Exclusivity - heart of luxury brands

The luxury consumer market is changing and evolving the idea of luxury. The industry agrees that creating new products and new services and new ways to engage with well heeled customers.

What was regarded as luxury is no longer regarded as luxury. The heritage of luxury goes back centuries and clinging to heritage and fearing innovation threatens the world of luxury.

Courtesy : occupidigital.com

America, the world’s largest luxury market that is based on traditional values and ideas like aspiration, status, exclusivity, wealth are regarded with negative connotations. The luxury brands were filled with quality, style, workmanship, and design. The customers are increasingly being satisfied by lower-priced brands. There is an identity crisis for the brands.

Technology now redefines luxury, - this is the root cause. Luxury brands must adapt by putting the consumer in the seat.  The luxury brands have been told to recognize the consumers as the

The call is for luxury brands to recognize that now the consumers as the arbiters of luxury. The new understanding of luxury is that consumers are finding innovative ways to express and live a life of luxury.

Luxury is all about combining style and substance; it delivers more value for the price; it is high quality and crafted responsibly; it is authentic; democratic and inclusive, timeless and timely and socially responsible. The luxury brands need to balance tradition and change. They have to become innovative in order to get favor from the new luxury brand consumer. There has to be a balance between innovation and tradition.

The purpose of business is to create customers while marketing and innovation produce results. The rest is regarded as cost.

Creativity is what brings the brand into the luxury game. creativity keeps the industry and its companies well in the future.