YOLO: The Mantra of “Youthful Luxury” in a World of economic austerity

The digital revolution has left an indelible mark on various sectors of the economy and society. One of the most profoundly affected has been the realm of luxury, where social media has magnified its presence, turning it into a spectacle of ostentation and a showcase for uninhibited behaviours online. We are entrenched in the era of “meta-luxury”, a contemporary manifestation of luxury that challenges conventional definitions by being borderless and defined by its adaptability and relentless expansion.

This phenomenon is not a mere coincidence. It is the product of a society that, propelled by digitisation, has created an economy where ceaseless and excessive growth is the prime objective. Although it would be mistaken to directly link the concept of “meta-luxury” to the company Meta, founded by Mark Zuckerberg, it’s undeniable that this new luxury paradigm faithfully captures the connotations associated with the term “meta”, such as introspection, evolution, and the adoption of loftier, holistic perspectives.

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As technology has advanced in leaps and bounds, it has led to the redefinition and recontextualisation of luxury. We are no longer merely discussing luxury brands in the traditional sense; now, luxury manifests through digital platforms. A testament to this transformation is that luxury houses like Balenciaga, which once would pride themselves on heritage and tradition, are now adopting slogans like “Here and now” for their collections, emphasising their transition towards being a luxury platform in their own right. Luxury is no longer static; it’s fluid, adapting and expanding, akin to an omnipresent entity persistent in its resonance.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]Luxury is no longer static; it’s fluid, adapting and expanding, akin to an omnipresent entity persistent in its resonance.[/perfectpullquote]

Today, luxury manifests in every corner of the globe with distinctive visual markers. A tangible example is the Dioriviera collection, where in settings as common as swimming pools and spas, one could not help but notice the Dior monogram. Major cities are not immune to this luxury invasion, with iconic spots like Time Square serving as a canvas for an unprecedented Tiffany campaign under the umbrella of LVMH and the Carters. Meanwhile, in the arteries of Chinese metropolises, collaborations between giants like Fortnite and Balenciaga are showcased through bold LED advertisements. It is this kind of omnipresence that has nurtured a global desire for more accessible luxury, which, against all odds, saw significant growth in 2021 amidst the economic challenges imposed by the pandemic.

Today’s luxury mirrors both universality and specificity, echoing the diversity of its clientele. It’s no longer just a matter of accessibility but also of adaptability. Luxury’s ability to incorporate everything from streetwear, sportswear, to emerging technologies and digital entertainment reflects its versatility.

In an era where the global economy leans towards restraint and caution, luxury stands defiant, embodying the philosophy of “YOLO” (“You Only Live Once” or in Spanish “Solo Vives Una Vez”), reminding us that, regardless of circumstances, the human yearning for the extraordinary remains unyielding.