Fashion apparel, automobiles, home furnishings, appliances, consumer electronics, shoes, health, personal, and pet care are among the new-luxury products and services available in the luxury sector. Companies at the vanguard of new luxury are achieving levels of profitability and growth that are unattainable by their traditional counterparts.
Luxury is derived from the Latin word ‘luxuria’ meaning extravagance. Luxury brands are the backbone of the fashion industry. These high-end brands can be seen everywhere; from their flashy logos printed across clothes to their premium quality that fanatics of fashion apparel cannot stop raving about. Gucci, Loui Vuitton, Cartier, Porsche, and Rolex are just a few of the companies which are the face of luxury brands.
Consumers earning high salaries or possessing good saving habits tend to splurge on these brands and mostly deem other types of brands as relatively inferior. When consumers purchase from luxury brands they are not only purchasing authenticity but are also investing in the emotional appeal of prestigiousness that comes with this type of luxury. In the context of fashion apparel, the quality of this type of clothing embodies the most premium quality.
These brands have created an esteemed name for themselves in the realm of the fashion industry by establishing a strong brand identity that distinguishes them from other rival brands. Take Gucci as an example; this brand started by creating exclusive hand-crafted bags and henceforth acquired a global presence which prompted it to expand and diversify itself into other facets such as makeup, furniture industry and music, to name a few. While previously luxury brands used to solely market themselves on billboards and magazines, presently, these brands have amassed a following by creating an online presence on social media.
With the era of fast fashion, counterfeit products have become pervasive and are taking the world by storm. Consumers get inclined to purchase a Dior handbag which is cheaper but replicates the identical one. However, it is vital to understand that no counterfeit products can take the place of the original simply because they fail to replicate and imbue the authenticity that luxury products and services offer. Indulgence in these brands comes from the fact that they maintain integrity and core values. The luxury industry is one that continues to thrive. The sumptuous lifestyle they represent is one that consumers are eager to lavishly spend their money on. Consumer preferences towards luxury also shifts as per the latest trends and patterns which is why companies have become attentive to the changes now more than ever.
Luxury is predicated on the experience and the emotional appeal that the brand delivers. You will want to invest in a Mercedes not only because of its brand name but because of the value it delivers; the ultimate performance paired with sheer comfort, fuel economy, and the superior ride experience which is unlike any other. The components of heritage, having a unique background story and brand superiority establish luxury in a product or service. Another vital point to note about luxury brands is that it establishes status and class. If people are unaware of the brands that you are wearing, it is difficult to categorize you among a certain class of people.