Leisure has now taken the place for luxury. In Luxury Institute’s Wealth Report that was brought out in collaboration with Resonance Consultancy, it was found out that the richest people in the world value leisurely activities more than conspicuous consumption. This seems to be trend whose rise is recent as the results for 2010 were in sharp contrast with that of 2008 in which corporate titles, Ivy League educations, cars, boats, jewelry, large homes, chauffeurs, private jets, furs, art collections and wine cellars figured prominently in what the rich desired.
So what do those who can have it all, want ? Taking exotic vacations, Vacation home in the mountains or at the beach, Extended time off work, Freedom to work from home. Substance of Style author Virginia Postrel says: “The human need to seek approval through visible displays of our status is as primordial as ever. What may be changing, however, is how and what we choose to display.”
“The top-rated goods and experiences are reflective of primarily private pleasures and point to a strong aspiration for leisure time, which can also be conspicuous. The shift away from conspicuous consumption from goods to services and experiences can also make luxury more exclusive.” Let us see how the luxury industry alters itself to suit the emerging trends.