Luxury is a commonly used term nowadays, but its meaning and perception from person to person, brand to brand and place to place changes. To position a brand as the luxurious one, the brand needs to have the distinct features which could put that brand in the category of luxury, and that’s how the brand gets success.
Luxury seems to be everywhere but luxury does not seem to maintain a single definition throughout. It also depends on upon the need of the buyer, experience with the product, product category and individual perception.
Earlier, luxury brands were made keeping in mind the affluent and attained few, the rich and elite class. Nowadays, more people can afford luxury things due to more cash liquidity or the more practical approach towards lifestyle and living. Mere segmentation of the classes based on the buying habits can no more be considered for identifying the audience by luxury brands. Though middle-class families can afford less luxury things as compared to high-income group and rich class people, also luxury is a subjective term which dissolves its definition.
As I said, luxury is different from place to place, brand to brand and category to category many times. People have different needs to own luxury; it could be the aspect of financial security while buying yellow metal and real estate, functional aspect while buying things for own usage of excellent and fine quality, and things for private consumption and pleasurable reasons like, luxury cars, costly interiors etc.
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One the other hand, status-oriented people want luxury to exhibit their wealth and opulence.
The country-specific difference can also be noted as far as luxury is concerned. Let us take you through the few things which point towards luxury in different countries.
France & Italy- Luxury is a part of their cultural tradition, it’s their way of life. French and Italians feel proud of their luxury history and exceptional craftsmanship, they like to express their rich cultural heritage as their identity.
Germany- Germans consider the functional aspect of the brands and things and associate it with luxury. Germans give importance to product’s performance and its quality. German engineering is also very popular throughout the world; Germany’s excellence in the automobile industry has earned him the world’s repute. Germans many times express the luxury by having their preferred luxury car.
Russia and Poland- The luxury markets in these countries are driven by the people who are status-oriented and want to display their status which is different from others. For them, luxury gives them the high position in the society and they derive social advantages by being luxury buyers.
Asian countries (India)- In India and other Asian countries, luxury is thought as a sign of prosperity, social dominance, and reputation in the reference group. Most Indians would prefer buying a premium home or a serviced residence in a project like Wave City Center as a symbol of their luxury. In Asian countries, luxury is not limited to particular group or clientele, nor does it work this way, luxury markets now take many aspects of buying motives into account.
There are luxury brands in multiple domains and industries, almost every service and product attempt to draw consumers by offering them an exclusive set of products and get themselves positioned in the luxury category. At any place with any audience, luxury encompasses the products like cars, jewelry, fashion, accessories, watches, gadgets, art and antiques, drinks and leisure destination.
Conclusion: Luxury is ubiquitous, bound by richness, history and cultures. Luxury is not only materialistic possessions of something but also excellence, greatness and innovation. Real luxury does not complicate but simplify the life and is highly subjective. Luxury products and brands are bought for what they are known for, which can somehow describe it precisely.
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