Luxury Unfiltered is a weekly column by Daniel Langer, an expert in luxury branding, hospitality and activations who was named a “Global Top 5 Luxury Key Opinion Leader” by Netbase Quid.
After three years of post-COVID client spending sprees that shot the industry growth rate beyond 20 percent, growth rates are coming back to more historic numbers of around 5 percent and many brands have communicated strongly decreasing revenues and profits. The challenge that many brands face is not just a normalization of client spending.
In the recent days, I had several discussions — with fellow professors and several managers — about the concept, that in my point of view is — in the meantime 60 years after its introduction — outdated and overused. Especially in luxury, where client expectations and market dynamics are rapidly changing and both unique and demanding, the 4Ps framework is increasingly obsolete.In luxury, a product is not just a tangible item.
Luxury marketing demands a nuanced approach that leverages storytelling, brand heritage and extraordinary brand-specific experiences. Importantly, luxury brands need to be able to create cultural capital and become sociocultural influencers. On top of that, many luxury brands still engage in price promotions, dramatically destroying brand equity.Luxury is pure emotion. Luxury brands need to know what their target emotion is.
I estimate that about 90 percent of brands today are not yet where they need to be, and therefore they do not unlock the emotional power needed to be successful in luxury.When luxury is managed well, clients perceive unparalleled wow experiences. This is a critical aspect where many brands fail.
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