To summarize, we are prepared to spend considerable amounts of money on luxury products not because of how useful they are, but because of the very special aura they create and the lifestyle they promise to deliver. The adverts speak to who we can aspire to be if we use this product, distinguishing them from the more ‘everyman’ approach of the mass market brands. This is totally deliberate, with the idea being that it leaves more scope for you and I to picture ourselves behind the wheel, thus feeding the dream.Īnother common tactic is to focus on the luxury lifestyle surrounding the product, rather than the actual product itself. For example, luxury car advertisements rarely show people actually driving the cars, in stark contrast to the mass-market brands. They often stop at ancient Egypt but in reality you could go back to prehistoric times, when the greatest warriors would have been adorned with precious clothing and jewelry, while also enjoying the biggest caves! Dr Barbara CzyzewskaĮvidence for the luxury ‘dream’ can be found within the advertising environment. That makes me feel good, with the added bonus that my friends and colleagues can see that I am successful.Īt Glion, I challenge students to think back to when we might first recognize luxury as a social factor. If I’m carrying a luxury handbag it’s a constant reminder to myself that I have worked hard and achieved something in life. That’s why so much luxury marketing relates to our personal values and, in particular, to meeting our hedonistic needs. As luxury consumers we are buying into a dream – a personal dream that this product or service can make come true. Remember, with a few exceptions (such as watchmaking) luxury brands do not base their marketing on functionality. This may sound flippant, but these human desires sit at the core of the luxury brand and the marketing which embellishes it. They often stop at ancient Egypt but in reality you could go back to prehistoric times, when the greatest warriors would have been adorned with precious clothing and jewelry, while also enjoying the biggest caves! At Glion, I challenge students to think back to when we might first recognize luxury as a social factor.

Luxury speaks to the innate human desire for status, as well as to our hedonistic need to feel good. And high net worth/ultra-high net worth individuals spread their assets and income sources across multiple markets and sectors, keeping them safer in times of crisis.īut there is a more fundamental – and primordial – reason, too. Many are also ‘citizens of the world’ who are thus unencumbered by the struggles of any particular country or region. The pragmatic reason is that the typical luxury customer tends to have sufficient disposable income to weather any storm. Why is this? Why does there always seem to be space for luxury amid economic recessions, political turmoil, and even – as we’ve seen in the past couple of years – a pandemic? Leaving aside the glitz and glamor, it’s also an industry that’s exceptionally resilient. It is easy to see why so many of our students at Glion set their sights on careers in the global luxury business. Glion’s Academic Dean and Head of Luxury Brand Strategy BBA specialization, Dr Barbara Czyzewska, says these five key trends will make life very interesting for luxury marketers… But that doesn’t mean things are about to get boring.

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