Luxury In 2020 - What It Means

"Luxury is the ease of a T-shirt in a very expensive dress." ―Karl Lagerfeld.

Today, the term “luxury” means something entirely different then it used to. It’s not about having more, but being more – more ethical, more meaningful, more conscientious manufacturing, more experiences. The luxury gifts market is dominated by “H.E.N.R.Y’s” which is made up of Millennials and Generation Z people. Here is how this group has changed the trend of luxury gift-giving.

How H.E.N.R.Y's Have Changed the Trend of Luxury Gift-Giving

First, let's discuss who are the H.E.N.R.Y’s. H.E.N.R.Y stands for High Earning Not Rich Yet. This luxury-loving group is identified as people who are on average around 43 years of age and earn more than $100,000, but are not rich yet.

H.E.N.R.Y’s Prefer Personalized and Luxurious Gifts

This generation is under the influence of modern technology.  H.E.N.R.Y’s are more likely to research the kind of gift they wish to give their loved ones. They're not the type to give ordinary, off-the-shelf gifts. They prefer custom, luxury gifts as they are socially and environmentally conscious. Thus, the purchasing patterns of this generation are also heavily influenced by ethical issues.

H.E.N.R.Y’s Are Socially and Environmentally Conscious

Brands that demonstrate ethical practices and sustainability resonate with the H.E.N.R.Y’s. Due to this, many luxury brands have had to shift their way of operating to making more made-to-order gifts. To them, luxury is handmade gifts instead of off-the-shelf ones. Gifts made especially for particular occasions which hold meaning is something which this group enjoys giving and receiving, too.  

Luxury is More Sustainable

As H.E.N.R.Y’s have become more socially and environmentally conscious, this has changed the trend of luxury as well. Now luxury is becoming more sustainable. In other words, people are more likely to purchase sustainable goods, which cause little to no harm to the environment.

Sustainable luxury is synonymous with luxury made with ethical practices. It invites us to "meet the needs of the current generation without compromising the ability of future generations to meet theirs."

5 Brands That Offer Sustainable Luxury:

Here are 5 sustainable luxury brands which are a hit amongst H.E.N.R.Y’S.

Stella McCartney:

This brand is famous among H.E.N.R.Y’S for its cruelty-free products - no fur or leather is used to manufacture their products. They even ethically source the wool. The cotton used is grown organically, and many other textiles are recycled. The brand provides made-to-order both for men and women.

DÔEN:

This online boutique run by a group of LA women is the home to luxurious garments inspired by women of past decades. When it comes to ethics and sustainability, DÔEN tries their best to get their cloth domestically produced. In the case the stitching of the garments is done overseas, the manufacturers make sure that the workers are paid fair wages and have ethical working conditions.

Noah:

An American men's clothing brand, Noah, makes sure that their goods are manufactured using recycled textiles. Along with they provide their workers with fair wages as well as ethical working conditions.

Patagonia:

H.E.N.R.Y’s are a fan of minimalistic and practical designs. Long-lasting clothes from sustainable and organic materials such as hemp, organic cotton, and recycled cotton are a trademark of this brand.

ORA Pearls:

A London based jewelry brand makes sure that the pearls and gems used to make their ornaments are hand-picked. To ensure sustainability and ethical practices, they make sure that fair wages are paid to their workers, and the pearls extracted are not from illegal sources.

Resources:

https://www.commonobjective.co/article/7-sustainable-fine-jewellery-brands-to-watch#3

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