Luxury Brands in the Technological Age: Between Status, Self-Compensation, and a Shift in Consciousness

The world is changing at a dizzying pace, and these changes affect every aspect of our lives, including our perception of luxury and consumption. While in the past, luxury was perceived as a concept reserved for the upper echelons, today, in the technological and global age, it has become more accessible and diverse 

Rising Living Standards and Global Openness

There is no doubt that living standards in many countries around the world have risen significantly in the last generation. The opening up of the world through the Internet and the availability of relatively cheap flights to a variety of destinations have exposed the general public to luxury brands and lifestyles that were not accessible in the past. This process has led to a change in consumer awareness and the creation of legitimacy for the purchase of luxury goods even among the middle classes 

Workaholism as a Catalyst for Luxury Consumption

The phenomenon of workaholism, or "work addiction," has become quite common in the modern era. Many career people find themselves working long hours and striving to achieve impressive achievements. As a result, they seek psychological compensation and an expression of their success through the purchase of luxury goods. These products serve as an external status symbol that indicates their social and economic status 

New and Old Status Symbols

Status symbols have existed since time immemorial. Expensive jewelry, gold, luxury cars, and palatial homes have always been markers of wealth and success. However, in the technological age, new status symbols have been added, such as advanced technologies and innovative digital products. The use of groundbreaking technologies has become a symbol of "belonging" to an exclusive group of "capable people" who have achieved impressive results through their hard work 

Economic Power as a Driving Force

The desire for change and advancement in social and economic status lies at the heart of the motivation to purchase luxury goods. The growing economic capacity of many people allows them to fulfill their desires and purchase products and services that were previously considered luxuries. Luxury products become a kind of "entry ticket" to the club of successful people, and they reflect the investment and effort invested in hard work 

In conclusion

The technological and global age has brought about many changes in the way we perceive and consume luxury. Luxury goods have become more accessible and serve as a tool for expressing status, self-compensation, and an indication of success. However, it is important to remember that true luxury is not limited to material products, but also includes experiences, values, and social connections

Gadi Gertel