Luxury Brands In Changing Culture & Business Strategies

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Hollywood sensation Marilyn Monroe once said, “Diamonds are a girl’s best friend.” From this, we can see how the idea of luxury goods has a special place in our hearts and minds in this transforming world. From diamonds to clothes, cars, and gadgets people love to indulge in the lavish brand experiences they have to offer. Rising income, affluent lifestyle, the inception of international brands, and the significance of the e-commerce segment all play key roles in the growing luxury brand culture in India.

The concept of luxury has its roots stem as far back as the Maharajas, Nawabs, Cholas, and other ruling dynasties across India. Over the years, the luxury market has evolved a lot and today it stands at a whopping US$320 billion. In spite of the worldwide pandemic, luxury brands were able to sustain the market when regular commodities had suffered setbacks, and it is slated to continue to grow for 5-10 years.

Sources: Business Today

Why luxury matters a lot to the audience? And how do luxury brands stay connected and constant with people during changing cultures and business strategies?

Our blog will help you dive deeper into the luxury concept and how it is different from regular market activities.

Luxury: An Integral Part Of Life

Luxury means exclusivity! It brings together people who wish to experience finer and more versatile things or products in life. A luxury brand represents an individual’s identity which means his or her specific style, or taste through the products and services they opt for.

For instance, people who buy Omega or Armani watches will share a different set of values compared to regular watches. Each of these brands is a high-priced watch marketed to the classes rather than the masses and affluent of the society. Such brands promote quality, class, and individual style and represent their wealthy living style. People who make that choice believe Omega, Armani, Gucci, Rolex, or Patek Philippe best encapsulates their identity, and in an eye-captivating way.

Investment In Quality

Most luxury brands will set higher prices due to the exceptional quality of products. Some people will consider luxury items as an investment as they could be retained through time, and even increase value with each passing year. Brands such as Louis Vuitton, Prada, Hermes, or Dior will develop one-of-a-kind collections that could never be replicated. This rarity of the product symbolizes exclusivity, and brand value increases exponentially over time. Thus, it efficiently gives consumers great ROI. It is important to note that some firms will create limited products just to retain their uniqueness in the luxury market.

Quality Investment

On the flip side, customers will purchase finer quality goods because they believe in a longer product life cycle. While an individual may not require a $32000 Gucci Crocodile Tote Bag to make their bags last for the long haul, but a quality item like Micheal Kors, Furla, or Givenchy can save money and last longer. It represents elegance with sustainability or product life cycle. A few things that may be costly could be designed strategically so that the high-quality products will last longer – wherein you don’t need to buy it again and again.

Transforming Lifestyle

Representing Lifestyle

Life is materialistic! It means more like an identity and symbolizes your lifestyle. Whether you pay for serene spas, gym memberships, lavish vacations, or opt for an American Express card, Luxury items don’t always have to be physical products. Genz believes experiences are more valuable and memorable than products, which is why they travel, and the ‘digital nomad’ loves to that incredible experiences which is more superior form of luxury and long-lasting impression on minds.

Pricing and Its Insights

As far as pricing and market value are concerned, luxury brands make sure they work out the cost factor and its worth. To elaborate, luxury products are equity stocks which are mutual funds that invested carefully will yield higher returns in the longer run. Stock value is driven based on perceived value and it’s similarly applicable for the luxury brand market. Price drives the overall value and brand reputation. People pay to maintain status, and that’s one thing the luxury market has always figured upon.

Matching The New Trends

Top Luxury Brands

While some luxury brands have a rich history; there are a lot of young and potentially new brands that eye for attention and capture audience. A lot could be learned from established and successful luxury brands – especially how to maintain quality, relevancy, and reputation in an ever-evolving marketplace.

Some established and potential luxury brands include – Louis Vuitton, Dior, Hermes, Prada, Dolce & Gabbana, Versace, Rolex, Fendi, Hugo Boss, Bvlgari, Del Core, Coperni, Estee Lauder, Toteme, Maxmara, Loro Piana, Hunting Seasons, Burberry & more.

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And the memories we create…

Traveling or experiencing good food may not be a brand, but the act of travelling and fine dining is truly a luxury. To enjoy this incredible world and all its beautiful wonders is a privilege that very few are blessed. An exclusive mindset is important to develop luxury brands.

Luxury products have become an integral part of people’s lives since there is an increase in middle-class, affluent buyers, and Genz who are willing to embrace brands. There is a whole new market for luxury brands that helps the luxury industry to maintain sustainable practices.

Giftex – a pioneer gift expo in India spreading joy across millions of hearts for 37 years is introducing Giftex Luxe – it’s luxury edition.

Date: 09 & 10 March 2024

Venue: Nehru Centre, Worli – Mumbai.

Unboxing new opportunities in luxury gifting!

Hurry! Register To Participate