buyer’s forum
The Facets of Luxury
Amy Spiezio
Considering the luxury eyewear market is like looking into a diamond: there are many depths to plumb and beauties to view depending on from which direction you are approaching.
Similarly, luxury’s definition and the eyewear that serves to meet the demand varies from person to person and shop to shop. In fact, thanks to an ongoing trend among the most affluent to downplay their wealth—a leftover from the worst of the financial crisis—the more conspicuous luxuries may be consumed by a different demographic than the one percenters of the world.
According to Erinn Morgan’s story on the luxury market this month, “Mintel’s recently released Luxury Goods Retailing International report found that there is a great deal of luxury purchasing being done by less affluent groups, and that enthusiasm for luxury is high among younger shoppers.”
What does that mean for your frame sales? More than ever, it’s important not to judge a customer by first demographic impressions. These new luxury fans are ready to buy if you are ready to shine your light on them.
WORD SEARCH
Below are the answers to the Luxury Eyewear word search by Jenean Carlton, BA, ABOC, NCLC, on page 14.
Luxury Evolution
In a recent white paper, “8 P’s of Luxury Brand Marketing,” Rohit Arora, strategic planning director for Bates Ban Gulf (BPG Group) in Dubai, UAE, provides a take on what makes luxury product luxurious and how those traits speak to buyers. The paper describes three motivations for luxury buyers:
1 SELF ASSERTION
At the start of a consumer’s luxury life, the best is usually described as the best name brand. “At the early stage, having the ability or affluence to own a luxury brand desirable and recognizable by everyone is exclusivity. It is a means by which consumers assert themselves—whether it is to fit in or simply to make a statement,” Arora writes.
2 DIFFERENTIATION
Once firmly ensconced in the luxury product universe, Arora reports an evolution takes place and they enter “the ‘ownership’ circle, just owning a recognizable symbol is not enough—the new need to ‘differentiate’ sets in to further confirm their social status and to stand out among the equals.”
Product characteristics include:
- limited editions
- extraordinary product capabilities
- rare materials
- craftsmanship
- brand’s distinctive personality
- brand legacy
3 GENUINE APPRECIATION
And there is a third level of luxury, Genuine Appreciation. This is the buying perspective in which consumers buy for the attributes of the product and their connection to the brand, but not because it is a name brand.
“They buy it because they genuinely love the physical/functional attributes that the product delivers or because they find a profound connection with the brand/the brand story,” Arora writes.
These shoppers may have reached this attitude through experience with the brand or through naturally luxurious sensibilities; either way, they are strong consumers of the best products.
![]({"src":"/media/fybdfksr/112013.jpg","focalPoint":null,"crops":[{"alias":"thumbnail","width":1110,"height":700,"coordinates":null}]})