For a long time, luxury was surrounded by an aura of exclusivity. Luxury addressed only a few who could afford it.

With increasing prosperity, luxury found its way into the lives of many. It was used to express a lifestyle, to define position within a group or group membership.

In addition to products that serve to serve everyday needs in everyday life, premium products have occurred in the heaven of things.

The more predictable our life plan appeared, the less we were able to sense ourselves as individuals possessing unique identities.

We became unhappy with our routines and scripts and looked elsewhere to cope with boredom, lack of individuality and frustration. Premium products or a bit of luxury turned out to be wonderful tools to get away from paramount grey.

But reality changed.

Global warming and social decline or are top on the today's agenda. Both are driven by existential fear or angst. Through them, our basic assumptions about what is desirable in our lives begin to change.

A simple, predictable life in a predictable world is becoming a highly desirable notion for more and more people. Especially for the young. So especially for those who until recently were particularly fond of luxury.

At the same time, calls for modesty are being heard from one of the key luxury markets.

"China bankers told to shun flashy clothes, 5-star hotels in austerity drive" Reuters, 19 June 23

As growth in the world's second-largest economy weakens, with youth unemployment hitting a record high, China wants to eliminate ideas of a Western-style "financial elite" and rectify the hedonism of excessive pursuit of "high-end taste". 

Will luxury become a dinosaur?

The idea of premium and consumerism is coming under stress. Luxury brands in particular or the premium versions of everyday things need to be rethought. 

So yes, a lot of brands will not survive. But not luxury as a concept. Because the motives behind luxury will endure.

Luxury is not about attributes. It's not about gold or leather or a swimming pool. It is about an outstanding emotional value in the eyes of the customer.

This means we have to re-think luxury brands and luxury positioning which includes the role of a brand in the life of a person. 

It is possible. But this task has to be done. Now.