LSN : News : Stat: Britons sacrifice finances for more holidays in 2023

Louis Vuitton introduces exclusive £33,500 Treasure Trunk NFTs

VIA Treasure Trunks by Louis Vuitton, Global

Via Treasure Trunks by Louis Vuitton

France – Louis Vuitton is bringing its 1854 travel trunk to the digital world with the launch of its new exclusive non-fungible token (NFT): the VIA Treasure Trunk. Only a few hundred of the digital tokens will be minted by the luxury brand, and each will retail for £33,500 ($41,940, €39,000). The experience will start in Web3 and continue onto the real world as the NFT trunks 'act as portals into the world of Louis Vuitton, revealing new, limited products and experiences through immersive drops which will be progressively launched at regular intervals throughout the year', according to the brand.

Owners must pay for additional digital keys to unlock new limited-edition products. Louis Vuitton told Forbes that each of the initial digital NFT Treasure Trunks and the purchased keys will come with a corresponding physical product with which they are twinned. The digital travel trunk is also a soul-bound (or non-transferable) token, meaning Louis Vuitton controls who gets to buy and own one for ever.

In Neo-wealth Wears, we previously analysed how similar luxury brands set their sights on the crypto elite, designing accessories that allow people to flaunt their riches offline.

Strategic opportunity

With a lack of regulation in the crypto space, consider how brands can help to protect luxury collectors with non-transferable assets like the VIA Treasure Trunk to ensure clients feel as safe and protected online as in a luxury store

Space10 designs a flat-pack, foldable couch with generative AI

Couch in an Envelope by Space10 and Panter&Tourron, Denmark

Denmark – Copenhagen-based independent research and design lab Space10 has used ChatGPT to design a sofa that can fold flat, fit into an envelope and weighs only 22 pounds. Built in collaboration with Swiss design firm Panter&Tourron using generative AI, the resulting prototype is a bench-like, modular couch design with adjustable wings and thin panels of cushions.

Space10, which is supported by and dedicated to working on product design for Ikea, was researching the potential of digital fabrication tools such as 3D knitting robots during the pandemic, but the advent of generative AI accelerated its work. Space10 designers worked on hundreds of prompts using text-to-image generating tools like Midjourney and DALL-E to formulate a flat-pack design.

Collaborating with generative AI was a key component of this project, showing how the Generative AI Creativity Market hinges on knowledge and skill-sharing between humans and AI – without which products will fail to cater for human needs and desires. The final design has been turned into a prototype and is on display at this year’s Copenhagen Architecture Festival.

Strategic opportunity

AI can be a productive tool but it requires a human touch. How can you upskill your workforce to adopt AI into their workstream? How can it reduce mundane tasks and supercharge creative output?

True-Luxury 3.0 recap: uncovering solution-orientated creativity

Polo Ralph Lauren exclusively for Morehouse and Spelman Colleges, US

UK – Held at The Connaught hotel in London, the third edition of True-Luxury Week’s annual event celebrated solution-orientated creativity, exceptional craftsmanship and pro-planet processes in the industry.

‘Non-consumption is not an option,’ said Laboni Saha, the founder of True-Luxury Week and creative director of womenswear label L Saha, who opened the event. But while there will always be a demand for luxury goods, Laboni argued that it should be part of luxury’s core mission to encourage more mindful consumption and to actively commit to regenerative practices.

In line with that mindset, the True-Luxury 3.0 Summit revolved around six themes: creativity for climate, luxury in the metaverse, mind vs machine, material and matter, around the world in net zero, and circular incarnations. Speakers highlighted the importance of certifications and clear labelling in helping consumers make informed choices and understanding ‘what makes a carbon-neutral handbag a carbon-neutral handbag’, according to Laboni.

Besides transparent supply chains and a slower trend cycle, panellists stressed how craftsmanship and tech create emotional bonds between the brand, the maker and the owner – a crucial connection that the luxury consumers of tomorrow are seeking.

Strategic opportunity

Sign up for our forthcoming Luxury & Hospitality Futures webinar to examine the tropes and trends wooing tomorrow’s luxury customers

Stat: Britons sacrifice finances for more holidays in 2023

Basejam venue, Italy

UK – A survey by The Advantage Travel Partnership has revealed that British people have a strong desire to indulge in holiday spending in 2023. The UK’s largest independent travel agency discovered that in spite of the continuing cost of living crisis, a third of respondents are determined to take at least two holidays in 2023. Consumers say they are willing to cut back on other expenses, such as takeaways, dining out and socialising with friends in order to allocate more funds for their holiday plans.

The top five destinations for Britons planning summer holidays in 2023 are Tenerife, Majorca, Alicante, Lanzarote and Antalya in Turkey. Beach holidays are the most popular, with city breaks and adventure trips also in demand.

Britons have previously expressed difficulties in taking their holidays. This research shows that many British consumers recognise their significance and even in a cost of living crisis are willing to make sacrifices to prioritise them. Look at our Series to see the consumer’s perspectives on the cost of living crisis and the innovations that are supporting them.

Strategic opportunity

Consider providing all-inclusive packages that allow consumers to fully immerse themselves in their holiday, with accommodation, food and activities seamlessly taken care of. Create experiences that justify the sacrifices made by holidaymakers so they can fully escape from the demands of day-to-day life