Luxury Consumers Value Products, Not Buying Experiences
Forbes, dated 5/23/2013
It used to be that a luxury buying experience involved dressing up and going into a high-end boutique to consult with a salesperson on what to buy and enjoying a glass of champagne while it was being carefully wrapped up for you. You’d feel proud to exit the shop with your branded shopping bags and something about spending a lot of money on yourself or a loved one felt good – as though the treat was deserved.
Eventually luxury brands attempted to replicate this process with lower quality goods in “outlet” stores and later still the internet allowed for easy shopping at home. No dressing up was required. The aforementioned luxury boutiques were once the locus of luxury. The high-end experience made it possible to price products in the store high. Brands knew consumers entering such retail establishments were ready to open their wallets. The buying experience was oftentimes more important than the product itself or brand name. For the most part that has all changed as consumers fall in love with products and happily forgo the historic luxury buying experience.