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New Luxury

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

page 4 of 7

While these luxury consumers appreciate superior luxury quality, they also get an experiential thrill out of paying less for the best. Over 80% of luxury consumers agree with the statement: “I enjoy the feeling of buying luxuries on sale and usually search out the lowest price or the best value.” The irony of this finding is that these luxury consumers who can afford to pay full price in every category that they participate in are unwilling to do so. They get a kick out of buying on sale, getting a bargain and winning at the shopping game.

The luxury shoppers are ready, eager and always willing to search out the best price. They don’t feel compelled to pay the highest price or shop at the full price, full-service store, when they know they can get the same thing somewhere else cheaper. They are savvy shoppers and know how to find a bargain and get a good price.

Luxury Lesson #6—Luxury consumers are highly invested in their lifestyle; they put little at risk

One characteristic of luxury is clear: luxury is always evolving, changing and moving. Once consumers achieve a certain level of luxury, which quickly becomes the “ordinary,” they seek out some new higher plane of luxury. Thus what was once the extraordinary becomes the ordinary, and they seek out a new luxury fulfillment.

Luxury is something that consumers strive for. It also is something that luxury consumers are heavily invested in maintaining and keeping. For luxury consumers who have experienced luxury, you can’t go back. It’s a divide that a consumer crosses that says, “I have made it.”