Gastronomes were likely shocked in June this year by the news that elite Michelin stars were awarded to two street food stalls in Singapore. Their chickens, pork with pasta, and similar seemingly ‘simple’ dishes won over critics who decided for the first time to grant this esteemed recognition to such establishments that, by the way, sell food at prices no higher than those at the local McDonald’s. With this move, Michelin’s ‘jury’ redefined the concept of prestige and luxury in the world of gastronomy, showing that such dishes should not only be labeled as those that cost as much as the average monthly bills of a small household or restaurants with waiting lists several months long. However, the perception of luxury is changing not only in the world of gastronomy but across all sectors, as reported by Trendwatching.com. This month, it focused on researching trends in the luxury world, which are changing according to lifestyle and consumer desires, and proved that, especially in 2017, the maxim will come to life that status in society is determined not by what one possesses but by what one experiences. In line with this, it defined several trends that will influence the formation of the luxury market, which is expected to grow to a global value of 295 billion euros by 2020. The first trend relates to the increasing need for self-actualization among consumers, creating a better version of themselves. Since this is a desire of consumers regardless of class, those who wish to position themselves higher will strive to indulge themselves with innovative products, services, or experiences that not everyone can afford.
The Luxury Market: A Unique Experience is a Stronger Status Symbol than Wealth
