The dopamine hit of buying something very expensive and often hard to get, allows people to feel a sense of accomplishment at having "achieved" something...when in reality they are overpaying for a brand and a logo.
Thank you for your insights. I have a very small business and I want to expand my range to offer a luxury range of products to high end restaurants. Your videos have given me some good ideas on how to go about planning this expansion.
I tend to disagree when people speak like this. I drive luxury cars but there's nothing you could offer me to convince me to buy a Porche or Mclaran or wear Fendi. It's about preference. Some people use luxury items to display their status & some people use their career titles or romantic partner. Some people really do buy luxury for the quality. Anything slightly out of your affordability range can be categorized as luxury. If it's tasteful to you, you'll spend beyond rationality to acquire it. In that light, everyone is a luxury consumer of something. Luxury is simply a word used to describe that which is rare & not easily accessible in YOUR world.
Yes to a degree. Luxury is absolutely subjective. But to be a luxury product or a luxury business it is expected that you would have the best craftmanship, the best materials and be out of the affordability range of most consumers. Luxury consumers on the other hand are anyone who buys a luxury item for a luxury business. So even though I may consider my Toyota a luxury because it's outside my threshold of affordability, it doesn't make Toyota a luxury brand or me a luxury consumer because I drive one and consider it luxury.
Real luxury includes extensive and costly products which need elaborate expenditures of time, effort, money and skill to achieve. It other words it is not done on the cheap or quickly; In contrast, "luxury" consists of buying a very expensive logo backed up by inflated marketing budgets and fancy stores to give the illusion of something special.
The dopamine hit of buying something very expensive and often hard to get, allows people to feel a sense of accomplishment at having "achieved" something...when in reality they are overpaying for a brand and a logo.
Thank you for your insights. I have a very small business and I want to expand my range to offer a luxury range of products to high end restaurants. Your videos have given me some good ideas on how to go about planning this expansion.
I'm glad they're helping!
I tend to disagree when people speak like this. I drive luxury cars but there's nothing you could offer me to convince me to buy a Porche or Mclaran or wear Fendi. It's about preference. Some people use luxury items to display their status & some people use their career titles or romantic partner. Some people really do buy luxury for the quality. Anything slightly out of your affordability range can be categorized as luxury. If it's tasteful to you, you'll spend beyond rationality to acquire it. In that light, everyone is a luxury consumer of something. Luxury is simply a word used to describe that which is rare & not easily accessible in YOUR world.
Yes to a degree. Luxury is absolutely subjective. But to be a luxury product or a luxury business it is expected that you would have the best craftmanship, the best materials and be out of the affordability range of most consumers.
Luxury consumers on the other hand are anyone who buys a luxury item for a luxury business. So even though I may consider my Toyota a luxury because it's outside my threshold of affordability, it doesn't make Toyota a luxury brand or me a luxury consumer because I drive one and consider it luxury.
Real luxury includes extensive and costly products which need elaborate expenditures of time, effort, money and skill to achieve. It other words it is not done on the cheap or quickly; In contrast, "luxury" consists of buying a very expensive logo backed up by inflated marketing budgets and fancy stores to give the illusion of something special.
This is why they say that expensive name brand watch buyers are extremely emotional about their watches. Emotional means irrational.
You sir, have yourself a new subscriber. This is just what I was looking for
Thank you!
It is not luxury; it is overpriced branding.