This ‘Marketing Week’ article discusses the evolution of brands’ offerings to meet the changing demands of consumers, whether that’s for the timeless and heritage-led, or something exclusive and experiential.
The Kadence Luxury Index 2018 surveyed 5,775 consumers about their own views, across eight components of luxury, and found that quality was the number one driver of luxury. History, status, distinctiveness, timelessness, feel-good factors and the brand experience completed the list, with brand story, craftsmanship and consistency of service that exceeded expectation reinforcing a luxury feel.
The lists compared industries and individual brands, both globally and comparing Eastern and Western customers – which differed quite noticeably. Topping the sector list was the car industry, then jewellery, watches, airlines, fashion, hotels and alcohol.
Ritz-Carlton Hotels were the top hospitality brand, ranked eighth most luxurious brand of all by Western consumers, between Lamborghini and Rolex.
Key to all findings is that where there’s a choice between things and experiences, the luxury consumer is looking for the authentic, exclusive and relaxing experience more than products, including feeling like a local, exploring off the beaten track behind the traditional tourist hotspots – just like the budget traveller.