Many products - bags, jewelry, watches, hotels, condos... try very hard to brand themselves as "luxurious" so that they may command top prices and maximum attention.
To be seen as a luxury requires much branding and marketing efforts which may cost extravagantly. First of all, the products are not to be mass produced, that is little economies of scale. It also needs to be seen not only good to have, but one of a kind, an indisputable leader in its market; indeed, not only is it is a product, but an art that expresses superb fineness and quality.
As a leader in today's business, a luxury should lead not only due to its quality and even history, but a shared value of the global village and a business process admired by the market as an ideal future.
While luxury brands must command customers' love, respect, pride and devotion, they will find themselves losing its shine if they are seen as superfluous, self-indulgent, even excessive. When luxury brands focus only on the glamorous side of luxury without paying due attention to sustainability and social responsibility, they are in effect, diminishing their value.
While many will keep trying to attain the status of a luxury for it will infer fame, profitability and sales, especially in industries that are obsessed with quality, prestige, lifestyle and innovation, luxury is redefined from time to time as society and value evolve.
Price alone cannot define a product as a luxury. A $80 bag can be a luxury if it represents a culture or value highly cherished by the consumers at large. It is surely a luxury if it is given by a parent who lives from hand to mouth.
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