From Possessions to Experiences: How Valued Memories Are Redefining Luxury & Prestige

The luxury industry has undergone a significant transformation, shifting from a focus on exclusive products to offering immersive, high-end services — a phenomenon often referred to as the “servicialization” of luxury. This evolution has been driven by changing consumer preferences, with individuals increasingly valuing unique experiences over material possessions.

Pioneers of the Shift

Several luxury brands have been at the forefront of this transition:

LVMH (Moët Hennessy Louis Vuitton): Recognizing the growing demand for luxury experiences, LVMH expanded into the hospitality sector by developing the Cheval Blanc hotel franchise. This move was among the early indications of luxury brands diversifying beyond products to offer exclusive services.

Bulgari: Originally renowned for its jewelry, Bulgari ventured into the hospitality industry by establishing Bulgari Hotels and Resorts. This strategic expansion allowed the brand to offer its clientele a holistic luxury experience, seamlessly integrating its design aesthetics into exclusive accommodations.

Drivers Behind the Transition

Several key factors have propelled this shift towards experiential luxury: