Many marketers believe we are in a paradigm shift around consumers’ definition of “luxury.”
The luxury item, a status symbol for the owner and a flashy representation of their power in the marketplace, is changing. According to a report from WARC:
Even the matter of who is allowed to identify their product as a luxury item is changing, as brands like KitKat try to capture status seekers. How should marketers and brand managers define luxury today and position their organizations to be desirable to consumers?
Phil York, Infiniti’s senior director of global marketing and brand, says it’s important to understand how consumers’ desires and needs are changing.