Open any quality fashion or lifestyle magazine, and you will see how brands conceptualize and package luxury. The hype is deafening, and in reality can be quite confusing. Everyone wants “luxury” brands, and from a marketing point of view defy sales trends and seem recession proof.
As consumers, we want to be made to feel special. Definitions of “luxury” can vary enormously and depend on who you ask and in what context. The term “Luxury” has never been something easy to define. It is in my view, a mysterious and elusive concept. Studies highlight that no one is immune and when properly executed makes products and services highly desirable by broad market segments.
To put things into perspective, I will discuss the nature of luxury, and how luxury and premium brands differ in the marketplace although both types of products and services can be targeted to similar audiences.
Why Luxury Brands?
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6 responses to “Defining the Luxury Brand”
Very nice article.
In-depth and practical! nice read.
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A well-written, excellent overview on luxury branding. Thank you for sharing.
To the masses, Mercedes-Benz and BMW appear to be a luxury brand. In my opinion, they occupy the bottom rung of luxury, in the grey area between premium and true luxury. One requirement for an luxury product is rarity. Mercedes and BMW’s are overexposed. I think Mercedes went in the wrong direction with the introduction of the “C” class (C for cheap) in the 1990s.
For autos, Rolls-Royce, Bentley, Bugatti, Aston Martin are the real luxury brands. They are rare enough that it is hard to find one used. Compare that to the hundreds of used Mercedes, BMW’s for sale in a large metro area.
Absolutely! Well stated. Mercedes and BMW are actually prestige, as well as premium cars geared for the “mass affluent”. Despite this, they still retain a certain cachet.