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Rarity Is Single Most Important Aspect Of Luxury January 06, 2016 (0 comments)
New York, NY—As the consumer landscape continues to evolve, purveyors of luxury goods and services are challenged almost daily to redefine what luxury means today. Is it about heritage and craftsmanship—and the associated cost—or is it something more intangible?
A recent article in Luxury Daily examined the question and drew the conclusion that regardless of brand or consumer, the one element common to luxury across the board is rarity. But rarity itself spans a wide range of definitions, including rarity of consumer time, rarity of product distribution, rarity of materials, and so forth.
Heritage and craftsmanship, while important, are no longer sole criteria for luxury, says the article, citing the Apple Watch as an example. While it certainly is a well-crafted piece with certain models bearing quite lofty price tags, heritage in the traditional sense is not part of its brand story.
One of the biggest challenges of luxury brands today is balancing profits against craftsmanship and creativity. It’s hard to maintain exclusivity and top-level creativity when being pushed to deliver new products on a shortened retail cycle. Another tremendous challenge is changing consumer expectations: while the old guard is becoming more interested in experiences than things, says the report, it is focused on beauty and craftsmanship when they do buy luxury. But progressive consumers are more interested in what expresses their personal values. Ideally, of course, is a carefully crafted item that combines the two—and also that gives back, as philanthropy is becoming more and more important in the luxury sphere.