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When it comes to the material world, luxury goods are well studied. There are studies, articles, and books explaining why branded bags sell for thousands of dollars and why shoppers line up in front of shoe stores before a unique design “drops.”
There are people who hold the title of “consumer psychologist” and whose day-to-day job is to study customer behavior. That’s natural. Because understanding why some products are more “luxury” than others can open the door to influencing shopping behavior, which can lead to wealth. .
In the physical world, or the “real” world if you prefer, it’s easy to explain why something is “higher quality” than its competitors. It could be made of better materials. Or the design is more unique. Maybe the production numbers were low. For designers…anythingcreating exclusivity is as simple as ensuring that only a limited amount exists. something Available.
But how does this apply to the digital world? How proprietary can something that can be copied for free actually be? And how can one software be considered “higher quality” than another? How can I make it aware that it is?
Express yourself with a handbag
Customers are motivated to purchase luxury goods for a variety of reasons. One of the more obvious things is that these products help buy status and prestige. Owning something high-end and exclusive is often associated with a certain social status, and the purchase serves as a visible symbol of that success.
Luxury brands carefully cultivate an image of exclusivity and glamor, so buying something from these brands is a reward in itself. Some people are looking for high-end beauty and craftsmanship. For them, better design, superior materials, and attention to detail justify the higher price.
Some objects may also be considered investments. Buyers expect expensive items to maintain or increase in value over time, making it a lifestyle choice as well as a smart financial choice.
Some people consider purchasing luxury goods as a form of self-expression. The object of their desire becomes an extension of their identity and helps convey their taste, personality, and individuality. People often compare themselves to others, and purchasing luxury goods from luxury brands is influenced by the desire to outperform or catch up with others.
What does luxury feel like?
Customers come in many shapes and forms. Luxury items come with a price tag, but it may not be the full price listed on the price tag, or even the “window” price. Brands may also be available at discounted prices at outlets, second-hand purchases, or as gifts. Depending on the product, it may be rented, used in a timeshare, or even stolen.
Regardless of how wealth is acquired, when people use luxury goods, they are affected both psychologically and behaviorally. In one experiment, Professor Yajing Wang of the University of Maryland gave women either a luxury item (such as a Prada handbag) or a similar off-brand item and then observed their behavior. The researchers found that women who owned luxury items donated less to charity and exhibited more selfish behavior than women who owned unbranded bags.
Wang emphasizes that as long as luxury goods maintain a sense of rarity and exclusivity, flaunting luxury goods can lead to improved status for consumers. Their research also suggests that the opposite is true. The curse of luxury brands is broken as brands become more commonplace.
digital luxury
i am wealthy was an early iPhone app with one unique feature: it was priced at $999.99. Its only obvious function was to make sure the owner could actually afford to throw a thousand dollars out the window. Although an interesting approach to displaying wealth and power, the app still sold a few licenses in the 24 hours before being banned from the App Store.
Price is certainly one way to ensure exclusivity by excluding buyers who cannot afford the product. When the first Apple Watch was introduced, its top-of-the-line model sold for his $17,000, and its marketing was littered with some of the most powerful words and phrases in luxury marketing’s arsenal.
Dr. Kit Yarrow, professor emeritus at Golden Gate University, explains: model. All of this high-end terminology is also reflected in the lower-priced versions. please think about it. Compared to the $17,000 price tag, $350 (or even $550) seems like a bargain. ”
As for what the future holds, Bain & Company’s Luxury Research reveals that in the post-corona era, the expanding world of luxury customers expects more from brands than ever before. Far beyond the quality of physical goods, customers are demanding sustainability, social responsibility and a strong voice on social issues. Luxury brands must continue to innovate, redefine themselves in ways that align with customer values, and expand on their historic missions if they want to maintain value for money.
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