By Havas Media Lux

Our upcoming report, "The New Codes of Luxury," that will be released next month has revealed a new and intriguing large group of luxury consumers - The Memory Makers. Following the pandemic, they are moving from guilt-based, emotive shopping to simplifying and redefining their values. The Memory Makers as a coping mechanism are shifting from frequently purchasing luxury pieces, to creating memories; as they reset and re-evaluate how they want to live, spend their time and their money.

Luxury during this permacrisis is constantly shifting, making it harder for brands to plan their next move. In 2025 and beyond, luxury is no longer just about indulgence and escapism. The ever-evolving landscape has changed the focus towards the search for meaning, fulfilment and joy; an increased need for unique and transformative experiences that allow people to connect with others.

Now more than ever, it's important for brands to understand these consumer shifts and know how to connect with new audiences, like The Memory Makers.

Luxury Redefined: from products to purpose

It could be argued that luxury has always been about providing meaningful experiences: access to exclusive events, product customisation, extravagant service, on-demand gift wrapping, and delivery. These elements have become the hallmark of luxury and are often repeated in various forms across all high-end brands. However, this has resulted in a homogenised sector that has lost touch with what truly matters to its consumers.

A recent Altagamma & BCG study found that 80% of luxury consumers in 2024 consider brand purpose and alignment with personal values crucial to their purchasing decisions. This is in-line with the behaviours of our new Memory Makers cohort who are re-assessing what matters the most.  Brands should use this time as an opportunity to reflect on their core purpose, inspire behavioural changes, and reset fundamental attitudes in order to connect with the consumers shaping tomorrow.

Travel is transformative for The Memory Makers

One of the most popular reasons for travel is the desire to fulfil a lifelong dream, and this is in-line with The Memory Makers view of luxury in 2024/25. According to GWI, three in 10 (31%) high-net-worth individuals want to visit a destination they’ve always dreamed of visiting, with younger generations being particularly motivated to visit somewhere on their bucket list (36%). Despite their multifaceted nature, the common thread among luxury travellers is the pursuit of unique and memorable experiences that bring personal fulfilment and enrichment. Notably, our Memory Makers cohort view luxury travel as the most innovative luxury category with many saying it will be their next big luxury purchase.

There has also been an increase in multi-generational travel, with older consumers pooling their assets to travel with family and friends. A recent Mintel report found that so far in 2024, 40% of adults have booked a multi-generational holiday, with a growing desire to spend more time together.

Superior quality and one-of-a-kind pieces are everything.

Forget flashy logos and brash displays of wealth, for The Memory Makers quality craftsmanship, timeless design, and understated elegance are a top priority. It’s perhaps for this reason, that their top luxury purchase is often hard luxury goods as they gravitate towards purchasing tangible symbols of cherished memories and significant milestones. Each piece tells a unique story, whether it’s a watch commemorating a career achievement, a necklace marking an anniversary, or a bespoke ring celebrating a personal triumph. This emotional connection to their purchases enhances the value of luxury goods, making them not just investments in style, but in personal history and legacy.

What does this mean for future communications?

There is a need now more than ever to understand luxury audiences better and to connect with them more meaningfully. Join us on Wednesday 23rd October 2024, when we will share our full report, exploring this new audience and their behavioural shifts, and what this means for media.

Join Abi Ward (Deputy Managing Director, Havas Media), Cherry Collins (Strategy Partner, Havas Lux), Shahkeh Petros (Managing Partner, Evolve), Pathman Ruthirapathy (Global MD, Innovation, Havas) and LCC’s very own Rosie Shephard (Founder, Luxury Communications Council), for a panel discussion, live Q&A, and to discover how luxury brands should be responding to industry and audience shifts, and planning their communications accordingly.  This event is exclusive, with limited spaces.

To attend The New Codes of Luxury: The Second Chapter on Wednesday 23rd October, get in touch via Hmgukcomms@havasmg.com.