Think Different

Dr. Sonja Prokopec, Associate Dean of the ESSEC Academy of Luxury, drops some serious wisdom on the seismic shifts in luxury consumption.

- JONATHAN HO

WE HAVE ENTERED a new era of luxury. The last 10 years have undoubtedly been a decade of men’s fashion and it’s quite likely that the next decade will follow suit, driven by a blitzkrieg of burgeoning male consumption and the rise of streetwear.

For fashion-inclined men, they want to dress casually and comfortably but also telegraph their status to peers and onlookers. Ironically, in contrast to true fashion aficionados, this new breed desires the safety of the familiar and the excitement of exclusivity; but they really just want to fit in while perpetuating the illusion of standing out. These aren’t fashionistas, but they are undoubtedly fashionable — and this next generation of consumers has led to another development: The men’s market has been expanding faster than the women’s.

That said, the last decade has also been shaped by a nostalgia-driven pride of consumer-collectors — the kind of modern-day “patrons” who signal status not through overt ostentation and excessive consumption but rather by serving as guardians of craftsmanship and provenance.

Whether craving the newest and hottest or driven by storied legacy and artisanship, these young affluents crave more than a transactional relationship; raised in the streetwear era and the bonds that make the Supreme fan community the envy of even historic luxury brands, younger Millennials together with Generations Z and Alpha are true connoisseurs and avid archivists — trading in knowledge, access, community and craft.

Augustman chats with Dr. Sonja Prokopec, Dean of the Academy of Luxury at ESSEC Business School, on the latest developments in the luxury market.

THE ALTERNATIVE PERSPECTIVE