The Artification of Luxury: How Art Can Affect Perceived …
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sustainable development and that most distance themselves from the values of the
throwaway society [33, 34]. To illustrate, according to Kapferer [35], luxury and sustainable development converge because they both focus on rarity and durability. The
objective rarity that fuels luxury value characterizes both materials and craftmanship.
On the one side, resources are precious and require to be protected to guarantee the
future of the sector itself. On the other side, the crafted nature of luxury products
requires the involvement of rare savoir faire and fine artisans’ skills, in contrast to
the unskilled labor exploitation that oftentimes characterizes the mass fashion industry. Durability is a key element too: Since they typically never go “out of fashion,”
luxury products are conceived and produced in a way that preserves their aesthetic
and functional value as long as possible.
Amatulli et al. [31] have proposed a quite detailed analysis of the reasons why
luxury items might be inherently sustainable, possibly more so than their massmarket counterparts. The first reason lies in luxury goods’ high quality: By ensuring
materials’ safety and reliability, they certainly provide positive benefits to consumers.
The second reason lies in durability and rarity: Luxury products are by definition
scarce, and their longer life span prevents frequent purchase of alternative and more
perishable products, with positive outcomes in terms of resource outflow and waste.
The third reason lies in craftmanship: The employment of talented, highly skilled
and experienced labor force by luxury firms produces a positive social impact and
ensures the preservation of traditions and heritage. To conclude, luxury goods stand
for sustainable, long-term investments that are consistent with the concept of “circular
economy,” which states the necessity to extend products’ life within the economic
and social system in order to minimize waste and make the most out of material
resources.
5 The Growth of Luxury Market
Except for the years encompassing the last financial crisis, occurred between 2007
and 2009, the luxury market never stopped growing in the last thirty years [36]. The
overall value of luxury market has been estimated at about e 920 billion in 2018,
and a 4–5% annual growth is expected until 2025 [37]. Valued e 330 billion in
2018, the personal luxury sector will enjoy a 3% annual growth until 2025, driven
by accessories and cosmetics. The experiential luxury sector, valued e 590 billion
in 2018, is supposed to grow even faster, enjoying a 5% annual growth until 2025
[37]. Data clearly shows that the luxury sector has never been as prosperous as it
is today. Its success appears to be driven by two main forces. On the one hand, the
impressive growth of digital channels, that cover today around 10% of total sales
in the personal luxury sector, while on other other hand, the impressive increase of
luxury consumption among Chinese consumers, that today account for about 33%
of global luxury purchases [36].
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sustainable development and that most distance themselves from the values of the
throwaway society [33, 34]. To illustrate, according to Kapferer [35], luxury and sustainable development converge because they both focus on rarity and durability. The
objective rarity that fuels luxury value characterizes both materials and craftmanship.
On the one side, resources are precious and require to be protected to guarantee the
future of the sector itself. On the other side, the crafted nature of luxury products
requires the involvement of rare savoir faire and fine artisans’ skills, in contrast to
the unskilled labor exploitation that oftentimes characterizes the mass fashion industry. Durability is a key element too: Since they typically never go “out of fashion,”
luxury products are conceived and produced in a way that preserves their aesthetic
and functional value as long as possible.
Amatulli et al. [31] have proposed a quite detailed analysis of the reasons why
luxury items might be inherently sustainable, possibly more so than their massmarket counterparts. The first reason lies in luxury goods’ high quality: By ensuring
materials’ safety and reliability, they certainly provide positive benefits to consumers.
The second reason lies in durability and rarity: Luxury products are by definition
scarce, and their longer life span prevents frequent purchase of alternative and more
perishable products, with positive outcomes in terms of resource outflow and waste.
The third reason lies in craftmanship: The employment of talented, highly skilled
and experienced labor force by luxury firms produces a positive social impact and
ensures the preservation of traditions and heritage. To conclude, luxury goods stand
for sustainable, long-term investments that are consistent with the concept of “circular
economy,” which states the necessity to extend products’ life within the economic
and social system in order to minimize waste and make the most out of material
resources.
5 The Growth of Luxury Market
Except for the years encompassing the last financial crisis, occurred between 2007
and 2009, the luxury market never stopped growing in the last thirty years [36]. The
overall value of luxury market has been estimated at about e 920 billion in 2018,
and a 4–5% annual growth is expected until 2025 [37]. Valued e 330 billion in
2018, the personal luxury sector will enjoy a 3% annual growth until 2025, driven
by accessories and cosmetics. The experiential luxury sector, valued e 590 billion
in 2018, is supposed to grow even faster, enjoying a 5% annual growth until 2025
[37]. Data clearly shows that the luxury sector has never been as prosperous as it
is today. Its success appears to be driven by two main forces. On the one hand, the
impressive growth of digital channels, that cover today around 10% of total sales
in the personal luxury sector, while on other other hand, the impressive increase of
luxury consumption among Chinese consumers, that today account for about 33%
of global luxury purchases [36].