“People buy products not only for what they can do, but also for what they mean.”

– Levy, 1959

In the current era of information revolution, present yourself has become the buzz word. It is commonly perceived that what you wear reflects what you are! Different social messages like the social status, occupation, marital status etc are reflected in varieties of apparel or clothing or accessories one wear. Today’s youngsters want unique and exclusive choices rather than mere experiences. Hence, branded products that signify luxury are considered as a means to satisfy individual aspirations. The swift development of premium brands, also called luxury brands, has helped people build their lifestyles based on brands. People seek to collect and use brands as a symbol of a certain lifestyle.

Luxury is a term derived from the Latin word luxu. It implies vulnerability to one’s senses, irrespective of its functions and cost. Luxury brands stand for certain internationally acclaimed products whose functional utility is law compared to its high price. However these products are most desirable among certain class of consumers who view these brands as style icon or status symbol. Hence luxury brands are associated with intangible utility and self esteem. The common features of luxury brands are premium quality and exclusive design.

Luxury branding now encompasses a variety of products, right from suits to sanitary napkins. In this current era of shifting life style patterns and images, it is not easy for the world’s leading brand-makers to strike a balance between exclusivity and volume sales. So they try to capture the luxury market through the appeals that cater to the innate emotional needs of youthful customers. For instance, a Quicksilver t-shirt is not presented as a mere t-shirt; it is a power symbol, which signifies vivacity and youthfulness. Moreover, active luxury lifestyle brands bestow their customers with a unique identity and personality. This personality is rendered by the self-expressive advantages of the brand. To dominate the emotional space, they often promote an image by associating the use of a product or brand with a particular lifestyle, e.g., the Marlboro Man (created by Leo Burnett in 1954) depicted a rugged or rough and tough cowboy lifestyle. According to a study of Forbes magazine, the most desirable luxury brand in the world is Gucci. Other leading brands include Chanel, Calvin Klein, Louis Vuitton and Christian Dior.

Though the concept of luxury is not novel to humankind, its definition, however, is esoteric and subjective. Every person defines luxury on the basis of his or her personality, and his or her hopes and aspirations. The market is ruled by swift changes that often transform the meaning of luxury. Hence the success of luxury brands depends primarily on what feelings it evokes in its customers.

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This entry was posted on Tuesday, October 14th, 2008 at 8:29 am and is filed under Luxury lifestyle. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.