luxury.
The word alone conjures powerful imagery, and special feelings. It may be a long weekend in an exclusive hotel, or a collection of the most stylish brands, or anything in between that captures our Gatsby-like sense of aspiration and longing.
its definition—is a moving target, perhaps, it creates a sense of "specialness"—of being part of something select, taking part in something exclusive and perhaps superior?
Luxury in the past has most often been defined on the basis of things. But increasingly, possession or association with "things" seems less important as an end than as a means to something else—how those things combine to help create a sense of self.
Now, luxury increasingly is defined as an expression of individuality, through the unique and highly personal experience that luxuries help provide. Luxury brands have become not just ends unto themselves, but also means to even larger personal aspirations.
"consumption constellation."- accumulate brands as an emblematic display of a chosen lifestyle.
It's about me
fewer can boast a comparable surplus of the most valuable commodity of all—personal time. In a world of multiple stresses, multitasking, the ability to escape—to slow down and live in the moment—has become a luxury
"Customization" or "personalization" are now firmly ensconced in the luxury lexicon.
"conspicuous austerity"—hardly the stuff of traditional luxury branding, but it carries premium pricing nonetheless.
One size definitely does not fit all
To provide a truly personalized experience, it's critical to have a real understanding not of a market, but of the people who make up that market, and the specific triggers that make a brand experience enriching, rewarding, fulfilling, unique—or any of the other characteristics that satisfy the individual's expectations for the luxury brand.
When being scarce is a plus
Has the luxury brand become so specialized and fragmented that it can no longer be effective in a massmarket context?
e.g. Gucci's unorthodox strategy- enhance Opium luxury status by making it more difficult to find
Giorgio Armani has stopped selling its premium black-label $2,200 suits at Wilkes Bashford
P. Diddy pulled his clothing line from May Department Stores
people want to reward themselves for working hard. experiential branding becomes real and relevant: the brand is about helping customers individualism, as well as "having made it."
so?
Luxury branding increasingly will be less about identifying and providing the trendy "things" important to people and more about understanding the role "things" play in people's lives.
Luxury is becoming a concept rooted to find personal meaning and satisfaction—about finding ways to feel good about ourselves—apart from the list of exclusive and select things we possess.
Success depends on not just understanding the psyche and value systems of an increasingly fragmented marketplace, but also on establishing a relationship with them that extends far beyond the traditional buyer-seller roles -giving people what they value most
