Article by ICG member Alessandra Rizzo, Se Synergic Evolution
The current prudence in purchases due to a diminished spending capacity, in the case of the high-end, is also linked to that effect called ‘luxury shame’ which has led the most affluent customers less affected by the crisis to slow down or postpone their purchases due to greater awareness and ‘ethics’. In practice, this is a reaction against the excessive visibility of luxury, which can be seen as misplaced in times of crisis or increased attention to social inequalities.
The advent of ‘quiet luxury’ is a socio-economic phenomenon of considerable interest, the analysis of which is particularly pertinent in the context of the current dynamics of economic crisis. Far from being a mere aesthetic trend, this expression of luxury is distinguished by a deliberate opposition to ostentation, favouring the intrinsic quality, craftsmanship and durability of products over more ephemeral but immediately recognizable logos and status symbols. Examples of ‘quiet luxury’ are brands such as Loro Piana, Bottega Veneta, Brunello Cucinelli, The Row, Hermès.
From a research perspective, quiet luxury can be interpreted as an adaptive response of affluent consumers to a climate of economic uncertainty and, in some cases, a growing social aversion to conspicuous consumption. In times of recession or slowing growth, the brazen display of wealth may be perceived as insensitive or even reprehensible, prompting consumers to adopt more discreet but no less expensive consumption strategies. Moreover, the concept of aspirationality, which has always driven the consumption of designer products, is now moving away from the idea of status towards new, more valuable and sustainable horizons.
The implications of this shift are multiple. At a macroeconomic level, it could indicate a reallocation of spending towards productive sectors that value excellence and innovation, potentially stimulating more sustainable and niche production. At a behavioural level, it suggests an evolution in value perception, where investment in durable, high quality, yet discrete goods become a more sophisticated and profound marker of status.
Future research should investigate the persistence of this trend, its ramifications on emerging markets and the impact on the strategic positioning of luxury companies that have to adapt to this change. Quiet luxury does not appear to be a passing fad, but a profound evolution in the way consumers perceive and desire luxury. The brands that know how to embrace this transformation, putting authenticity, intrinsic quality and discretion at the centre, will be the ones best able to navigate the challenges and seize the opportunities of the future market.
(1) Alessandra Rizzo | LinkedIn