What do your shoppers really want? Luxury. That’s the word from “The New Luxury Paradigm” at last week’s National Retail Federation confab in New York City. Panelist Tory Burch—in her role as fashion designer and boutique retailer—said, “Luxury means something very different now than it used to. Now it’s about how you live your life.”Maybe Ms. Burch was thinking that living your life is itself different now than it used to be. Going through security at airports, for instance. In her role as entrepreneur, Ms. Burch announced she’s developing a new product—luxury travel socks for those shoeless moments.
That’s an inexpensive indulgence, and inexpensive indulgences are what have satisfied our consumers’ desire for luxury through the tough economic times. Panera Bread gives us specialty sandwiches and salads, but at a manageable price. Early on, Tiffany developed lower priced items to carry the luxury name, but for sale in mall stores that aren't Tiffany’s.
With products you sell, how can you fulfill the quests of your shoppers who want to feel regal? Some years ago, SRI Consulting Business Intelligence identified three major motivations for these quests:
- Luxury as functional. Pay more so that you are guaranteed lasting value. Products which are well-made. Design by craftsmen. Features customized to the customer.
- Luxury as reward and show. Let others know that you are special. Be sure the luxury brand name is conspicuously displayed whenever the item is used in public. Shop for products which have distinctive designs to project a luxury image.
- Luxury as indulgence. If it’s clothing, pamper yourself with the best available comfort, even if the item isn’t built to last. If it’s kitchen appliances, get the most powerful and the most roomy and the most capable, even if the appliances look absolutely clunky.
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