July 15, 2008
THE NEW LUXURY CONSUMERS
Zahid Adil, Strategic Marketing & Brand Consultant at Thinkmor™ . He is one of the top 10 MarketingProfs experts, recognised by its strategic marketing knowledge and professionalism. The company he works for – Thinkmor (London, UK) has 45 years of combined experience, most from well known brands or corporate backgrounds, working together to help B2B & B2C companies in Services, Retail, NPD, Fashion, IT to deliver higher profits, streamline costs and secure future growth.
Thank you Zahid, for sharing your opinion!
How the habits of the luxury consumers are changing and how the luxury brands adapt to these changes?
Before addressing the habits of Luxury Consumers it’s important to briefly summarize the Luxury Brand perception over the last 50 years.
Traditionally Luxury Brands/Items were mainly bought by the Rich, Aristocratic and Royalty. Luxury was all about status and separation from the masses. Luxury used to be defined by brands such as Rolls Royce, Bentley, Yves St Laurent, Dior, Chanel, and even travel in the 1960-1970’s was seen as a Luxury. Luxury brands used to be rare and only accessible within controlled channels.