There are many ways to define luxury. Luxury can be defined as an extravagant lifestyle that involves high spending. But there is not limited to this ! It can be associated with luxury, decadence and 5-stars hotels as well as other pretentious brands. There are certain characteristics of the marketing profession. Codes to help identify luxurious products and services . These criteria can vary between companies, but there are some pillars.
These are the main principles of luxury
Mainstay luxury houses still have the same codes since years, here they are:
Stories and Values
Customers can connect with stories. Luxury brands that are iconic know the importance of sharing values and principles with customers is an indicator of their success. In an effort to strengthen the bonds between luxury brands, their communities and each other, traditions, legacies, and stories all are allowed. Customers are now looking to share their heritage and transmit their values, more than ever.
Personalization is now a reality A pillar of luxury industry It’s not about the product; it is the whole shopping experience. It is important to create a unique experience for each customer by offering a customized product or treatment. It is no longer enough to have a luxurious item in order to enjoy a high status. Personalization is what makes a consumer happy and sometimes even surprised.
Use of high-quality and desired materials
Customers spend to get rare, expensive or sought-after services and products. Luxury is often associated with feeling good and having “Feel good”. Quality must be purchased. Having the luxury to spend large amounts of money can allow you to have the very best at any level.
On another note, luxury is following a new path, an ecological one. Indeed, ecological luxury is now a thing !