Last week I spent time at the Modern Affluence Summit with some of the world’s most iconic brands discussing the theme of ‘re-imaging affluence’. Although the focus was on luxury brands, here are some universally relevant takeaways that stood out to me:
1️⃣ Investing in cultural capital is no longer optional, it’s essential.
Brands need to be deeply embedded in culture to create emotional connections with consumers and drive differentiation. Now, more than ever, they have the opportunity to actively shape cultural narratives. This can be by themselves or with collaborations; but it must be authentic and strategically aligned to an overall vision - not just jumping on a new TikTok trend.
“Cultural capital, much like economic capital, needs to be accumulated, nurtured and grown… [it] has become the new frontier of competitive advantage.” – Mike Pickett, Cazenove Capital
2️⃣Community-building should be at the heart of any brand.
But there are a lot of misconceptions about what community means and how to nurture them. Community doesn’t necessarily mean like-minded individuals, it can be a platform to allow for differences and bring people together. A community is a group of individuals united by a singular passion point.
Community shouldn’t always be monetized, instead it can be a powerful word-of-mouth tool, a direct feedback loop with customers, or a way to enrich the experiences of customers and create lasting connections - like Rapha’s clubhouses. Luxury brands in particular offer a masterclass in leveraging events, clubs, and partnerships to build thriving communities of fans.
“Community enables brands to receive direct feedback around their product or service which in turn ensures brands to stay authentic.” ~ Rob Lee, Chief Creative Officer, Rapha
3️⃣ Emotional connection is a never-ending trend.
Today's luxury consumers aren't just buying a product; they're buying into a brand world, a story, and a set of values. They crave connection and shared experiences that go beyond a simple transaction. This means all brands must go beyond traditional marketing and create meaningful connections that resonate deeply.
Building a strong connection means aligning with the values and beliefs of your target audience. Consumers are increasingly drawn to brands that support causes they believe in, embody sustainability, and prioritise social impact. At times, it also means showing vulnerability to creating a sense of trust, transparency, and genuine engagement.
“There’s power of vulnerability in human connection. Vulnerability is not a weakness— it is the key to building trust, fostering creativity, and redefining success in an age of disruption.” - Andrew Phillips
Thanks to Ben Whattam Marcus Watson Victoria Archbold for organising a brilliant event.