8 fundamental values that today’s consumer seeks in luxury
A luxury brand should adapt to the new type of consumer in order to remain relevant in an ever-changing market. Consumer needs and preferences evolve quickly, and a luxury brand must keep up with them or face the risk of becoming obsolete.
Consumers today expect more from luxury brands than ever before: convenience, customizability, and a level of personalization not found in mass-market goods.
By adapting to the new type of consumer, a luxury brand can remain competitive and remain relevant to its target market.
These 8 values are essential for today's luxury consumer:
1. Quality: Consumers expect quality craftsmanship and high-end materials from luxury brands.
Luxury consumers expect quality and craftsmanship because they value high-end and beautifully crafted items that are often unique, timeless pieces. Quality and craftsmanship set luxury items apart from standard and mass-produced products due to the attention to detail, superior designs, and superior materials used. Quality and craftsmanship of a luxury item demonstrate the brand’s commitment to providing exceptional products for their customers, who are often willing to pay more for such items. Quality and craftsmanship also reflects the brand’s dedication to innovation and creating products to last, which leads to customer loyalty and satisfaction.
2. Status: Owning a luxury item confers status and recognition.
In luxury, status refers to a person's social standing or wealth. It can also refer to the prestige associated with owning luxury items such luxury cars, clothing, jewelry, and other exclusive goods and services. In luxury marketing, status is used to position a product or brand in the market, providing consumers a sense of distinction and exclusivity.
3. Authenticity: Consumers look for known brands with heritage and a reliable reputation.
Authenticity in luxury is the assurance that the goods being sold are of the highest quality and are genuine. This means that the product has not been altered, manipulated or counterfeited in any way and is exactly as advertised. A product's authenticity also contributes to its perceived value and desirability, making it a highly sought-after commodity in the luxury market.
4. Exclusivity: Luxury goods should be difficult to obtain and have limited availability.
Exclusivity in luxury refers to goods or services that are not widely available and often have a more expensive price tag. These goods and services are often highly sought-after due to their rarity and are associated with luxury and status.
5. Personalization: Consumers often look for ways to customize their luxury purchases to reflect their personal style.
Personalization in luxury refers to the process of customizing products, services, experiences, and even entire journeys in order to create a more exclusive and tailored experience for the customer. It involves creating bespoke offerings for individuals based on their tastes, preferences, and lifestyle. This may range from engraving initials on jewelry and monogramming leather goods to more complex personalization, such as tailored travel packages or detailed styling consultations. The goal of personalization in luxury is to create a luxurious and highly-personalized experience for customers, enabling them to express their personal style and stand out in a crowded market.
6. Experience: Luxury items are often associated with a high level of customer service and special events.
Experience in Luxury refers to the pleasure, comfort, convenience and/or pleasure of being surrounded by products or services of exceptional quality and elegance. Luxury experiences often involve activities such as luxury travel, fine dining, exclusive access to events, products or services, luxury shopping, and more. These experiences take place in specially curated settings that are usually tailored to the individual’s preferences and tastes.
7. Investment: Luxury goods should provide value and appreciating in the long-term.
Investing in luxuries can involve a range of different investments, from purchasing stocks in companies that make luxury products, such as jewelry or high-end cars, to investing in real estate, or purchasing assets such as art or collectibles. The risks associated with investing in luxury investments vary depending on the type and can range from low to high. For instance, investing in stocks of luxury companies is subject to the same market fluctuation and can be a risky venture. On the other hand, investing in real estate in a desirable location can be a safe, reliable investment, with a potential for appreciation. Ultimately, investing in luxury depends on the specific investor’s risk tolerance and goals and it’s important to do your research and speak to a financial advisor before making any investments.
8. Ethical Practices: Many consumers also look for brands that are committed to sustainability and ethical manufacturing practices:
1. Ensure Sustainability: Use sustainable materials and processes that don’t damage the environment. Eco-friendly luxury products are becoming increasingly popular.
2. Ensure Safety: Luxury items must meet rigorous safety standards in order to protect consumers.
3. Respect Labor Rights: Respect human rights and labor laws. Ensure a safe and welcome working environment and pay fair wages.
4. Respect Animal Rights: Avoid any materials derived from animals and be aware of international animal protection laws.
5. Act Ethically: Make sure that the items are ethically made and the company is aware of its social and environmental responsibilities.
6. Promote Transparency:B e open and honest about sourcing, manufacturing and environmental practices.
7.Give Back: Get involved with charitable causes that align with the brand’s values and give back to the community.
8. Ensure Quality: Provide customers with the highest quality products possible to guarantee customer satisfaction.
