How the perception of luxury is evolving in a changing world
“Luxury shame” has emerged as one of the most pressing realities highlighted in the latest Altagamma Observatory 2024. It represents a shift towards avoiding ostentation, favouring discretion, and supporting local products.
Take China, for example, where government policies have actively discouraged conspicuous displays of wealth. In times of crisis, the Chinese government seeks to shield the younger generation from materialism by curbing excessive consumption and promoting the purchase of domestic goods. However, this sentiment extends beyond China, casting ripples that impact global luxury brands.
What does ‘luxury shame’ means?
But what exactly is luxury shame? It refers to a behavioural trend among affluent individuals, particularly those in the upper-middle class, who feel uncomfortable displaying their wealth publicly. They fear social judgement, or worse, being vilified by those less fortunate.
We have long questioned the decline of luxury brands. Their strategy of inflating prices while compromising on quality is increasingly glaring. Mass-produced goods, no matter how expensive, fail to embody true luxury. True luxury is not about price tags; it is about craftsmanship, rarity, and authenticity—qualities many so-called luxury products seem to lack today.
So, more in detail, what is luxury? As Coco Chanel aptly stated: “Some people think luxury is the opposite of poverty. It is not. It is the opposite of vulgarity.”
Since the advent of social media, we have been inundated with images flaunting luxury. Yet, in this deluge, vulgarity has flourished. The pervasive portrayal of luxury is often exaggerated, inauthentic, and gaudy, eroding the essence of elegance. As contemporary luxury has expanded, true elegance seems to have vanished entirely.
Conclusion
In these times of instability and perma-crisis, luxury shame has become a powerful counterforce, with ostentatious displays of wealth increasingly condemned as vulgar and inappropriate. Could this herald a transformation, purging social media of its garish excess?
While a complete reset may be unlikely, it may ignite a much-needed shift towards a more thoughtful, refined, and genuinely elegant direction.