The 21st century has seen a particular emphasis on luxury brands. Globalisation has enabled many luxury brands to reach out to huge target markets, and today, it is not just the world’s rich and famous who want to be seen carrying a luxury brand item; people from all walks of life yearn to get their hands on a Chanel handbag, Prada sunglasses or a Dolce & Gabbana dress.
Taking Inspiration from Luxury Brands
Take French luxury brand, Louis Vuitton. Founded in 1854, the brand started out as a trunk-making business but is now a billion-dollar business selling its goods in 50 countries worldwide. In the 21st century, the brand has singlehandedly redefined luxury through a series of clever marketing exercises that have put it at the top of the luxury goods hierarchy.
Other brands, such as Prada, Gucci and Chanel are regarded as some of the most desirable brands in the world, despite (or rather, as a result of) their expensive price tags.
Maintaining their Appeal in Any Economy
Despite the global financial crisis of 2007-8 and other financial crises to impact Europe, these luxury brands have still managed to maintain their success and appeal. Even in the midst of the global economic crisis, luxury brands including Tiffany’s, Louis Vuitton and Givenchy still reported sales growth, demonstrating that the acquisition of expensive items remains common and important to those who can afford it.
Enriching the Physical Customer Experience
So what encourages the rich to keep spending? Factors such as an enriched customer experience all contribute to better sales. For instance, London’s flagship Burberry store is always pushing the boundaries, enriching the entire customer experience by offering a beautiful shopping experience fit with interactive mirrors transformed into personalised screens, golden balloons floating around the store with products attached to them, digital rain showers and much more.
Luxury brands know that luxury is evolving from being product-centric to being product plus experience-centric. As such, when you enter a luxury store you will experience modern art, interactive screens and much more. Luxury brands have never been more committed to satisfying every customer needs.
Focus on Quality, not Quantity
Finally, most of the world’s leading luxury brands have hundreds of stores worldwide, not thousands, such as Gucci with 450 stores and Hermes with 328. This is an intentional move designed to demonstrate exclusivity, and, as two of the world’s fastest-growing brands, this is clearly a highly effective step in boosting brand appeal and demonstrating them brands as truly sought-after brands that appeal to the world's wealthiest people.
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