The Sunday Times: Issue #18

There's a topic that has been on my mind a lot lately (mostly because of the industry I work in, but also because it has come up on some of my favorite podcasts and publications this month) and that is the topic of "Luxury" and its most recent and noticeable shift in definition.

I wanted to dedicate an entire issue to this subject because I think there is a lot to unpack here. I have my own ideas of why this is happening and my own personal definition for the word that has certainly transformed over my lifetime, but I also wanted to share your points of view that you shared with me as well as those I've heard rattling around in the fashion and jewelry industries.

I acknowledge that the definition of Luxury is similar to beauty in that it is contextual and in the eye of the beholder, but I do think there can be a general consensus found, similar to how there are trends that can be discovered in beauty.

So pour yourself a cup of tea and get comfy.

lux·u·ry
/ˈləkSH(ə)rē/

noun: the state of great comfort and extravagant living.

HOW LUXURY WAS DEFINED FOR ME

I GREW UP IN THE LATE 90'S AND EARLY AUGHTS-

Which meant that I was fed a healthy dose of bling. MTV "Cribs," "Pimp My Ride," and other reality shows displaying the wealth of the rich and famous reigned supreme. "The OC" and "Gossip Girl" cemented the idea that logo'd designer handbags and G Wagons were the ultimate luxury. The only designer jewelry I knew about as a teen in rural North Carolina was the Chanel J12 (of which I owned a fake) or was heavy and pavé and made by Jacob The Jeweler.

I also internalized a lot about what it meant to be deserving of luxury. When it came to the luxury lifestyle, during the era of heroin chic, one could only partake if one was thin. Even if I was rich, would I even enjoy my designer clothes and my days spent on yachts if I wasn't thin? If we think about luxury as anything that's just out of reach, unattainable, etc, then the "ideal' body type was definitely a luxury to a young me.

During this time, magazines and television were the two powerful messaging forces behind the luxury fashion, travel, and beauty industries. They could dictate and distort a vision as there were no other competing forces. I tore open my Vogues and W's and devoured whatever was inside. What was inside was taken as truth.

THEN CAME SOCIAL MEDIA

AND LUXURY BEGAN TO CHANGE

The first time I witnessed a democratization of fashion and luxury reporting was the blogging boom of the early 00's. I remember seeing "The Sartorialist," Scott Schuman's street style blog, for the first time during one of my fashion internships. I saw my boss scrolling through images for inspiration and I couldn't believe how amazing it was to have an encyclopedia of personal style accessible for free!

Soon after, social media came along and suddenly we could all observe everyone's tastes, styles, and wishlists. Anyone who chose to participate could broadcast what they were buying and the lifestyle they were living, and the rest of us could sit back and observe. Beneficially, magazines, television, and movies were no longer the only media demonstrating what we should aspire to have. But unfortunately, keeping up with the Joneses took on a new meaning when you suddenly had access to all the Joneses' lives and purchases. But not their whole lives, just the highlights that they wanted to brag about.

I think this lead to an enormous luxury boom that propelled us through Covid when we were all stuck at home shopping online to assuage our anxiety.

"[Luxury is] a considered purchase which is outside of your norm, and likely to be seen as unattainable by the majority. That to me is luxury in its definition in my mind. In terms of an experience: it would be something that leaves you feeling completely satisfied above and beyond your expectations."

- Nick Cavaciuti, Cervo Studio

LUXURY'S PEAK?

POST-COVID LUXURY

Being confined to your home for months on end can certainly change how one thinks about spending. If something that is considered luxury is something that is difficult to obtain, then anything to do with travel or experiences outside the home could easily take priority over another handbag. A lot of the people I talked to in 2022 were saving up for a big trip that year instead of say, a new wardrobe, after not being allowed to comfortably travel for two years.

I think we also confronted our own mortality in a way that we hadn't been forced to prior to Covid. Did that put things in perspective in a way that made us cherish our time with loved ones, for novel experiences, and for the untangible?

If that graph above, pulled from the Business Insider article with the headline "Shares of luxury brands are tumbling in a sign consumers' high-end spending spree is over," is to be believed, then it appears we went out in a blaze in terms of shopping during Covid, then fizzled and haven't quite risen back to the same level of activity since.

"I’ve been thinking A LOT about this too because Luxury has changed a lot for me over the years. I think it is a state of mind, and the way something makes you feel. Luxury is having your unique point of view, wearing something that defines who you are, makes you feel special & seen, and something only you possess. Time and being alone with my thoughts have become luxuries as well. Spending time doing things I love, like gardening or going to the museum, a special afternoon at the beach with my kids without any squabbles, wearing my favorite bathing suit or using a new plush towel. Simple things have also become a luxury. Actually sitting down for dinner with a glass a wine has become a top luxury for me."

- Elise Thompson, Mejia Jewelry

WHAT I'VE NOTICED IN THE LAST YEAR

THERE'S A NEW LUXURY CROWD {AND THEY'RE NOT ASPIRATIONAL}

Now that I've had a solid couple years working within the luxury industry, and specifically within fine jewelry, I've noticed that purchasing has become so much more about buying something with intrinsic or applied meaning rather than a status symbol. This is a HUGE shift from what I observed prior to the pandemic. Sure, a lot of people are still buying to show others what they own in hopes of fitting in, but I feel like those habits are sort of dwindling as that type of behavior is pretty transparent online and no longer cool.

In a recent episode of the Rough Cut Podcast, one of the hosts, Alain Simic, said:

"We have shopped so little. We do not do the things that we used to do all the time because it just doesn't, it feels, one, I don't derive the same kind of pleasure anymore from it, but it also feels sick at this point, in this stage. So to me now, luxury is like, thank god we have this apartment, and I feel- Owning a home..." He mentions a sort of cognitive dissonance in regards to his relationship with materialism.

Something is starting to feel like ... the kind of "showy" wealth and luxury that was once culturally OK to display, now feels gross. Personally, I think the tech CEO's, the nouveau riche, the billionaire bro's, and the new administration are really putting a bad taste in everyone's mouth when it comes to excessive wealth and luxury. It seems like most of my circle is very turned off by that and do not want to be associated with that sort of behavior.

Couple that with the musical chairs of the major fashion houses leaving them with very little in the way of a desirable point of view, sky rocketing prices and dwindling quality, consumers are starting to recognize that they aren't always getting what they pay for when shopping at Gucci, Chanel, Louis Vuitton, etc.

So what, then, is the new aspirational luxury? According to Liz Kantner, who was quoted on that same episode of Rough Cut:

"Luxury isn't just about exclusivity or a big brand name anymore, it's about connection. People want to know and trust the artist, understand the story and feel aligned with a brand's values. Curation over consumption is something I saw recently that really resonates with me. Consumers are being more thoughtful with their purchases, looking for high quality, meaningful pieces rather than just collecting more stuff.”

"I think luxury is time. Having time to do the things you want to do, or be lazy, or time to think - I feel like as a society we have less and less time because we’re all hustling (for money, raising kids, etc) and for me at least, that lifestyle is draining. Time is so important but not always available!"

- Leah Stricker

LUXURY THAT FEELS RIGHT, RIGHT NOW

I'm sure with how fast things are changing these days that the idea of luxury will have many new iterations soon, but for right now, it feels like the way to think of "a state of great comfort and extravagant living" is to funnel that into something that is a force for good. You could also transform money into an object of meaning or craft, spend it on an experience, appreciate simplicity, and so on.

After all, what is wealth if not power and agency? We have certainly seen that on the side of the tech bro's, their influence in politics, and the growing oligarchy, so why not with our everyday luxury purchases? Money can be an amazing vehicle for change if you think of your spending in a more "downstream" fashion. Your monetary contribution to a company doesn't stop at the owner or clerk's hands that you put it in. They then use that money to pay for their supplies and their labor. If you want your wealth to be a vehicle for change, you can choose to support businesses who are transparent about their suppliers and their laborers. The money that they receive then goes to feed and support their families and that means it goes into the pockets of their local community, and so on.

In terms of meaning and craft, it does feel that with the dwindling quality of some big brand name luxury goods (and the ubiquity and mass availability of it all) that many consumers are turning to a local craftsperson to make something unique or bespoke. Something one-of-a-kind that is made with the utmost attention to detail using century-old techniques feels special.

In terms of a luxurious experience, luxury can be anything that makes you feel good that you don't typically have access to. I love what Amanda Peck said to me about how she thinks of it:

"I don't subscribe to the definition of luxury as specific brands, price points or lifestyles. It is something that is exceptional and rare and evokes feelings of calm, joy, wonder and awe - be that jewelry, a walk through a historic city, or an hour in nature during a hectic week. Luxury is accessible to everyone but not all luxuries are accessible to everyone. It is a mindset to feel and appreciate a moment/item/experience as luxury even if it could seem mundane or cheap to someone else.

I do participate in luxury. I strive to find moments of luxury every day, whether it is feeling sunshine on my skin, laughing until my stomach hurts with a friend, or wearing one of your beautiful rings and feeling calm and appreciative whenever I look at my hand. Luxury isn't always about consuming but it can be. When I do, I choose beauty, rarity, something that evokes feeling and upholds my personal values -primarily antique or used.

I am privileged in that I can afford to have my values align with my consumption. If I purchase something newly fabricated it is from a person who I align to, not a corporation or subsidiary, and it takes time and skill to create."

AND THE FUTURE?

As technology and AI forebodingly loom over us, it's important to consider what the future could hold for luxury goods as intelligence, computers, and robots become more and more prevalent in the design and creation of luxury goods. I was listening to the Business of Fashion podcast the other day when I heard this quote from Carla Fernandez:

"The future is handmade because the objects that are handmade get inspiration from your community, from your environment. It goes through your eyes, then it goes to your heart and comes out from your hands. And those are objects that have a soul."

I couldn't agree more.