How Technology Is Helping Democratize Luxury

The way technology has democratized luxury is a case worth studying, as it can upend titans of industry. The value of luxury products and services have always relied on the concepts of exclusivity and rarity. The luxury industry was made to be exclusive and to create a market of goods accessible, or seemingly accessible, to wealthier members of society. But innovation in technology has enabled new players in the luxury industry to offer consumers choices of the same goods and comforts previously only afforded by the wealthy at reasonable and competitive pricing, thus democratizing the luxury industry as never before predicted.