Friday, August 31, 2018

Does Luxury Mean Anything Anymore?


Does your showroom sell luxury products?  If you believe it does, you may have another "think" coming.  Sebastien van Laere of the Future Laboratory recently wrote that the term luxury has been so overused that it no longer has meaning.  Luxury is defined as "an inessential, desirable item which is expensive or difficult to obtain or a pleasure obtained only rarely," by the Oxford English Dictionary.  If that definition is accurate, then any product in your showroom that is offered at a substantial discount by an online etailer or competitor cannot be considered luxurious.
 
Millennials create another challenge to using luxury nomenclature.  The largest generation in US history is generally not attracted to products just to show them off.  For Millennials, conspicuous consumption is a negative.  Throughout the luxury world, manufacturers and retailers are changing the narrative to align with new consumer expectations and desires.  Van Laere notes that cultural changes have spawned anti-luxury approaches.  Tiffany employed a rapper to promote its new Paper Flower products and its new London concept store features fragrance vending machines, neon lights and sneaker-wearing sales professionals.
 
Using the word "luxury" to describe a product or a showroom no longer has cache.  But it is more than nomenclature that needs to change.  The entire customer experience needs to follow suit as well by delivering high-quality, sustainable and memorable moments that are remarkable. What do you offer to customers that will make them want to talk about their experience to neighbors, peers and friends?
 

No comments:

Post a Comment