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Beverly Hills Conference & Visitors Bureau introduces The Future of Luxury: A New Attitude

Beverly Hills Conference & Visitors Bureau (BHCVB) has launched a new global trend report, The Future of Luxury: A New Attitude. Re-examining The Future of Luxury (BHCVB, 2016) report, the paper examines how previously identified trends have manifested globally whilst forecasting the latest shifts in behaviour across the luxury industry.

The new update takes a look at how ‘LUXURY 3.0’ (BHCVB, 2016) has come to life in Beverly Hills and investigates what is ahead for the next generation of luxury consumers. Partnering with leading global insights and behavioural agency, Canvas8, BHCVB has launched this new report to better understand how the changing attitudes of high-net-worth audiences are influencing the way in which premium brands are evolving. The report also examines how Beverly Hills continues to adapt to retain its status as a leading luxury destination. The Future of Luxury: A New Attitude demonstrates how the display of wealth has changed from tangible goods, to focus on responsible consumption and what you contribute to society. The study predicts that people will begin moving away from boldly displaying their wealth through what they own, and will instead show their wealth through what they do. As a result, we are seeing the luxury industry put much more of an emphasis on global movements that include sustainability, gender neutrality and cultural diversity.

The Future of Luxury: A New Attitude shows some arising and new trends:
-          Neo Luxe – There is a new and revived form of luxury emerging as Gen Z redefines the meaning of luxury to be more responsible and playful. Sustainability, mental health and inclusion will be central issues for this cohort, but not without a sense of humour  
-          Zero Trace – The world’s elite will lead the charge on climate change, transforming the image of sustainability from an issue of social responsibility into a globally recognised status symbol, impacting the entire luxury sector, from travel to luxury goods.

-          Luxury Legacy – Over the next decade, luxury brands will shift beyond showcasing their own heritage and instead put greater emphasis on future-facing legacies around the future of humanity, such as protecting the planet, inspiring young minds, or correcting inequalities  
-          Antisocial Exclusivity – Privacy will become increasingly valuable and rare. As people become mindful of the benefits of disconnecting, the hospitality, travel and wellness sectors will offer a balm to consumers’ hectic lives by offering elite, hyper-exclusive, off-grid experiences

-          Augmented Living – Augmented, on-screen technology will provide HNWIs with a new, heightened level of interactivity and brand engagement online, from utilising avatars to try on clothes, to taking inspiration from virtual influencers

-          DNA Me – HNWIs will soon be tracking their DNA and hormone balance to drive decision-making in everything from healthcare to travel and dining. The way in which they socialise will be revolutionised, from genetic matchmaking to DNA dinner parties. Thanks to advances in science allowing for deeply personalised statistics and digestible information, tomorrow’s pioneers will expect everything they consume to be unique to them.

Julie Wagner, Chief Executive Officer of Beverly Hills Conference & Visitors Bureau says: “We are very proud to demonstrate just how dynamic our city is in this report. The report shows how the findings in The Future of Luxury have influenced our strategic approach, economic development plans and campaign activations whilst investigating what’s coming next in the world of luxury.”

As one of the original luxury destinations in the world, Beverly Hills continues to adapt to maintain its position as the pinnacle of luxury, attracting visitors from around the globe to its unrivalled hotels, restaurants, retail and attractions.

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