Luxury has a new definition under the economic downturn. When luxury goods becomes so popular that every one has a Prada or Coach bag, a Chanel sunglass, D&G jeans, Rolex watch…what really luxary means to you?
Isn’t the definition of being luxury carry some characteristic as being “exclusive”? For the last few years, the new meaning of luxury has no longer equate to only in the expensive product comes from France, Italy, England, Switzerland…
According to Milton Pedraza, from the consulting company named The Luxury Institute, where it dedicated to study the behavior of high net worth consumers, “luxury” has a new take in its meaning.
Below are four major elements in dominating the new terminology of “luxury”.
Create “subtle and discreet” – Branded name is always popular, but it is no longer fashionable to be bold and loud in the public. It has undertake a concept of being expensive, but yet subtle, understate and discreet.
Create “exclusivity” - The difference in the ratio of demand and supply dictate the market needs. By introducing limited-edition to a product can create that “one of a kind” privilege, hand-made / custom made create instant exclusivity.
Create “sustainable / practical” - Luxury is no longer only carry a BIG $ sign, but it take the characteristic of both with higher perceived value and increased practicality. It means that it will carry high value in design, quality, craftsmanship and service.
Create “environmental awareness” - The alert of environmental friendly, Go Green attitude speaks luxury too. After all, it cost more in all the organic products which cannot be afforded by the majority. Do you know that we are using bamboo to distract the fiber to produce natural yard for clothing nowadays?