Luxyoury by Joana Fonseca Santos

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Luxury has never originated a consensus or a stable situation regarding its definition that, just like Kapferer mentioned, remains blurry. Along with the author referred before, a considerable amount of literature personalities worldwide has been struggling to pursue an answer. Some misunderstandings usually happen due to the lack of conceptualization, since luxury can be understood as premium or prestige (which does not represent a full picture) and even because it is rough to comprehend whether Luxury is being related to the brand or to the product. Taking the previous paragraph into account, there are many angles through which we are able to outline Luxury’s concept. Prestige and status were, since the beginning, trademarks for luxury. They currently remain acceptable, as it will be exposed further on, however, this concept comprises way more than those characteristics. Those have been evolving through the time, with numerous different meanings according to each author. The first approach is supported by the majority - product/service perspective: Luxury is a product or service of a high standard, premium quality and superior material, strictly related with pleasure and comfort. It is hard to obtain due to its exclusiveness and selectiveness (Vigneron and Johnson, 1999). These products have a high perceived technical superiority (Mootee, 2004) that lead to a certain social status, power and wealth (Castelli, 2013). This type of luxury is also supposed to be rare (in a limited supply) and to transmit an image of respectable taste, “what is rare, with only nearly equal merit, is always preferred to what is common” (Smith, 2007:179). According to this initial perspective, Bain & Co, a global management consulting firm that every year develops a report named Bain Luxury Goods Worldwide Market Study), stated “Traditionally the word luxury applies to tangible good, suggesting superior materials and designs sold in an upscale retail environment”. It is assumed an expensive price for these products that must be sustained with an exceptional quality, either of the product, communication and distribution channels (Vigneron and Johnson, 1999). Furthermore, these goods must be recognized among the masses, under a strong brand name and enterprise, to be able to “sell the dream” and to stimulate loyalty, brand love and hedonism. All of this points enable luxury’s to be referred as form of abundance and opulence (Castelli, 2013) that creates a sumptuous environment and lifestyle. Essentially, it is built under the following components (Heine, 2012): quality (superiority in materials, product display, logistics, production, store atmosphere, communication – that conglomerates product attributes with a strong emotional appeal -, lasting life cycle, very high standard along the supply chain), price (expensive, which makes luxury brands profitable and fast-growing), scarcity (uniqueness, rare, limited production and supply,

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selective and exclusive distribution), aesthetics (luxury products/services are appealing, attractive and elegant), superfluosness (those products are not necessary to survive or to satisfy intrinsic needs), charisma. Other authors defend that to be consider a luxury product, one must be distinguished from the competitors in a positive way. Antoni and Meza (2004), responsible for reports about the group LVMH, mentioned that to sustain luxury, there are three main pillars: excellence (regarding the quality of the products and of the services along with their price), desirability (appealing and keeping customers attracted to the brand) and brand aura (positioning, image and reputation). It can be, as well, referred to an industry that according to Bain & Company, 2015, includes segments as personal luxury goods (luxury’s market core), cars, luxury hospitality, luxury cruises, designer furniture, food, wines and spirits, yachts, private jets and art. All of them are responsible to commercialize products with the characteristics mentioned on the first approach to define this concept. The brands in charge belong to a niche and exclusive market and must be extremely innovative to transmit their right messages to the right customers and, as reported by Suzy Wetlaufer for Harvard Business Review, they need to follow four main traits: being timeless (the brands should not be treated just like a passing fashion/trend, and instead of it, they must remain solid and desired through the time), modern (by following trends and paying attention to what customers need and aspire; exciting the customer through the time is a must-have; by being ground-breaking), fast growing (by maintaining the old and evolving with the new, getting audiences’ attention and charging a premium price) and highly profitable. The difficulty to combine this characteristic is only overcome by the most effective brands that at the end of the day will be capable to mature the uniqueness that this industry requires. Other perspective is concerned with the experience delivered by luxury brands that may be linked with personalisation, co-creation, customisation and emotional communications. However, there are other ways for people to feel valuable and appreciated without having to consume something. As reported by Pam Danzinger, a consultant within this sector, “luxury is what makes life more comfortable, more enjoyable, more fulfilling”. In this case, Luxury can mean something dissimilar from what was declared earlier since not payable options are also able to satisfy the audiences on a pleasant and effective way by endorsing positive associations (e.g. time, family moments, childhood, leisure time, etc.). This point of view undertakes that luxury is not mainly defined by being extremely expensive. There are even more approaches on the path to find a definition for the concept under analysis. Luxury can, likewise, reveal a dark side of self-indulgence and even capitalism. The constant will of people to boast and display their acquisitions in order to demonstrate something that they are (or are not) leads to this biased side of luxury, in which the high quality, high performance and exceptional design products are mere accessories to a roleplay (“show-off” as it is commonly mentioned) developed by individuals. In this case, if the

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authors or audiences perceive luxury as a superfluous concept, then the purchases, and attitudes related to it, will have undesirable associations. Through the time, some scientific sources like Heine (2012), as well as majority of the individuals, believed that luxury comprehends something beyond the necessary, mostly due to the fact that it is built under resources’ exclusivity (they are just available on small quantities, on a specific period of time and location – rare and unique). Sometimes, luxury can be perceived as spending more than one needs to, denoting that no one needs these kind of products/services to survive (our deepest needs are not satisfied with them). As cited by the author referred previously on this paragraph, “Luxury is anything that is desirable and more than necessary and ordinary”. Considering that notion, it happened to be classified as “non-necessity” by Dubois et al. Furthermore, Seringhaus (2002), defended that beyond a non-necessity, luxury is “elitist, distinctive and exclusive” and it was even considered as “unattainable or dream”. Relating to this angle, the concept under analysis means the ability to concede emotional and moving benefits, and to fulfil hedonic needs. Once again, some incongruities appeared since desire and esteem are, as well, considered human needs (necessities). On the other hand, common or ordinary goods are also able to be desired by the audiences since they provide a sense of comfort and relief, just like luxury products. Likewise, luxury is needed due to its competence to differentiate individuals, social classes and to help marketers defining the targets to their products/services. As so, calling “non-necessity” to luxury can be considered a crucial mistake to certain literature viewpoints. This turbulence around the studied concept has not achieved any solution so far. As Idris Mootee (2007) reported, “brand marketing in the luxury business is tricky” and there are many contradictory notions. Luxury can be focused on the reality (precision, quality, materials) but it can be, in opposite, fixed on the imaginary and the dream. Some may consider that luxury focus on materialism (conceding a high level of importance to tangible possessions along with the ability to satisfy a physical need), while others believe that this concept is based on the symbolism, spiritualism and aspirations. There is also the possibility to consider that luxury is the base for social acceptance and integration, to feel good as a part of a group and to impress the others. A different perspective assumes that consuming luxury products or services is a mere way to enhance self-satisfaction and esteem, being likewise an opportunity to build and improve self-identity. Is it evidence of desire (of an attractive and, yet, unobtainable situation) or satisfaction? Do we need to take rational and weighted decisions to purchase this kind of products (due to its expensive price and high level of involvement in order to satisfy a specific need) or it is just a result of irrational, spontaneous and unplanned shopping (along with low involvement on the purchase decision)?

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Every author assumes a different perspective and definition of luxury which leads to a surplus of questions when compared to a few concrete answers. Those dissimilarities exist as a result of the subjectivity and relativity of luxury that, based on Heine (2012) studies, depend on the following factors: regional (location of the resources – exclusivity and availability – and growing importance of defining luxury in global terms due to the globalization; also luxury is perceived in a different way according to the location, for instance, a brand that is consider to be from a regular level and accessible for the masses in Portugal may be considered as a luxury brand to less developed countries), temporal (related to the changes on this concept throughout the time), economic (linked with the different points of view that people with different levels of income have, regarding luxury; a balance should be found in order to define luxury on a fair way), cultural (each culture as a different meaning for this concept, e.g. for one culture, leisure time can be considered luxury and for others may be considered ordinary), individual (everyone has a different judgement about this topic) and situational (each situation allows a distinct viewpoint, e.g. drinking water is often consider a banal action, however, if one forgets his bottle of water while hiking on a mountain, then drinking water may be considered as luxury). Due to this irregular situations, urges the need to define some basic standards to easily conceptualize luxury. Basically, according to the same author that reported the components described above: “Luxury is anything that is desirable and which exceeds necessity and ordinariness. As a general rule, this is defined from a global perspective, for the present and for normal conditions. While the exclusivity of resources is evaluated by the entire society, the desirability of resources and the appearance of luxury are determined by the upper class”. Heine, K. (2012). The Concept of Luxury Brands.

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To further understand the importance of defining the concept ‘luxury’ and how it impacts current trends, it is important to develop an environmental analysis. The world crashed in 2008 as a result of economic issues. Many causes were attributed to this collapse and its impacts still persist nowadays. Essentially, on the 90’s decade, banks started producing more money than the usual, which happened every time they granted loans. However, instead of using that money outside of the financial market to allow the development of other fields, financial institutions applied most of it on commercial real estate, residential properties, among others, which worked as a passport for a strong speculation on financial markets (high prices, for instance on real estate, increased debt). Sooner or later, debts (along with interest) reached a certain level and became unpayable. Without receiving its main source of income, banks were getting worried about an eventual bankrupt (e.g. Lehman Brothers) and stopped lending money, also due to the lack of confidence on the markets. From this point onwards, 2008 was the year of a financial collapse, usually named crisis. Part of this was also caused by conflicts of interests, specially of rating agencies that wrongly rated investments in exchange of payments. Although all of this was already a strong way to cause a crisis, it was even combine with lots of cases of fraud. As consequences, thousands of persons lost their jobs, incomes suffer a huge reduction, investments dropped, prices increased and saving funds that people had collected for years reduced. Expectedly, those main points had a strong and forced influence on consumer behaviour, job insecurities, purchasing habits, attitudes towards the brands, responsibilities and priorities. The crisis was evolving and perceived risk followed the same direction. Customers were concerned about their purchases, were highly involved (through information search and comparisons) on their processes, reluctant, “shop across supermarket chains in search of the best value” (Perriman, Ramsaran-Fowdar, Baguant, 2010), afraid of the future, apprehensive about ethic procedures (related to the number of frauds happened during the crisis) and focused on satisfying needs instead of desires, everything beyond the essential was not considered, since one of their main goals is to reduce their expenses. “Hard value and cost benefits take on greater importance during a crisis” (Perriman, Ramsaran-Fowdar, Baguant, 2010). Hereupon, the most affected activities, according to Ştefura Gabriela (2010), are leisure, shopping and driving, due to the price sensitiveness and customer’s resistance to spend money on these kind of activities that are not crucial to satisfy primary needs. For this reason, it is mandatory to mention that luxury is affected by this environment. Following the same topic, PriceWaterhouseCoopers mentioned in 2010: “The recession also exacerbated a trend away from premium, highestquality products to those that are ‘good enough’ quality for the price vs. the very best”. Creating value is a must have for brands to survive on this kind of periods in which customers are concerned about every little detail and want something simple, with quality and that allows them to save money simultaneously. Value for money is the key, however, NEW TRENDS IN MARKETING | L U X Y O U R Y

companies must combine it with customer loyalty. The last point mentioned is worth the fight: nowadays there are many options for customers to look at, so if brands to not want to lose them for cheaper or less quality versions, they need to guarantee their position as top-of-mind and as customer conscious, showing to be concerned to satisfy needs and to proportionate meaningful experiences. Having in consideration Scott F. Latham and Michael R. Braun (2010), if brands are not willing to create value neither retain its customers, there are many paths that these ones are able to follow on the recession period under analysis: 

“Substituting”: this name refers to customers who search other options in order to

replace the products/services he consumes for others that are cheaper. In times where making choices and reducing expenses is an obligation, everyone that is not completely engaged with the brand tends to search, investigate and compare options to find the ones who provide the same benefits at cheaper prices. 

“Satisficing”: it is related with audiences that, by not being especially connected to

a brand (there is not any -ideal- organization able to fulfil all of its requirements), are always seeking for the option that satisfies them the most. The authors mentioned above, on the same report, provided the following example regarding this type of consumers and luxury brands “Such a dynamic is unfolding in the luxury goods market: Coach, the venerable marketer of handbags and accessories, is introducing a wider range of products at lower price points. These products address the unique utility offered by the Coach brand to the luxury consumer, although at a lower price point. Such strategies are designed to prevent consumers from satisficing behaviour that might include switching to cheaper brands or purchasing counterfeit products” (Scott F. Latham and Michael R. Braun, 2010). 

“Reducing”: this title is attributed to customers that are highly attached to a certain

product/service and, due to the recession, decided to decrease its consumption, instead of completely giving up on its acquisition. 

“Negotiating”: related to customers who are willing to negotiate certain aspects of

their relationships with a company. The changes on consumer behaviour during the tough period between 2008 and 2010, were mostly related to the purchase process in general. Taking that into account, it is important to understand the specific circumstances that have been influencing the luxury market. First of all, developed countries’ demography has been changing, women are empowered and focused on their careers, they marry later and, consequently, birth rate is lower which can be translated into an older population with changed priorities. This topic is relevant as virtue of the growing number of females that acquire luxury goods, especially on the fashion sector.

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Secondly, even though the crisis damaged the economic environment, throughout the years, middle class got more powerful than ever before and able to, sometimes, indulge some more than ordinary needs. However, they intend to purchase luxury goods for convenient and accessible prices. Geographically there were many changes as well. Europe and North America started the journey as the most important customers of luxury goods but today, emergent markets (like China and Brazil that lately showed an increase on their buying power) are ahead within the segment. Still regarding luxury customers’ profile, it is now completely different than it was before: items that were just available for the wealthiest of people are now ready to be purchased by a highest number of aspirational consumers, as it was mentioned regarding the middle class. Another aspect that has been evolving through the time is the age. Currently, Millennials (born and raised between the 80’s and the 2000’s) have revolutionized this market that before was just consumed by the older ones. Concerning the social aspects of this customers, they are even more apprehensive about justice, ethical and environmental values, “Shoppers also continue to look for goods that are ‘green’ or sustainable…that also deliver a personal economic benefit—e.g., energy-saving light bulbs and appliances”, (PriceWaterhouseCoopers – PWC- 2010). After the recession, “consumerism” was a trend, in which the purchase processes were developed more consciously, with caution, by analysing the pros and cons and by evaluating all of the available opportunities that allows them to save money or take an overall better choice (Ştefura Gabriela, 2010). They not only spend less money, but also spend it on a smart way, according to what they value the most and weighing the price and quality. As explained by PriceWaterhouseCoopers (2010), customers’ mind after the recession started being focused on “good enough” products instead of the top quality ones. This alarm has generated a whole new impact on information search that followed the massive development of the internet and social networks, that currently play a key role on the relationships between customers and the brand, facilitating the dialogue, feedback and awareness. These new technologies were, simultaneously, responsible for the on-line shopping that has advantages regarding the assortment and information collection. Consumerism was a trigger to a careful spending, individuals pay attention to their environment and decide, prudently, where to apply their budget. Moreover, societies are more concerned about the personal image and there is more willingness to take care of body and mind, along with external attributes since, currently, people are evaluated by what they wear, use, drive or display. On the previous chapter, there was a demonstration of how hard it is to define the concept “Luxury”, mainly grounded on exclusiveness, quality and refinement. Nonetheless, people still love luxury and it is a goal for a great part of the population. It provides, according to Kapferer (2010), pleasure, comfort, quality, meaning, distinction, social

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elevation and self-esteem. Thus, it is required for luxury brands to establish bonds with its customers, even though their profile is permanently changing. As so, there is the need to improve CRM (Customer Relationship Management), reinforce customer retention through loyalty programs, provide special services and meaningful experiences, especially by practicing personal approaches that meet this type of individuals’ requirements. After the economic collapse, brands tried to meet these needs only by focusing on the prices and costs that were a major issue at that time: a sharp reduction on prices was performed, which provoked more misunderstandings around Luxury’s concept, that ended up being accessible and incited the existence of unclear barriers of what is luxury and what it is not. Some customers even felt the luxury brands failed on their mission of “selling the dream” by cutting the prices and also, by developing goods with a lower perceived level of luxury. The main issue is that the brands tried to please everyone: on one hand, they decided to maintain the same level with lower prices due to the financial crisis and on the other hand, they decide to take advantage of a whole new market within this segment by developing other types of products to please the masses’ need for luxury products. For instance, Prada has a more accessible line called Miu Miu and Hugo Boss owns Orange. Besides that, the opposite also happened: brands consumed by the masses, that do not sell luxury products, developed collaborations with highly recognized designers like H&M with Lavin, Karl Lagerfeld, Stella McCartney, among others. It had the purpose of satisfying the desire of their customers about these products that regularly are not accessible, “The most recent trend includes low-income individuals for whom the possession of a luxury-labelled product represents a status experience” (Castelli, 2013). This blurry around “Luxury” instigated the development by Silverstein and Fiske, 2003, of three new concepts strictly related to the ways luxury products can be considered: a.

“Accessible super premium products”: it is composed by the products with the

highest prices within a certain category, that happen to be, however, accessible, for middleclass customers. b.

“Old Luxury brand extensions”: as the name says, it includes cheaper versions of

products usually purchased by the wealthiest of the audiences. c.

“Masstige goods (Mass + Prestige)”: products that are balanced between mass-

market and class/luxury, “commanding a premium over conventional products but priced well below super premium or Old Luxury goods” (Silverstein and Fiske, 2003). Many other trends were popping out on customers’ mind. To be able to have the same lifestyle than they had before the recession, people start develop new interest on vintage items (some of them reflect luxury and high quality and can be acquired by lower values) and second hand products. Platforms like eBay, OLX, Amazon and regular thrift shops have been growing exponentially since that period. Second-hand shopping is not a new trend, in fact, it is pretty old, however, it has now a completely transformed meaning. At the beginning of their existence, their main purpose was to collect, donate or sell clothes to the unfortunate ones. For the rest of the audiences, it was unthinkable to buy something that

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was already used by somebody else, due to the settled stigma related to social embarrassment or even to health and cleaning issues. The crisis period had an enormous influence on this kind of stores and the number of customers that frequented them has increased. Since that moment on, it became trendy and even the store environment has been turning into regular and alternative, yet stylish, boutiques. Those allow the customers to find good deals, quality products at lower prices, and sometimes let them acquire things that they would never do if they had to pay the original price. Plus, this trend leverages another one: transforming old products into new ones. The audiences are increasingly striving to acting environmental conscious and recycling is the most common way to perform it. For that reason, customers may apply their sense of creativity and personalize goods while adding valuable attributes (according to their point of view), to transform them into stylish, original and unique products. This tendency has been adopted by the masses that even more appreciate handmade and exclusive goods. Self-expression is becoming cheaper, accessible and attractive. Julia Hanna, an Associate Editor of the HBS Alumni Bulletin (2004 exposed the following: “The enduring quality of a particular luxury good can be part of its appeal, yet consumers—particularly young, fashion-conscious consumers— want a product that looks fresh and unexpected. “ At the same time, repairing and transforming are becoming more powerful than purchasing new. A great example is D.I.Y.: “do-it-yourself” that is the most efficient way for shoppers to embrace their identity and to express it (e.g. transforming an old pair of Levi’s into an attractive pair of fashionable shorts or even developing an “at home spa” with grocery’s products). As a metaphor, it is possible to compare this new alternative trend (personalization, second hand shopping and DIY) to the dichotomy between Manhattan and Brooklyn. Some years ago, New York was considered one of the most fashionable and trendy cities on earth, with loads of culture and luxe, everything looked new and shiny. Meanwhile, Brooklyn was considered to be an alternative, unsafe, and poor area, recognized by having open spaces, markets and few points of interest, where people work hard and do it with their own hands. This city was commonly frequented by the unfortunate ones that did not get the chance to live on “the city”, especially due to the price per square meter that is asked for each apartment in Manhattan. Nowadays, the reverse is happening. Manhattan is still under the spotlight, however, Brooklyn has conquered many battles, and it is known by transpiring art, by promoting a better lifestyle than the one existing in Manhattan, it is more quiet and fashionable. Its alternative side has been attracting many tourists and visitors that even more appreciate this underground way of live, amazing landscapes over Manhattan, restaurants and art galleries. In this case, Manhattan represents the old and traditional and wealthiest luxury, composed by exclusiveness and capitalism, that has a certain disdain by the “inferior classes”. Brooklyn presents itself as a more personal, valuable and accessible luxury, where people follow the tendency “do-it-yourself” to better express themselves. This city is getting in vogue.

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Afresh regarding the trends emerged post-recession, companies are paying attention to customers’ needs to personalize their products as a way to express themselves with elements that they value (e.g. Nike I.D.). There are further developments important to state. As it was mentioned before, this period increased the significance of the term value for the money. As a virtue of that, customers want to experience and purchase goods that are timeless, long lasting, with top quality raw materials, classic and that do not go out of style easily. This is a way to save money by making the right buying decisions, and it can be considered, likewise, a type of luxury to someone. Following the same line of thoughts, PriceWaterhouseCoopers (2010) mentioned: “Shoppers are placing a premium on goods that exhibit qualities of timeliness, usefulness and versatility. Items that make shoppers feel like they are getting something that will hold its value for the money (rather than something that is going to go out of style next season or has limited, narrow usefulness) will be judged worth the investment”. With a lower purchase power, other solutions had to come up. People wanted to remain with the same life quality that they had before but it was not easy. Some customers were not ready to give up on their love and passion for expensive Louis Vuitton bags, for instance, or they did not want to stop using Tissot watches. Everything requires balance and, even though those products are considered superfluous for the majority, customers that are used to expressed themselves (just like Czellar and Spangerberg, 2009, mentioned: engaging with brands and products is a way of expressing customers’ self-concept) through this items may feel injured if they need to stop acquiring them all in once due to a nostalgic attachment. Purchasing luxury goods is known as an emotional activity, strictly related to the ego and the deepest feelings of the self. As a result, mix and match emerged as a consumer behaviour in which people started to use expensive and cheaper products at the same time, and remain fashionable meanwhile. Anyone can adopt its own type of style and luxury no matter the purchase prices. For instance, one can use a Zara coat and a Chanel bag to express herself, and nobody recognizes any kind of discrepancy while this person reflects what she values the most and represents luxury for her.

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The recession period, as previously stated, had several consequences. Although, it is conceivable to mention that it also worked as a trigger to numerous customer’s trends and,

consequently,

many

business

opportunities

that

emerged

meanwhile.

Trendwatching.com was paying attention to that ever-changing environment during and post-recession and, from a state of information overload, it was able to track and anticipate trends, which are presented annually on a report published on its online platform and database. Accordingly, for 2009 it was launched a list of tendencies as a response to the though period that customers were going through, since “economies around the world going downhill” (Trendwatching.com, 2009). Those trends were the following: “Nichetributes” (that consists on adding attributes to existing products to fulfil the needs of specific groups of customers), “Feedback 3.0” (in which companies are able to respond directly and rapidly to customers’ feedback), “Econcierge” (companies dedicated to help households becoming green and reducing their consumption, providing customers’ with an opportunity to save money), “Mapmania” (by the period under analysis, maps were the new interface), “Happy Ending” [«the most important side effect of more austere times is probably that consumers start questioning what truly makes them happy, which more often than not steers them towards the realization that happiness ain’t (just) about traditional consumption. Expect pockets of consumers to switch to lower-consumption models with surprising ease, and to look for different and less costly sources of happiness and thus, ultimately, status», Trendwatching.com, 2009] and finally, “Luxyoury”, which is the main topic of this paper. Regarding the “Happy Ending” trend, it is possible to conclude that after rough times, customers started questioning what really mattered for them. What is luxury afterwards? Did its perception change? According to “Luxyoury” it did! Luxury started being define by what every single person values and stands for (Luxury + YOU = Luxyoury), against the superfluous and premium definition, based on wealth ostentation, sustained by quite a few authors. Kapferer (2010) mentioned once that what is rare and priceless for one person may not be the same for another, “my luxury is not your luxury”, thus suggesting that it is an intimate concept that does not consent judgments and comparisons. This is a subjective notion, as so, marketers need to take this trend into consideration and find the right trigger for each group of customers. Especially, since the “perception of luxury is also influenced by demographics, lifestyle, habit, social environment, and of course, the purveyors of luxuries, the marketers” (Seringhaus, 2002:4). In line with that, it is necessary to place the customer and his experience as the core of the companies in order to encourage meaningful and personalised involvements with the brands.

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“Luxyoury” changed the consuming paradigm, as post-recession customers started to shift from purchasing tangible items to purchase experiences, especially, emotional cravings (pleasure and wellbeing, for instance). By conceiving luxury as a memorable experience, it can be anything a person wants. It comprises the small and best things in life, “life's little luxuries” (Seringhaus, 2002:4), either it is related with knowledge, nature, traveling, family or even beauty. Even a glass of wine can be considered luxury for someone, as well as a walk on the beach. Priorities have shifted, “Luxury is research, the chance to experience new routes, to find new and not predictable or already seen solutions” (Sozzani, 2011). Besides that, according to PBJS agency (2015), customers are valuing new attributes as quality, craftsmanship (“Craftsmanship is luxury. A product is luxe when it is handmade, tailored for few”- Sozzani, 2011), culture, sensorial experiences and authenticity over prestige. For instance, some customers “want a product that looks fresh and unexpected” (Hanna, 2014) instead of pure symbols of superb and outstanding luxury. Since 2009, a new era for this concept was born! It is defined by each one of us, grounded on the experiences that we appreciate and on daily-life moments provided with meaning. Conforming to Hanna (2004), this concept is greatly biased by customers’ perceptions upon the attributes valued by them. If one values eco-friendly and overall green products, this can be a type of luxury, which will lead to a higher willingness of spending more resources to obtain those products. As Trendwatching.com mentioned on its online platform: “In 2009, you define what constitutes luxury”. This tendency can be also explained by the fact that there is a new generation commonly named Millennials (or Generation Y), born and raised between the 80’s and the 2000s’, shaping the market to its own profile and changing its environment by acting radically different and standing out when compared to the previous generations (Barton et al., 2014). The customers included within this generation will reach is earnings’ peek on a few years and, therefore, soon they will become the most powerful generation to purchase luxury goods. However, they are considered “digital-natives” (Barton et al., 2014:4), which make them savvy customers with a high level of involvement regarding their purchases and also appreciate several different things that were not in vogue before. They value authenticity (e.g. there is no problem on acquiring second hand products and personalizing / transforming them into unique goods with a certain hype and/or luxe) and experiences as an alternative of tangible and expensive goods (Schawbel, 2015), which meets “Luxyoury” concerns. Each one of them is able to define what means luxury individually, consequently, luxury brands should pay attention to these customers by delivering remarkable experiences. Additionally, it is possible to say that millennials may be hooked or tied up with the brands, if those are able to establish strong bonds, which will perpetuate their relationship and guarantee that on the future they will remain those brands’ customers and probably ambassadors. Luxury became a state of mind: “Moreover, it’s more than simply social—it has an intensely individual component as well: what might be luxury to one person will be commonplace, or perhaps even irrelevant and valueless, to another” (Berthon et al. 2009:47), which makes customers craving experiences and stories to tell.

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A product/service itself is not an element of desire anymore when compared to emotional attributes. In order to survive and get customers’ consideration, brands that operate within this market have to struggle to find the most effective ways to attract the audiences that nowadays discredit the traditional approaches of communications (Schawbel, 2015). Once it is achieved, the key step is to provide meaningful experiences around the tangible goods sold by the companies. It means that, instead of selling the products as they were used to, brands need to understand what customers value and what luxury really means to them, by providing customized experiences. As virtue of what was previously mentioned, “successful players are collaborating to strengthen their customer value propositions” (Smith, 2015:5), demonstrating the need of getting closer to the audiences throughout what they value the most. With the aim to sustain what has been mentioned along this chapter, some luxury brands tried to develop a closer approach to its customers or developed dynamic experiences to fulfil customers and provide them with pleasure and gratification. It has happened throughout innovative communication approaches, affordable editions, events, “perkonomics” (privileges or attributes added to the regular offers provided by the brands, envisioning

customer’s

satisfaction

and

desire

for

status

convenience

–

Trendwatching.com, 2008), “status stories” (brands forced to go niche feel the need to tell stories and deliver experiences that allow customers to tell stories to each other in order to pursue a status originated form their purchases - Trendwatching.com, 2008), among others. Some real examples will be described further on, along with the idea of the existence of a shift in which experiences have dethroned and deposed physical element: “It isn’t enough for brands to trade on what the label used to stand for. Brands need to demonstrate their value in an ever increasingly competitive marketplace. This is in a time where the ability to research, question, and compare has become easier than ever. The challenge for today’s luxury brands is a considerable one. Not only do they have to contend with being challenged by the customer they thought they knew, they are also having to deal with new audiences and their accompanying behaviours, which in many cases brands have little experience of dealing with” (Luxury Society, 2015). As customers, we demand more and more every day. We truly believe that brands should inspire us, meet our motivations and enable us to express ourselves. Thus, luxury brands need to forget the image of prestige and exclusivity, and open their arms to a wide variety of customers with different needs. Also, it is important for them to shut their cold image and reinforcing customer engagement through a crosschannel experience (Barton et al., 2014:4), including physical and online components to allow customers to feel part of the brands with their own type of luxury.

NEW TRENDS IN MARKETING | L U X Y O U R Y

Kenzo is a highly recognized luxury fashion brand with a strong culture and brand identity. The different perceptions of luxury and valued features were the responsible trigger for Kenzo to create a collection that fights against overfishing along with Blue Marine Foundation. It will certainly meet environmental-friendly customer’s needs that appreciate this brand but crave for something more. In this case, a full experience was developed throughout a strong and remarkable fashion collection (“#NoFishNoNothing collection”), a complete and explicative website, an interesting store atmosphere along with many features that are strongly associated with the environmental causes (e.g. digital processes that allow to save paper or even energy savers, interactive screens, etc.), an innovative campaign and pop up store strategically placed on Paris, where it was implemented an aquarium in which more fish would be added, every time a purchase was made. This solution was appealing, met customers’ requirements and expectations, comprehended a certain type of luxury and it was a clever approach for this brand to engage its customers through social networks, while developing a meaningful involvement by being associated with this relevant cause. POP UP STORE: https://www.youtube.com/watch?v=M0-jBHQm2sY NEW TRENDS IN MARKETING | L U X Y O U R Y

Lacoste, also a fashion brand placed on the luxury segment, has decided to host the Desert Pool Party at the Coachella Valley Music and Arts Festival, able to reach a high number of millennials, the future luxuryâ&#x20AC;&#x2122;s customers.

It develops this event with the main aim of delivering a remarkable party experience to its future customers (hooking them), while placing its products indirectly throughout many activities. Because at the end of the day, the brand will be remembered with positive associations.

Lacosteâ&#x20AC;&#x2122;s products and logo are placed strategically and it also counts with an intense communication strategy, which includes social media, celebrities, bloggers and fans spreading the word.

Customers do not perceive this even as a brand trying to sell its own products. Instead, they understand that the brand is trying to entertain them, getting into their world and satisfying their needs according to the definition of luxury perceived by this target.

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One of the most expensive and valuable fashion brands, Hermès, is responsible for high quality and exclusiveness products. The market has evolving and many trends as “Luxyoury” have emerged, leaving businesses struggling to find alternative ways to get the attention of those that are not focused on buying luxury goods just to add one more to his collection. The purchase decision must be a result of several factors that together create a specific and attractive environment, to motivate and influence that action. This brand followed those market evolutions and developed an event and exhibition of Hermès’ enduring tradition of craftsmanship and commitment to a superior quality. This tour to this brand’s history represented the way its products belonged to a heritage and were produced by artisans’ hands. It is, in fact, an alternative and efficient way to get customers’ attention towards the product indirectly, through and experience that has as main touchpoints, the characteristics that the audiences value and consider as luxury, such as craftsmanship. NEW TRENDS IN MARKETING | L U X Y O U R Y

Prada’s goal was not selling products: it was meant to inspire its customers with a strong cultural environment. This will induce positive memories on the audiences that are willing to experience it.

Retail and store environment are becoming crucial factors for brands’ success. Developing an innovative and interesting atmosphere around it can be a decision to fight the lack of consensus around the individual luxury.

For instance, Luxury brands can transform their stores into museums, art galleries or theme parks. By envisioning the development of an immersive experience based on each brand’s identity and its customers’ desires, one of the top luxury brands, Prada, created the “Pradasphere” (placed at Harrods) which includes a café and an exhibition that travels around Prada over a 360-degree experience.

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Nowadays, it is mandatory for luxury brands to expose their personality and attitude with the purpose of showing that luxury is not about ostentation of wealth anymore. It is about self-expression grounded on what each customer values the most. Brands need to take the next step, improving their communication, becoming accessible, paying attention to new customers like millennials and strengthening relationships, so the audiences can feel engaged (part of the story that brands want to tell) and do not perceive this kind of brands as profit driven. Chanel perceived these market modifications and advanced a new collection (ready-to-wear) where it turned, commonly mentioned, luxury clothes into mundane fashion. The fashion show where it was presented was all decorated as a supermarket, as it can be observed throughout the images. This brand was smart enough to realize that we are getting busier every day, although, there are many activities that we still need to do such as grocery shopping. As so, it was possible to elevate the routine while the brand could prove that it cares about its customers, and for what they value, as comfort, entertainment and style at the same time. Chanel showed that it can be considered an everyday brand. It has allowed the brand under analysis to be perceived as realistic and to create a bond between its current and new customers. Karl Lagerfeld, Chanel’s creative director, explained the main aim of this approach: “I wanted to show the ease of the clothes, the way they walk in those shoes, the modern approach even to luxury. (…) Luxury should not be something like this, confined to a limited thing, that if you are lucky enough that you can buy those things, buy them, but don’t wear them to show people how rich you are.” Fashion Show: https://www.youtube.com/watch?v=YLDUXZ4X5b8&nohtml5=False NEW TRENDS IN MARKETING | L U X Y O U R Y

Luxury market has evolving and many other brands left their comfort zone in order to become more dynamic and enthusiastic. Also, one motivation for those brands was to get even closer to its customers by being present on their daily life, as Chanel did with its representation of a regular supermarket and some brands as the ones presented on the right also did. The first of them, Louis Vuitton decided to develop an underground store with a raw and bold look, based on black and yellow to be associated with the term â&#x20AC;&#x153;under constructionâ&#x20AC;? (totally different from the usual). It has allowed customers to understand the transition that the brand went through and feel part of the story told by Louis Vuitton, while the brand was likewise able to present a closer attitude and less opulent (which is highly valuable nowadays). Regarding some ads that are presented on the right, Chanel, Miu Miu and Lacoste decided to adopt a relax and casual approach that was not seen before, in order to transmit the image that luxury can be accessible to everyone, depending on what each one is looking for. The models look messy and disordered, what can be considered the opposite of the traditional luxury, proving one more time that its concept is mutating throughout the time. Another trend has been adopted by mass market brands as H&M that developed partnerships with luxury brands as Balmain, Versace and Lanvin. Those brands are taking credits for democratizing luxury, making it accessible and spread a valuable experience to different targets who appreciate different levels of luxury. It is also possible to note that brands like Net-a-porter and Christian Louboutin have been trying to engage its customers (especially millennials) throughout Instagram accounts, allowing the audiences to contribute and interact within a style community. They not only purchase the products, as also enter on the brandsâ&#x20AC;&#x2122; world. NEW TRENDS IN MARKETING | L U X Y O U R Y

This paper has evaluated luxury’s concept and it is possible to perceive the lack of consensus among literature personalities, even though the main definition was strictly related with the ostentation of wealth and power. Nevertheless, “Luxyoury”’s analysis allowed a new perspective to emerge. It is no longer focused on high

prices,

exclusivity

and

premium

features.

Customers are seeking beyond those typical attributes. Currently, Luxury is not considered an ambition, instead it is understood as a need reflected through daily basis activities and backgrounds that may vary according

each

customer

perceptions

and

motivations behind it. Satisfaction, well-being and selfexpression are considered key factors concerning the new luxury notion. In order to provide those elements to their customers, luxury brands need to understand what inspires and stimulates them according to their value system, to promote a meaningful consumption. If customers feel that they are going through an experience, it is easier for them to fulfil their needs and achieveINtheir goals, while the 25There are NEW TRENDS MARKETING | L recalling UXYOU R brands. Y many challenges that Luxury brands need to cross.

First of all, implementing design thinking within this market can be highly effective to innovate and transform it into a modern field, and as well, delivering a consistent brand value and singularity. Along with that, each brand should be able to create its own imaginative world and atmosphere to attract its customers to something unique and immersive and to stand out on its market. These brands are likely to succeed if customers feel that they have a soul and care about them (listening to what they have to say and place them at the core of company’s interests). Secondly, becoming one of a kind is a must to create preference among customers. For that reason, positioning (usually a main component for marketing strategies) does not play an important role since, in order to be considered distinct and irreplaceable, a brand should not be comparable to its competitors (Kapferer and Bastien, 2009), as an alternative, it has to provide an authentic identity. Luxury is subjective thus it should not be put on the middle of comparisons. Thirdly, it is crucial to transform this companies from profit-driven (“the luxury strategy is the very opposite of the volume strategy”, Kapferer and Bastien, 2009) to experience-delivers, able to tell a consistent and evolving story that simultaneously allows interaction. Those experiences and stories must be sustained by many factors: customer relationship management, store environment and location, logistics, response to customers’ demands and communication, emotions and well-informed and qualified assistance (Arora, 2013). Above all, there must exist an alignment between brands’ strategies and customers’ values. It has been proved that these brands need, as well, to fight to overcome the gaps that still exist between luxury and online platforms and between luxury and younger customers (e.g. millennials). The first gap mentioned needs to be solved due to the fast-growing online environment, in which customers can perceive the brand image and emotions transmitted by the brands on a matter of seconds and with just one touch. It can be solved throughout many different strategies: developing and improving their presence on social networks, creating special places where brands can interact with customers and vice-versa, and implementing co-creation based on those networks. According to the second gap, luxury brands need to make an extra effort to adapt to the new attitudes and customer’s behaviour, as mentioned before, by improving their online performance and contributing with new emotions by focusing on self-expression and on experiences that cover every customer’s touchpoint. Also, innovative ideas and ways of communication should be implemented to reach and hook millennials, the future luxury’s consumers that demand a high quality lifestyle. Luxury is permanently changing but there are a couple of concepts associated to it that must persist: the dream and the desire for self-expression. As so, anyone can reach luxury because anyone can define it.

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