Selling Memories: How the Experience Economy Affects Luxury and Art
Luxury and art today are no longer just about ownership—they are about experience. As reflections of cultural values, they evolve alongside society’s shifting definitions of status, exclusivity, and the meaning of preciousness. Once rooted in material possessions, luxury and art are now defined by how one curates and shares moments of distinction.
Conspicuous Consumption
Luxury has long been associated with conspicuous consumption of material goods over the past few centuries. From medieval laws that regulated which social classes could use specific items or wear certain garments—such as reserving precious fabrics for the upper echelons of society—to modern-day influencers flaunting piles of Hermes bags, the display of luxury has consistently served as a marker of status and distinction. This evolution underscores the enduring role of luxury as a symbol of social stratification and cultural capital.
On social media, conspicuous consumption plays a significant role in the realm of luxury. Beyond financial wealth, cultural capital—such as knowledge, skills, and even taste—becomes essential in selecting and acquiring a particular item, serving as a marker of distinction. As luxury goods have become increasingly normalized, more affordable, and accessible, individuals are seeking new ways to signal their status. One prominent trend today is the emphasis on luxury experiences.
The pandemic catalysed this change. Lockdowns and travel restrictions forced celebrations such as birthdays, anniversaries, and weddings into virtual spaces or smaller, more intimate settings. Online experiences rose to fulfil the demand for connection and celebration. [1]
As traditional luxury goods lose their exclusivity, people are turning to alternative symbols of distinction. The conspicuous consumption of luxury experiences has amplified their role as status symbols. Sharing these experiences on platforms like Instagram and TikTok not only serves as evidence of one's elevated lifestyle but also enhances the desirability of these experiences, making them even more sought after. [2]
The “airport tray trend” in 2024 highlights how social media users are increasingly engaging in conspicuous consumption by showcasing their luxury travel experiences in real time. This trend, driven by Instagram and TikTok, reflects a new form of digital flexing, where even mundane moments, such as airport security screenings, are transformed into status symbols. [3]
Photo Courtesy: @pipertacih/TikTok
Maurizio Cattelan's artwork "Comedian," a banana duct-taped to a wall, which sold for $6.24 million to cryptocurrency entrepreneur Justin Sun. Sun's subsequent consumption of the banana underscores a move towards experiential and conspicuous consumption, where the act itself becomes a statement of prestige. [4] Such instances highlight how luxury is increasingly defined by exclusive experiences that convey social status, rather than by the mere ownership of high-priced items.
Photo Courtesy: Justin Chin/Bloomberg via Getty
Technology
Technology is increasingly redefining how we experience art and luxury, offering innovative ways to blend the physical and digital worlds. Virtual reality (VR) and augmented reality (AR) have become essential tools for luxury brands and cultural institutions, creating immersive, interactive experiences that engage audiences in unprecedented ways. In response to the pandemic, institutions like Foundation Louis Vuitton and Sotheby’s introduced virtual exhibitions, allowing patrons to explore art collections from the safety and comfort of their homes. This shift towards digital immersion is not just a necessity but a new frontier for art and luxury experiences, allowing brands to push the boundaries of traditional exhibition spaces. From virtual reality art tours to large-scale immersive shows, technology is enhancing the way we engage with art, creating rich, multisensory experiences that connect audiences to culture like never before.
The "Van Gogh 360° Immersive Experience" has captivated global audiences, including visitors in London, with an innovative way to explore over 300 of Van Gogh’s iconic works, such as "The Starry Night" and "Sunflowers." As guests enter the exhibition, floor-to-ceiling projections bring Van Gogh’s paintings to life, enveloping them in an environment where art surrounds them from every angle. [5] The experience is both informative and engaging, offering insights into Van Gogh’s life and inspirations. Some venues enhance the experience with virtual reality sections, where high-quality VR content, composed of over 4 trillion pixels, provides an ultra-realistic look at Van Gogh’s masterpieces, making the audience feel as if they are truly experiencing the artwork firsthand.
Photo Courtesy: https://vangoghexpo.com/
The Sphere in Las Vegas is revolutionizing the art and entertainment landscape by seamlessly integrating advanced visual and auditory technologies to create immersive art experiences. Encompassing a vast 580,000-square-foot LED display, the venue transforms into a dynamic canvas, presenting art installations that envelop audiences in 360-degree visuals. [6] This innovative approach redefines traditional art exhibitions, offering a multisensory journey that blurs the lines between the digital and physical realms.
Photo Courtesy: skiftcom
In December 2024, Anyma, an electronic music project by the artist Matteo Milleri, debuted at the Sphere with "The End of Genesys," a performance that exemplified the fusion of music and digital art. The show featured towering LED screens and 3D projections that responded dynamically to the music, creating a synesthetic experience where every note and visual element interacted in real time. [7] This performance marked a significant milestone in immersive art, showcasing the potential of technology to enhance artistic expression and audience engagement.
Photo Courtesy: Hashtag Magazine
Shift in Value of Modern Luxury Customers
With the rise of Gen Z consumers, there is a noticeable shift in luxury preferences, where personal and emotional connections to experiences are now valued over material possessions. This generation increasingly seeks authenticity, personalization, and stories that resonate with their values, placing these elements at the heart of both luxury and art experiences. Sustainability also plays a pivotal role in shaping these preferences, with many young consumers prioritizing eco-conscious brands that align with their ethical values. [8] As a result, luxury and art are becoming more about immersive, meaningful engagements rather than just acquisition, signalling a major transformation in how we experience sophistication.
Gen Z consumers are reshaping the luxury market by prioritizing experiences and authenticity over material possessions. A study indicates that 41% of Gen Z and Millennial luxury shoppers are driven by the desire to create unforgettable memories, marking a significant departure from traditional notions of wealth and status. [9]
Today where exclusivity is redefined, luxury and art are increasingly anchored in experiences that create lasting memories and emotional connections. As ownership gives way to the curated sharing of moments, the way we perceive and engage with luxury and art is evolving—forever reshaping what it means to live a truly distinguished life.
Footnotes:
[1] ‘How Experiential Luxury Is Emerging to Meet the Expectations of Wealthy Consumers in a Post-Pandemic World - MGN Events’, 10 January 2022. https://www.mgnevents.co.uk/experiential-luxury-post-pandemic/.
[2] Siepmann, Carolin, Lisa Carola Holthoff, and Pascal Kowalczuk. ‘Conspicuous Consumption of Luxury Experiences: An Experimental Investigation of Status Perceptions on Social Media’. Journal of Product & Brand Management 31, no. 3 (1 January 2022): 454–68. https://doi.org/10.1108/JPBM-08-2020-3047.
[3] Bramley, Ellie Violet. ‘“The New Digital Flex”: The Airport Tray Trend Stirring Outrage and Delight’. The Guardian, 2 September 2024, sec. Fashion. https://www.theguardian.com/fashion/article/2024/sep/02/the-new-digital-flex-the-airport-tray-trend-stirring-outrage-and-delight.
[4] People.com. ‘Man Who Bought Duct-Taped Banana Artwork for $6.2M Eats It: “I Wanted to Become a Part of History”’. Accessed 22 January 2025. https://people.com/man-who-bought-duct-taped-banana-artwork-for-millions-eats-it-8753513.
[5] ‘Van Gogh Exhibition: The Immersive Experience’. Accessed 22 January 2025. https://vangoghexpo.com/.
[6] Caligor, Livia. ‘Why Las Vegas’s Sphere Is the Gimmick That Worked’. Architectural Digest, 1 October 2024. https://www.architecturaldigest.com/story/why-las-vegass-sphere-is-the-gimmick-that-worked.
[7] ‘Anyma at The Sphere: The Dawn of a New Era in Electronic Music’. Accessed 22 January 2025. https://lasvegastoppicks.com/anyma-at-the-sphere-the-dawn-of-a-new-era-in-electronic-music/.
[8] Matthew Cornell Photography. ‘The Rise of Experiential Luxury: How Immersive Experiences Are Redefining Sophistication’. Accessed 22 January 2025. https://matthewcornell.com.au/the-rise-of-experiential-luxury-how-immersive-experiences-are-redefining-sophistication/.
[9] Dask, Caroline. ‘Gen Z and Millennial Luxury Shopping Trends’. Luxe, 27 November 2024. https://luxe-magazine.co.uk/2024/11/gen-z-and-millennial-luxury-shopping-trends/.
Yujie Liu
Luxury Edit Co-Editor, MADE IN BED
