The fashion industry is an anomaly in the Luxury Sector.
By Lorre White
Luxury is the best of any art form, and like any art, luxury is defined by its ability to evoke an emotion…and like any great masterpiece, quality is inherent. Luxury comes in every category. It is something that separates itself from the others by uniqueness and evoking pleasure. Not all luxuries have an expensive price tag but often the rareness, and the increased time to produce quality and the more expensive components of “the best” does drive price too.”
Everyone loves luxury and fashion is a popular way for the middle classes to sample the lifestyle. The reason is simply that the price point allows more people to participate. Up to 80% of the fashion industry’s profit is derived from the aspirational consumer. They cannot afford a $ 25 Million jet or a $40 Million dollar yacht, but they can buy a designer purse, a pair of shoes, a tie, a bottle of perfume and other small items that allow them to “feel the luxury”, and to show others that they have achieved a certain status by wearing designer apparel. Most of the luxury sector eliminates the middle classes do to price point and thus have an exclusive UHNW consumption. This is why FaceBook Fan pages, and other mass social networking sites, are effective in the fashion industry.
Blue chip products are the best of the mass market, but luxury items are in a category to themselves. Any true luxury marketer understands the difference between blue chip and luxury. How a product or service is marketed will often determine how the consumer perceives which category that it falls within.
Although designer clothing needs to be marketed as a luxury to keep the branding needed to have the aspirationals desire association through purchasing their produces……it also needs to reach the middle economic demographics that are the majority of their consumers. In other words they need to appeal to the middle market by seeming to not be part of the middle market, but instead part of the higher luxury sector reserved for UHNWs exclusively. Luxury marketing requires a unique balancing act to create successful marketing strategies for the designer fashion sector because it is not completely in either the mass, or the luxury sector, by definition.
Lorre White, dubbed “The Luxury Guru” is the only luxury media personality and her popularity has grown organically internationally. She is both a luxury marketing consultant working with companies that need to target the wealthiest demographic globally, and the trusted media personality educating and entertaining this top 2% about the art of living well. Lorre is the owner of White Light Consulting, an international luxury marketing company, and building the only multi media luxury platform with a trusted personality. You need only Google her name to see the profound affect that that she has had on the luxury sector.
www.LuxGuru.Typepad.com Luxury Blog