Luxury has always been an escape—whether through craftsmanship, exclusivity, or storytelling. But today, escapism is no longer just a feature of luxury; it has become its defining currency. In an era of constant digital noise, economic volatility, and global unrest, consumers are no longer drawn only to status symbols; they seek immersive, fantastical experiences that transport them beyond reality.
While Gen Z and Millennials have been the driving force behind this movement, luxury brands can no longer ignore another surprising demographic that is embracing escapism: Baby Boomers.
Often characterized as practical and brand-loyal, this cohort is now actively seeking luxury experiences that blend nostalgia, fantasy, and indulgence—a trend that aligns with the rise of ‘romantasy’ (romantic fantasy) in popular culture.
The New Luxury Playground: Fantasy Over Realism
For years, luxury marketing has emphasized authenticity and relatability, but as Vogue Business notes, “relatability has reached a breaking point.” Consumers today aren’t just looking for reflections of real life; they crave a heightened, curated version of it—one that is immersive, surreal, and visually spectacular.
According to the 23rd edition of the annual Luxury Study, released by Bain & Company and Fondazione Altagamma, the overall luxury spending totaled €1.48 trillion globally in 2024, a slight decrease of 1% to 3%. Luxury experiences maintained faster-than-average growth (at 5%) as consumers continued to move their spending to travel and social events. The market for experience-based goods (such as fine art and luxury cars) saw a dual trend, with a contraction in the most accessible segments and strong interest among high-net-worth individuals in more absolute expressions of luxury.
Global luxury consumers, grappling with macroeconomic uncertainty and continued price elevation by brands, cut back slightly on discretionary items. As a result, the personal luxury goods market dipped to €363 billion in 2024, a 2% decline. This trend—particularly noticeable among Gen Z, whose advocacy for luxury brands continued to decline—has caused the luxury customer base to shrink by about 50 million people over the last two years. “Meanwhile, top customers continued to account for a larger share of luxury goods purchases, despite feeling that their luxury shopping experience has become less exceptional,” says the report.
From Kering to LVMH, most big luxury companies have been reporting declining profits in the past few quarters. This demands a closer look at what brands have been doing to refresh their financial reports:
- Fashion: Valentino’s otherworldly haute couture shows, DSquared2’s theatrical presentations, and Jacquemus’ hyperreal campaigns all tap into a sense of surreal escapism.
- Luxury Travel & Hospitality: Dior’s exclusive pop-up cafés in remote dreamlike locations, Belmond’s restored Orient Express, and Aman’s ultra-private retreats cater to consumers seeking immersive, once-in-a-lifetime experiences.
- Luxury Retail Spaces: Brands are designing their stores as fantasy destinations, from Gucci’s mirrored dreamscape in Milan to the newly imagined Burberry stores featuring surrealist campaign visuals.
Luxury has evolved beyond tangible ownership—it is about stepping into a different world. Even art – from Vincent Van Gogh to Claude Monet – has found a new way to connect with audiences – through digitally immersive experiences.
Baby Boomers’ Growing Affinity for Escapism
While much of this movement has been Gen Z-driven, Baby Boomers are proving to be a key demographic that luxury brands cannot afford to ignore. This generation holds a significant share of the world’s wealth, and rather than merely collecting possessions, they are seeking emotional, story-driven experiences that offer a deep sense of escape.
The rise of ‘romantasy’—a fusion of romance and fantasy—has only accelerated this shift. Once reserved for younger audiences obsessed with fantasy novels and dreamlike aesthetics, romantasy is now influencing luxury travel, fashion, and hospitality.
Boomers are flocking to heritage storytelling, nostalgic yet modern luxury, and dreamlike experiential travel. Consider these trends:
- Luxury Travel: Boomers are indulging in Belmond’s restored grand train journeys, private castle stays through Airbnb Luxe, and tailor-made Aman retreats that offer hyper-personalized tranquillity. Los Angeles is soon going to see a Pan Am-inspired hotel, operated by Hilton, which gives an ode to the glamorous airline which had ruled international travel in its heydays in 1970s and ‘80s.
- Fashion & Beauty: The return of old-money aesthetics, timeless elegance, and soft, whimsical fashion (think Dior’s ethereal gowns or Gucci’s vintage-inspired pieces) caters to Boomers’ desire for romantic nostalgia. Brands are pulling out their archival designs to either update them, or reuse them during iconic events or with iconic celebrities. Cynthia Erivo, for example, wore a vintage Givenchy by Alexander McQueen gown for an award ceremony.
- Cinematic Storytelling: Campaigns featuring fantasy-like visuals, slow luxury, and opulent settings (like Louis Vuitton’s escapist travel campaigns) resonate with Boomers who crave the elegance and grandeur of classic, untouchable luxury. Very smartly, Glenmorangie brought Harrison Ford for a series of campaigns, depicting the actor’s witty self, craving for an adventure in the highlands.
This is a fundamental shift in consumer behaviour, not a passing trend. As consumers tighten their purse-strings, they are only willing to open it for something truly exceptional.
Why This Trend Isn’t Going Anywhere
The desire for fantasy and escapism in luxury is deeply psychological. As the world becomes increasingly chaotic and digital fatigue sets in, both younger and older consumers are gravitating towards immersive experiences, romantic nostalgia, and grand storytelling.
Luxury is no longer about status alone; it is about how it makes you feel, where it takes you, and the emotions it evokes. Whether it’s a Gen Z traveller seeking an AI-curated dream vacation or a Boomer indulging in a heritage-rich, romantically imagined luxury escape, the demand for extraordinary, emotionally rich experiences will continue to shape the industry.
Brands that embrace escapism, romantasy, and deep emotional storytelling will not only capture attention, but also forge stronger, lasting connections with their consumers.
Luxury is no longer just about what we own—it is about where we can go, what we can dream, and who we can become.
