What defines us? At the risk of over simplifying, being is a combination of doing and having. Yet many companies would have us believe that is all rides upon what we purchase. Luxury brands herein are no exception, but with a twist, they thrive on the perception of exclusivity while portraying their all-inclusive demeanor. To put it simply, their message is: buy this product from us even though (or perhaps) it is definitely pricier than the one available elsewhere, but you will be the special one because you own something from our brand.
Rewind a few decades, and the main thing shoppers looked for when they bought from luxury brands was a top-notch product.
Now fast-forward to 2025, and management-consulting firm Bain & Company predicts that just as vital, if not more so, will be how much shoppers feel the brand behind the product connects with them on a cultural level, whether it has a strong point of view that aligns with their values, and how effective it is at communicating all this to them.
The dynamic reflects the shift that’s taken place in the balance of power between customers and corporations, driven largely by technology and social media. Luxury used to be defined by exclusivity, and while that’s still true, brands rely on limited quantities and high prices to keep their products desirable, it’s no longer true in the way that they have to treat their potential customers.
This story is from the September 2019 edition of L'Officiel India.
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This story is from the September 2019 edition of L'Officiel India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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