Tuesday, March 1, 2011

“LUXE REDUX” Jeanie Casison

by // DA

The financial crisis has impacted the world leaving us with “do more for less.” For many people luxury is about authenticity, practicality and sustainability not about having the latest status symbol. There’s a new sensibility to value. Value became the “in” thing. Shifts in priorities and lifestyle preferences have occurred.

Exclusive merchandise brands and travel experiences still have a place in corporate incentive programs though luxury has a new luster. People want meaningful luxury, products that make experiences different in their lives.

Corporate social responsibility is part of this new sensibility. Anything that wraps a humanitarian or philanthropic element is quite appealing now. It became about finding the core values and contributing to society, the emotional elements of doing good work.

As a response to the recession people who would indulged in designer goods and brands at a price that was their luxury all of a sudden decided it was irresponsible to want diamond when the world markets were collapsing. Companies in designer luxury goods started to offer new items at a more reasonable price – mini collections.

Due to the attitude change, Cartier, still doing well today though that’s because its not about a diamond-encrusted watch but a performance watch. With people staying home relaxing with friends and family, electronics has become a high redeeming category in merchandise.

“Luxury is constantly being redefined. Now people are very much hungry to know why great things or services cost what they cost – a sense of connoisseurship. People want value, the unique.” Luxury is more about creating an emotional connection today.

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