJtR+fHT1QC2uveDLLAJhmAGHORcEs2c0rICvdx43wPx\/XQkRtBYU7wsLW6RcXFqrlalDhJ3JE0IcfB1ToXIuRCdNrfx8aO7ddUeF2PuMnLzOMQw1XRyUezTT5rWA1GdG7Sr9jKrogfoWPMqe\/tOihAi3KPp8WLzLo2R3AwCb8Tfy6Daqzt+kKEmDuGqMch4g0y1ZZ7+PIx2wBxBe2rj\/7G+TOW8+C9voyEO5fa9EoIQOaUAjyty9aYclknhrfpgQ\/+4oXNTVY0Nv88JR2Jgn7q30tZuySc1haCgtQOxepETJBDNMHSlgA\/0jEZedC4CifkABjJU6iln2b7hfgp9DwYpU7BHDhqt+vyFo\/7APIwdUpT6RIEwzyMO+OwFqPIH1c4Hy6QGoi\/BR5sIAzbz6x8IC\/Y1Q+s5yZ7qvglrRWdftTwQDNSFZyZf05CKs7GHE9XFECwhjF5BV8l8fTs4I9cI\/7GSi525l0QQLNc+Xi7NQLqaqMq5G+5LsEyZLvotgQUCAl1iuVerGPQ1i1sSsGULA6Oz2bJBa6mvkA13honjxHvnRx8mkK0lBMvZ2zULBW9oBo+\/MkqEJ0vp9G2JcjOjY2x4HjKsFs5svGkUmTkKuD2HHhegN97Et14U05T0UknCMHIAlFJsB6pVur1D+7fYcYWkVzFb+r0dkBrs=”,”iv”:”0c7a8130c3bf882318f6c5e4d4704f13″,”s”:”ac31ce6047ac2224″}
