The Price of Prestige: How Rising Costs Are Changing Luxury
A look at the economic pressures reshaping what consumers consider worth splurging on.
Luxury.
It’s a word that’s tossed around far too often these days.
Slapping a hefty price tag and minimalist font on a product wouldn’t have magically elevated a brand to luxury status back in the day.
But today?
Things are different, and it leaves us asking: What does luxury even mean in 2024?
A decade ago, luxury was synonymous with craftsmanship, compelling storytelling, and exclusivity.
Think Louis Vuitton and Chanel, brands that embodied this ethos perfectly.
I’m still drawn to their timeless accessories.
But over time, my definition of luxury has changed.
Now, I find myself gravitating toward Prada’s reinterpretation of classic styles and collaborations like Off-White, which have completely redefined modern luxury.
Even streetwear has joined the luxury group chat.
Who would’ve thought Yeezy trainers, now retailing for £800, would become a “must-have”?
Yet here we are.
The changing economy:
With prices rising across the board, the concept of “affordable indulgence” is slipping away.
No one seems to have the cash to splash around like before.
Case in point: I recently bought a pair of Ugg boots for £175 and couldn’t help but hesitate. £175 for Uggs?
It just didn’t sit right.
Even everyday staples like Heinz beans are becoming less affordable, forcing consumers to rethink their spending habits.
Meanwhile, budget brands like Tesco are stepping up their game, pushing “luxury” labels to reconsider their position.
A few years ago, Tesco shoppers were facing empty shelves because of a public price dispute with Heinz.
In the end, Tesco made it clear that it wasn’t willing to pass on the price hikes to its customers, and public sentiment seemed to side with them.
I digress.
My point is what does luxury mean in a fast moving society?
For some, it’s a designer handbag.
For others, it’s splurging on an Everyman Cinema ticket instead of the standard Odeon experience.
It’s not just about the label, it’s about the experience.
But services like Klarna, which allow you to finance a £5,000 bag over 12 months, have complicated matters.
Is that truly luxury?
The uncomfortable truth is that the system we live in, credit scores, debt management makes us chase the illusion of status.
But real luxury? It’s about knowing what truly matters to you.
For me, that means supporting brands that feel authentic, that deliver value beyond the price tag.
That’s the new gold standard.
So, my advice for brands?
Make sure to blend timeless craftsmanship with modern values, balancing aspiration with accessibility.
Those that fail to do so? Well, they risk being left behind.
Until next time, keep listening, keep learning, and keep evolving.
And make sure you digress often. Curiosity is key to winning in this game.
Charlotte,
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