By Tanya Gazdik | Media Post |
While having a lot of possessions was once seen as a signal of wealth and status, Americans are now overwhelmingly looking to declutter and simplify their lives as part of a new era in modern luxury.
That’s according to “Volvo Reports: Decluttering the State of Luxury,” a report from Volvo and The Harris Poll.
The study uncovered some intriguing shifts in how Americans perceive luxury and design, and how the category is pivoting away from extravagance and expense and more toward a decluttered, minimalist model. Notably, 9 in 10 Americans expressed feeling better when the spaces in their life are decluttered.
While extravagance, brand name and price were previously thought of as key drivers, more than two-thirds (68%) of those polled now believe that “less is more” when it comes to modern luxury. This new definition is impacting their purchase volumes and frequency: 74% say it’s better to spend more on high-quality products, in order to buy less overall. This is especially true for Americans with a household income over $100,000 (82%).
The study revealed that 88% feel modern luxury should be both beautiful and highly functional and 61% agree that Scandinavian design is a sign of modern luxury. Compared to 10 years ago, modern luxury is more inclusive and transparent (64%), minimalistic (63%). The top three traits of a modern luxury or service are quality (70%), authenticity (39%), personalization (35%).
Read more at Media Post.