Luxury – what happens when the world redefines what it means?
In an era of expanding customer expectations and constant competitive disruption, brands must continually find new ways to connect with consumers to thrive and grow. Those that do are what we call ’most connected’ – the brands that are indispensable to consumers’ daily lives.
Opinium created The Most Connected Brands Index to help businesses and brands understand how they are connecting with consumers and to provide them with ways to improve.
Luxury – for years researchers, marketers and brands have argued over its definition. A proliferation of webinars, workshops and articles have told us that luxury is intangible; that it can only be described as a feeling, an experience or an outcome.
The Merriam-Webster dictionary, however, disagrees. Flying in the face of controversy, the dictionary offers the following three classifications of luxury: “a condition or situation of great comfort, ease and wealth; something that is expensive and not necessary; something that is helpful or welcome and that is not usually or always available”. Semantics? Perhaps. But these three definitions arguably offer a lens through which to view not only consumers’ changing perceptions of luxury but also value in a post-Covid world.