There is no doubt, when you look at all the research there is available, that the luxury market has lessons to learn from the recent recession. Although goods and services are still being sold, the affluent consumer is looking for more for their money.
All deals are open to scrutiny and to be in with a chance you need to have the best value and service. Just offering a discount is not enough. Deals that offer extras at normal price seem to be doing well.
Luxury is a perception. If you think that an upgraded hotel room is a luxury because you are used to standard hotel rooms, that is your idea of luxury. If you are used to the best hotel rooms you have to go a step further to achieve the perception of luxury. Adding spa treatments, for instance, may set you apart from the rest.
It is not losing touch with the perception of luxury that is important in marketing. Not only that, but understanding your affluent consumer and their perception of luxury is key to the success of your business.
Because perception is an idea, we all have a different take on it, what one person thinks is luxury another will not.
Economic turmoil over the last year has meant that even elite clients have to watch how they spend their money. They are not suddenly going to change their shopping habits entirely but they may take better value options. The very best service and a caring attitude are winning the day. It is the small hidden extras that will make the difference. Refining every detail and making sure your service is exemplary will go a long way to making sure you take the lead in today’s market.
Goldandmae.com are the leading luxury marketing firm providing marketing services to affluent consumers. With over 20 years of experience in the luxury industry they are experts in their field. Kay Jackson is a writer for www.Goldandmae.com and has many years experience in the marketing industry.
