The latest buzzword on the newest and latest product releases is 'Luxury'. This descriptive word has been used so much that the true meaning of it has gotten lost on us.
I have to give this little disclaimer, before going deeper. The meaning of luxury changes with the times. For example, in the 16th Century luxury meant the item you were buying was exclusive to just the high class men and women and was handcrafted or tailored with a craftsmanship that could not be copied. Curious to know the meaning of luxury today? Read on!
Today a brand is automatically considered luxury when it has a high profile celebrity, or an A-List public figure representing it's products or clothing line.
The unique factor can be a few things (1) How different the product looks in comparison to it's competitors (2) How it's packaged (3) Out of the ordinary ingredients/materials used. This isn't all that can make a product unique but it's a good start. Key thing to remember here is that it has to be different than what the public is already used to seeing.
Luxury products and clothing are typically made the same way. (1) By hand (2) Use rare & expensive materials (3) Follow traditional methods of creating their product/clothing. Believe it or not the way our ancestors tailored their clothing and created their beauty products are the model we use today to create luxe goodies.
The symbolic aspect tends to be a part of luxury that older brands have in the pocket so to say. created These brands are perceived as status symbols that give the perception of a person being well off financially. These are brands like Rolex, Louis Vuitton, Christian Louboutin, & Porsche.
Why didn't we include price or exclusivity ? Few reasons, for the most part, price now a days tend to follow market trends for the particular product or item. For the items that don't follow market trends for the product it's based largely on the perceived value of their product. A higher price used to signify luxury, but now it just let's the consumer know it's different or better in quality. Exclusivity was put to rest when major clothing and product brand labels started going global and became easily accessible visible in local malls as well as going digital.
Were we spot on or way off? Leave a comment below and let us know what you think of our interpretation on luxury in today's world.