Summary of Research Findings
Commissioned by Walpole and conducted by Added Value
What is the DNA of Luxury?
According to Paul McGowan of Added Value, "Success in luxury rarely comes without a story, and ideally a myth." This in turn provides the inspiration for the creation of a truly exquisite product. For truly successful and desirable luxury brands, iconic identity and communication (via advertising, public relations, retail environment and other less tangible messaging) is another essential element. A judicious amount of celebrity cachet, ultra selective distribution and 'hi-touch retail therapy' are also to be found in the complex molecular make-up.
Broadly speaking, these are all principles those in the business of creating and defining luxury brands would agree upon. "If a luxury brand exhibits these attributes, by and large the cool police, the luxury consumers and the analysts are happy" says McGowan. However, different consumers in different markets expressed their relationship with luxury in different ways:
"I walk taller"
"I feel sexier"
"I command respect"
"I feel complete"
"I live my dream"
Luxury consumers pay luxury premiums to surround themselves in fantastically beautiful and exquisitely crafted things. When assessing the many things that matter in luxury, the focus must be on what matters most from a consumer point of view. At the root, however, all respondents were driven by a common motivation: "Luxury makes me feel more desirable."
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Where are we talking Luxury next?
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