But today’s late-modern consumers in free Western societies are far from and beyond understanding luxury first and foremost as opulence, i.e. as expenditures or amenities that go beyond the established social norm. Instead, sociologists, cultural scholars, market researchers, trend analysts and futurists all agree that luxury consumption today, especially in conscious dissociation from an increasingly quantitatively oriented society, is understood far more qualitatively: as the conscious, preferably sustainable and in any case responsible consumption of enlightened economic subjects for whom values are more important than price.
Luxury products are still regarded in the classic sense as goods of exceptional value and quality, characterized by exclusivity, i.e. scarcity, as reflected in their price. But today’s consumer is also interested in authentic, established values that imbue the luxury product with a sense of aura and acknowledgment. Still truly luxurious today are products, services and events that combine top quality with emotionally and intellectually stimulating and inspiring experiences. Excess, wastefulness and quantity are becoming less important, as are senseless posturing and meaningless displays of pretense.
Such a “new,” “enlightened” understanding of luxury is defined not by proliferation but by reduction, not by accumulation but by avoidance, for in times of abundance, minimalism and renunciation prove to be just as extravagant, rare and desirable as ostentatious waste in times of scarcity. Refinement has always been a characteristic of luxury, but today it no longer shows itself in the complexity and addition of ornament, but rather in reduction, minimization, elegant simplicity, in the omission of ornamentation, in the aesthetics of functionality and a return to the practical value of things.