Luxury has certainly become an over-used term in the marketplace, especially during the last few years. Brands, in an effort to justify their higher prices, have slapped on the word in order to falsely position themselves in the marketplace.
Many of the luxury brands that we are so familiar with today such as Hermes, Burberry and Louis Vuitton, started out as business that solely catered to the royal and aristocratic families of that time. European families grew up with the idea that if they purchased or invested in a high-quality product, they would not have to make that very same purchase any time soon, and thus kept a lid on the consumerism that we see so much of today. These customers truly had the financial resources that allowed them to source exotic fabrics and materials. Companies in turn had the time it takes to truly craft (i.e. 1 person creating a handbag) a luxury product.
In the late '90s, under the direction of Bernard Arnault, Louis Vuitton as both a company and a conglomerate began to outpace its competitors in mentality and production. It seems as if they single-handedly for better or for worse created the pseudo-luxury environment in which we live in today. Add to this a mix of American consumerism which has caught on in Asia and Russia, and we end up with a sort of watered down vision of the consumer and questionable quality of product.
The list of luxury brands and consumerism continues as we go beyond fashion into food, housing, transportation, hotels, electronics, etc. Yet if one looks close enough, he/she will find that in each of these categories there are subtle words, emotions and values that are attributed in order to define this new sense of luxury which appeals to the emotional needs of the consumer.
The list of luxury brands and consumerism continues as we go beyond fashion into food, housing, transportation, hotels, electronics, etc. Yet if one looks close enough, he/she will find that in each of these categories there are subtle words, emotions and values that are attributed in order to define this new sense of luxury which appeals to the emotional needs of the consumer.
As true luxury marketers, we must ask fully examine the quality of the product itself, and if it does not hold up to those standards, seek more accurate terms such as high-end, premium, and prestige to serve the dual purpose of awakening the now numb consumer and touch on the more complex and segmented demographic. In doing so, we may find that we can find a balance between truth in product and consumer needs, and move forward in a direction that is best for both parties involved.
Image: Roland Nivelais couture gown Fall 2007
