Stephan Jung: The true luxury of our time? It’s not what you own…
What do the record-breaking rush to Taylor Swift concerts, fully booked extreme holidays and months-long waiting lists in Michelin-starred restaurants have in common? They are the new status symbols of our time – and the reason why even luxury giants such as LVMH are currently stumbling.
The figures speak for themselves: fashion and leather goods sales at LVMH fell by 9% and profits plummeted by 15%. However, this is not an isolated case, but part of a fundamental shift in consumer behaviour.
Disruption expert Stephan Jung has been observing this change for years: people are increasingly investing in experiences rather than material goods. What used to be the Hermès belt or the Rolex is now the Antarctic expedition or the one-off dinner event. The currency of social status has changed.
Why this change? The causes lie deeper than just economic fluctuations:
- Digital saturation: In a world of permanent online presence, authentic, non-digital experiences are becoming a luxury good.
- Identity formation: We increasingly define ourselves by what we experience, not by what we own. ‘I was there’ replaces ‘I have that’.
- Social currency: an extraordinary experience generates more attention in social media than material goods – the perfect Instagram story from the concert beats the photo of the new handbag.
- Sustainable awareness: There is a growing realisation that experiences can leave a smaller ecological footprint than the production of ever new luxury goods.
The transformation is already in full swing.
What Stephan Jung finds particularly fascinating: Even traditional luxury brands are beginning to adapt their strategy. Louis Vuitton is opening restaurants, Tiffany is staging immersive exhibitions, Gucci is experimenting with experiential worlds.
The smartest companies have recognised this: It’s no longer about the product itself, but about the story and the experience behind it. Companies that still focus solely on product excellence without offering a deeper emotional experience will lose market share in the long term.
Stephan Jung: What does this mean for your company?
The key question is no longer ‘What do we sell?’, but ‘What experience do we offer?’. This transformation not only affects luxury brands, but every company that wants to remain relevant in the long term.
Stephan Jung has worked with numerous companies that have successfully implemented this change. The common denominator: they have embedded their products in meaningful experiences that tell stories and arouse emotions.
The luxury of tomorrow will not be displayed in shop windows, but experienced in moments.
What do you think: what experience has inspired you more recently than a material purchase?
Stephan Jung is a futurist and expert in innovation, disruption and megatrends. He talks about the things of tomorrow and the day after tomorrow. Perfect storytelling and real examples of successful companies so that you can learn from them and position your company for the future.
Book futurist Stephan Jung for presentations and keynotes with the Premium Speaker agency. Give us a call and write to us directly at stephan.jung@premium-speakers.com