Discover four key event trends re-defining the concept of luxury in the world of exclusive private events.
From personalisation to augmented reality and sustainability, find out how the luxury private events industry can keep pace with the expectations of tomorrow’s luxury consumers and event trends.
Read time: 3 — 5 minutes
— Ways in which the concept of luxury is evolving globally
— The way the expectations of tomorrow’s consumers will influence luxury private events
— How MGN events is positioned to keep pace with the reimagining luxury parties and celebrations
The global luxury industry is evolving. It’s also growing. In large part, due to the emergence of a new clientele in Asia, the development of remote purchasing, and a younger generation as well as their grandparents entering the market.
It’s the relationship that these new consumers (as well as their veteran counterparts) have with luxury that is bringing about the industry’s evolution.
Redefining luxury: How consumer needs are shaping luxury event trends
In an announcement in early June 2022, Ralph Lauren launched its Live On promise, which promotes its products’ use and reuse. The forward-looking luxury goods brand also announced that its iconic cashmere sweater will be the first of its kind Cradle to Cradle (C2C) Certified® product – ensuring that the garment’s impact on people and the planet is a positive one.
Ralph Lauren is part of a movement redefining the concept of luxury as an expression of sustainability, longevity and social responsibility.
And this evolution is not confined to the luxury goods segment. Join Mike Walker, Managing Director at MGN events as he outlines 4 new and exciting event trends that are shaping the future of the private luxury events industry:
One of the most notable event trends to emerge in recent times is personalisation. In today’s climate, denizens of luxury recognise that it’s all about unique individual identity and reflecting a niche community, whether that’s family, friends or wider society. Service companies are using data and technology to build their delivery and the experience around personal stories. It’s an increasingly baseline expectation.
MGN specialise in weaving stories around our clients’ vision and bringing them life in a meaningful, inspirational and memorable way. Not only have we delivered as much for corporate clients such as Ralph Lauren, but we always reflect our clients’ personalities through our holistic venue styling, immersive audio-visuals, content and tech that connects people around the world, entertainment and food and beverage.
A wedding reception that blends circus glamour with rock n’ roll complete with thematically attired guests? Check. A celebration of three milestone birthdays in one that has multi-generational entertainment appeal? Check.
2. Augmented reality
We’ll continue to see a rise in human-machine interactions that blend on-screen experiences with our physical world. There’s a significant move towards layering augmented reality (AR), which is powered by artificial intelligence (AI) on top of our lives. Immersive and interactive entertainment will continue to influence the event space, as well as our daily lives.
While this approach might be more commonly seen at corporate events, our private clients are becoming increasingly tuned-in to tech. The day is coming when the technology powering our events will be personalised to guests’ personalities and preferences to such an extent that they will know which song to play and which mood to set without having to be told.
3. Global reach
Not only do we live in a more interconnected world where we can reach across borders to pull people into a single event, but it’s becoming increasingly important to reach across cultures. Private luxury events provide the perfect space to promote an understanding of the diverse world in which we live.
Our clients are using their events as an opportunity to bring to life a culture that is meaningful to them via audio-visual media, the menu and immersive entertainment. At a recent birthday celebration, we used cutting-edge tech to evoke Marco Polo’s sights, experiences and discoveries along the Silk Route.
We’re also adept in using tech and techniques to include guests who can’t be with our guests in person at their event. And, particularly for our younger clientele, we expect to receive more requests to help them share their experience with audiences around the world. There are platforms that will help them do that, from TikTok to Instagram. People are set to increasingly want to put their own spin on their events by editing footage, remixing or mashing content to create their own original material to share on social feeds or via email.
According to Bain & Company’s vision of luxury in 2030, luxury is set to be defined as ‘what is beautiful and good’. Offering a high degree of personalisation, incorporating products into events that are of limited edition or which are made to order will bring an elevated exclusivity to parties and events while cutting back on global product backstock.
As luxury consumer trends translate into luxury event trends, we expect to see a rise in requests from party hosts and party goers to be able to trace the provenance of products and consumables in place at their events. More emphasis will also be placed on sourcing locally. Data on the environmental and social impact of suppliers will become a more prominent part of the event brief.
It is also expected that individuals will be looking to offset the environmental impact of their event or function by donating to a charitable foundation. Again, such event trends are currently more often seen in action at corporate functions, such as global conferences and employee engagement events, but we know that similar requests from our private clients will not be far behind.
Conclusion: Event trends evolve to meet consumer expectations
While Ralph Lauren, renowned the world over for its philosophy of timelessness, continues its decades-long evolutionary journey to remain the final word in American luxury, so too is the private luxury event industry evolving.
In short, it will take a careful balance of technology and human intuition to help organisations respond to major expectations among consumers of tomorrow’s luxury.
If you’re looking for inspiration, more information on the latest event trends or to book a consultation, visit our blog or speak to one of our dedicated event planners. You can either complete the form below or call 01932 22 33 33. You can also email firstname.lastname@example.org.