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Besides giving us the gripping drama and family squabbles that come with being so rich that money is just a game, the HBO series Succession has also ushered in the “quiet luxury” era.
In this fickle world of fashion, you know the drill ‒ it is time to say goodbye to brash streetwear and bold logos emblazoned across every square inch of your body. Instead, embrace the neutral tones and luxe details of stealth wealth brands like Loro Piana, The Row and Brunello Cucinelli ‒ as seen on the members of the Roy family in Succession as well as real life celebs such as Gwyneth Paltrow or Mary-Kate and Ashley Olsen.
In fact, it appears that an increasing number of luxury shoppers in the region are buying enthusiastically into this trend as well.
Southeast Asian consumer research firm Milieu Insight has released its most recent study on luxury goods consumption in the region. While tech gadgets such as computers and mobile phones was the top luxury category for purchases across Southeast Asia, fashion-related buys, including luxury bags and wallets, apparel as well as jewellery were next on the list, particularly in Singapore.
Additionally, the top reasons why respondents buy luxury goods are for their superior product quality, product longevity and the design or craftsmanship value of the items.
That savvy shoppers are so attuned to these luxury trends comes as no surprise to Angela Loh, the founder and chief executive officer of UltraLuxe, an annual Singapore-based festival for niche jewellery, fashion and timepiece brands.
“Luxury is not about having the most expensive or lavish item, it is about having the discernment to understand a product. When you consider the shopping evolution of the super rich, they have bought so many things that when they want to impress, it is not about becoming more complicated and ostentatious. At some point this reaches saturation,” she observed.
Instead, many discerning shoppers prefer to fall back on the adage that less is more. “It is harder to craft one aerodynamic and minimalist piece than many intricate parts because you could hide mistakes in the details. Precision takes time,” she said.
She has noticed that the clientele at UltraLuxe tends to focus on independent or niche brands that may not necessarily be easily recognised at a glance but offer top notch craftsmanship and often have a compelling brand story and meaning behind what they do.
“Niche luxury is a sector that is gaining importance. This is luxury in the sense that it is not easily accessible ‒ it could be limited editions from international brands or independent brands from their own countries that are exclusive and hard to access,” she said.
