Luxury brands planning for "wellbeing" to be the new luxury

The coronavirus shutdown has forced a reset to consumers’ purchasing behavior across the globe and at every income level. In a blink of the eye, consumer spending shifted from discretionary to necessity purchases and has remained that way throughout the months of the shutdowns. In the new-normal, post-coronavirus world, the luxury market is going to be profoundly changed by profound changes to the almost-rich mindset, priorities, and values. The changes coming to the white-collar professional, creative classes who make up the bulk of the nation’s luxury consumers, is a dramatic shift toward wellbeing, across the dimensions of physical, emotional, and financial health and security.