Why now is the opportune time for luxury food and drink brands

Now is the opportune time for luxury food and drink brands but believe us when we say; to make the most of this moment in luxury: “Your old luxury strategy won’t work”.

A more mindful attitude alongside a weariness of having reached peak ‘stuff’ means aspiration has shifted more from ownership to experience.  This opens up the opportunity for luxury food and drink brands whose appeal lies heavily in the experience of consumption. 

As the luxury market ages down (Gen Z buys luxury items 5 years earlier than millennials), and with the formalisation of a less but better mindset, the greatest opportunity for luxury food and drink brands now exists within the middle market. Those consumers who may be cutting back on some areas, in order to trade up in others. 

At Quantum we think in the following luxury growth mindsets, over traditional demographics:

• Mindful Luxury - A way to offer pause and wellbeing, to slow down and savour the moment

• Self Reward - Celebrating micro-achievements with feel-good, indulgent products

• Multidimensional Escapism - A moment of escapism for those feeling overwhelmed or exhausted from mundane living

• Meaningful Gifting – Creating a sense of meaning and occasion.

By breaking down luxury into sub-sectors, we can understand what drives customers to high value purchases.

Breaking through Peak “Stuff”

It’s not just the motivation, but the expression of luxury that has shifted. As next generation ideals refocus around themes of accessibility, inclusiveness, and creativity., brands need to show up in a more open and dynamic way.

Here are 4 considerations for your next luxury food and drink activation: 

1. It’s not what something costs, it’s what the spend means

Consumers are willing to pay more for products that help them mark the significance of an occasion. Or that help them demonstrate fondness and care to the people they are hosting or visiting. Thinking in occasions helps us add meaning to products.

2. Make it more effortful

Things that take time and effort are psychologically more meaningful. Add ritual to the consumption moment that allows consumers to savour the experience. 

3. Immersive storytelling 

Buying less means that the items a person does have holds greater intrinsic value. 

Consumers want to honour heritage authentic provenance and craftsmanship. And In a world of automation, we want a human story behind the products we buy. 

4. Creative accessibility 

Relax previously sacrosanct brand expressions to engage in a more culturally dynamic and creatively expressive way that makes you worthy of being talking about by ‘Next Gen’ consumers.  

Like what you’ve read?

If you think we could help you make the most of the new luxury landscape, please don’t hesitate to get in touch