In the old luxury world view, luxury is defined as the special qualities, features and attributes intrinsic to a product. In most categories, whether fashion, watches, automobiles, furniture, linens, or jewelry, specific product features constitute luxury.
New luxury companies recognize that the intrinsic definition of luxury does not reflect the changes taking place in the luxury market today. New luxury companies recognize the need to incorporate consumer experience and perception into the luxury branding equation. They begin by offering the ‘best of the best’ quality, but go that extra step to deliver not just a great thing, but a wonderful experience to the customer.
Though leading luxury goods makers still continue to serve a niche market, cheaper imitations of the same products are being constantly introduced into the mass market.
As mass market personal goods increasingly appear to bridge the gap with the luxury segment, much is being done to differentiate and maintain value in goods marketed towards the luxury segment.
Whether it is luxury market or the mass market, the consumer is spoilt for choice. He can sit in the comfort of his home and buy online, he select organic products, or select cosmetics and beauty care items on which no animal testing is involved.
Indeed, the consumer is given a wonderful experience at personal care and beauty saloons, the KFCs and McDonalds, not to mention the top end brand names from watches to cars.
Although the market for luxury goods is far more developed in the US than Europe, a direct result of higher spending power, the market is still evolving rapidly, and there are a number of indicators that European consumers will also be looking towards such luxury experiences.
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