THE BEST THINGS IN LIFE

What is luxury? It depends on who you ask. This is what it looks like in Australia

- Damien Martin

This issue is all about luxury, but what is luxury? What does it mean to you? Certainly it’s a subjective concept, and one that has changed over the years. Traditionally, the idea of luxury has been fancy clothes, fancy jewels, and ornate surroundings. It’s very buttoned-up … to the point that it seems uncomfortable.

There’s an underlying idea there, though, that luxury is getting what you want, when you want it. These days, that means bespoke. People want things customised to their tastes, and they’re willing to pay for it. Luxury today is also experiential. That translates into the growing number of people valuing experiences over things. It also carries over into the purchase of luxury products. Though e-commerce is huge, two thirds of affluent Australians like to actually see and touch a luxury item before purchasing, the Ipsos World Luxury Tracking study found.

What is luxury? It’s personal, so your definition might differ, but these are the foundations.

LUXURY BRANDS

Branding is as important as ever in this day and age. Whilst the definition of luxury may have changed, certain brands epitomise the concept. For many years, De Beers held a virtual monopoly on diamonds. Though that it no longer the case, they are still practically synonymous with the product. In Australia, Paspaley and pearls have the same relationship.

For something to wear with those jewels, Aussies turn to high-fashion houses such as Academy Brand, alice McCALL, and Akubra, with Berlei and Bonds products underneath.

When it’s time to play, affluent Australians hop on yachts like those built by Maritimo and sip fine wines from the country’s many wine regions or cocktails featuring the work of distilleries that have Australia poised to become the world leader in gin.