Jonathan Siboni, CEO of Luxurynsight, has created a database that collects market data and provides decision-making software for luxury brands to navigate the industry. Luxury consumers, particularly Gen Z, want to buy from brands that provide meaning and have a sustainable approach. Luxury is defined by three components: rational elements, emotional power, and relational signification. The three components have not changed but the way luxury is viewed may evolve.

Highlights

•  Luxurynsight is the Bloomberg of the luxury industry, providing data and decision-making software for brands to navigate the market.

•  Consumers, particularly Gen Z, want buying from brands that have meaning, a sustainable approach and reflect their identity.

•  Luxury is defined by three components: rational elements, emotional power, and relational signification, rather than by brands or products.

• The luxury industry is evolving with changes to consumer behavior due to COVID-19 and different buying preferences among younger consumers.

•  The three components of luxury have not changed but the way luxury is viewed and consumed may evolve.