Luxury brands: do they have their place today?
The opinions expressed are solely those of the author and do not reflect the views of the editors or editors of Rolling Stone.
Are the lifestyles of the rich and famous in bad taste today? That’s a valid question, given what the world is facing right now. We continue to grapple with the pandemic and its variants, which have impacted lives and businesses, resulted in evictions and caused job losses and foreclosures.
We aspire to all kinds of changes and fairness in our government and in society in general. So, is the desire to own or sell luxury items out of sync?
I think the answer depends on what you enjoy. Let me explain: Life involves a variety of encounters and levels of stratification in any group. As individuals, we want to express our individuality, which can come from art, clothing, dance or general flair. But how do brands express and cultivate the desire to own something that many people covet and never will?
In my experience, luxury buyers are ambitious buyers and tend to buy cautiously and know the value of the purchase. They buy for quality and lasting effect. But given all the ongoing conflicts, how and why would anyone feel inclined to buy luxury items?
According to the Harvard Business Review a few years ago (2003) the case was that many people felt the need to upgrade, and I think the same is true today. At the time, Americans were “willing to pay 20% to 200% premiums for the types of well-designed, well-designed, and well-designed products – often with the handcrafted touches of traditional luxury goods – that were unavailable. not before in the mass. middle market. More importantly, even when meeting necessities, these products arouse and engage the emotions of consumers while nurturing their aspirations for a better life.
When we at Billboardology.com need luxury advice, we use a network of professionals to express ourselves, like Vin Lee, CEO of Grand Metropolitan, a well-known luxury goods portfolio company. We have learned that the rarity and value of luxury items remain important factors.
In the long run and considering that people value self-expression, it appears, historically, that luxury is here to stay. But questions remain. Is it considered rude or egregious to have luxury items? Should people regulate their purchase or use of the items? How can consumers feel comfortable in the face of possible contempt?
One thing that can be done is to make sure that your brand is doing noticeably well in the area of social governance. Inclusive actions such as sponsorship of emerging designers and artists of color can put a bottom-up touch to many of your business endeavors, making your brand well regarded instead of seen as disconnected and untouchable.
Online shopping access has become more and more acceptable to the luxury shopper. As we saw during the pandemic, consumers were confined to their homes, sitting on their couches with little to do other than browse and buy their favorite items online. This growing trend of shopping online led to the impression that Christmas morning was arriving as a package on their front porch every week.
When Covid-19 became a reality far more serious than a two-week hiatus, it was difficult for many luxury brands in Central America to switch to an e-commerce relationship with their most ardent fans.
Newly formed companies would do well to take a page off the playbooks of established luxury brands, buying niche brands with the goal of relaunching them as outright online operators to hungry customers. Iconic brands such as Barneys, Lord & Taylor and Pier 1 Imports have all been bought and rebranded for today’s online consumers.
But, what is the point of all this luxury business?
Well, according to Harvard Business School, this has some impact on behavior: “Are the people who travel in city cars and business jets different – psychologically – from you and me? ? Does the availability of luxury goods “make” people less concerned or considerate of others? The answer from the new research appears to be yes.
The point is, the desire for individuality leads to the door of luxury. After World War II, Americans had a pent-up demand for innovative items and went on a shopping spree to acquire them. Madison Avenue used every approach in the book to bring the consumer together – and it worked, because people needed a lift. I expect that after our fight against the pandemic, the same feelings will emerge.