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New Luxury

By: Pam Danziger
Posted: May 3, 2007, from the May 2007 issue of GCI Magazine.

page 3 of 7

Exclusivity, in and of itself, brings very little luxury value to today’s democratically-attuned luxury consumer. That said, the luxury consumer also yearns for more “specialness” in their experience of luxury. Exclusivity for the sake of exclusivity is not what American luxury consumers value, but rather exclusivity derived from one’s ability to express a personal point of view, an attitude and one’s uniqueness. So the challenge for luxury marketers in the American market is to deliver greater exclusivity by making the luxury consumer feel special and unique, but never let that exclusivity morph into class snobbishness or arrogance. It is a delicate balance that is very hard to pull off successfully, but those marketers that do it will achieve great rewards.

Luxury Lesson # 4—Luxury goods are better; quality counts

When we draw luxury consumers back to discuss the topic, they share a widely held view that items called “luxury” are noticeably a cut above the average. They have an expectation of better quality, finer details and superior workmanship and materials that goes along with the purchase. Nearly 90% of luxury consumers agree with the statement: “When you buy a luxury item, you expect it to be a cut above the average.”

It’s this expectation of higher quality that makes luxury consumers willing to dig a little deeper into their pocketbooks or wallets to buy that extra feeling of confidence. But that extra quality doesn’t always have to cost more.

Luxury Lesson #5—Luxury consumers are bargain shoppers always looking for a good deal