The world is fascinated with the concept of luxury. So much so that luxury has become the standard that everything is compared to, to gauge quality. For example watches are compared to Rolex, phones to Apple’s iPhone, cars to Porsches, bags to Chanel or Hermès.
Consumers are dazzled at the idea of luxury, it’s an elusive concept many people aspire to buy into. It represents a sense of belonging to an exclusive club of accomplishment. Many luxury brands pop up every year, committing to providing their customers with the luxury lifestyle. It can be hard to discern good brands from others, especially in a saturated market.
In this guide, we break down the components of what makes a great luxury brand, and what to look for when spending your hard earned cash.
1. Look for craftsmanship
True luxury items are made with great care and attention to detail. Craftsmanship comes first, the design is seamless and it’s made by tradesmen who are at the top of their craft. When you buy a Louis Vuitton bag, you trust that it is made with great care, by competent and skilled workers who understand how the materials will evolve over time and after use. The stitching is clean, the item is genuine and it is robustly made. When you buy a room at a luxury hotel, you trust that the smallest details are taken care of, you’re sleeping on premium bedding, your breakfast is taken care of, you’re in a safe and central part of town, you have luxury amenities available to you such as a gym and a good restaurant.Good luxury brands always translate into craftsmanship of their product or service.
2. Premium sourced material
Good luxury brands will source their material from top manufacturers. For example, Loro Piana will always use top of the range premium cashmere in their crafts because they are committed to providing the best that the market can offer. When you buy a cashmere sweater from them, you are guaranteed to have the best quality cashmere that wears well over time.
3. The customer experience
When you buy luxury, it is expected that you are offered a premium customer journey. The sales process includes a personal bespoke experience that suits you needs. Sales staff are attentive to what you need, they understand the products inside out and are ready to serve you with your requests. The experience continues well beyond the sale, you can expect to refer back to the sales team after you’ve taken your item home. After sales care is also very important, including supporting you with using your item or offering help if your item gets damaged or becomes faulty.
4. The brand and what it represents
Look for the values of the brand. It’s important to spend your cash in businesses where the customer and community is the main focus of their strategy. Most big luxury brands are known for using top quality material and leading the market with the quality of their products. Brands that are active in their communities tend to have greater impact on the lives of others, such as sourcing materials from sustainable sources and ensuring waste is responsibly taken care of. Also, be mindful of the brand’s history. How long have they operated for? What is their reputation in the market? What expertise are they known for? A brand’s history says a lot about their standing in the market and the quality of their products.
Now that you know the make-up of a great luxury brand, you can now confidently spend your money on luxury experiences and brands that bring value and quality to your life.