The Luxury Trap: Why it’s a Mistake to Define Luxury By Price

As traditional luxury goods, such as the iconic Louis Vuitton monogram bags or Chanel number 5, have become more widespread and attainable than in the past, the wealthy need alternative ways to signal their prestige and power.

Luxury is no longer about simply reviving heritage codes of the past, but rather it’s a dream space. Status is therefore found in radical solutions and ground-breaking projects.

Now we come back to what we said at the outset: price, and therefore money, is not a determinant of luxury. It is quite obvious that price on its own does not make something a luxury; an ordinary car will cost more than a luxury bag, and it is a common error to believe that to turn any product into a luxury product all it takes is to raise its pric

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This trading down quickly becomes a descent into hell, through destruction of the brand value. Luxury is a dream, but the dream has a fragile equilibrium. Democratization reduces the distance – and luxury is meant to create distance. Mainstream clients may not express this need: the elite clients do. This is why strong luxury brands do not follow t

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high style isn’t necessarily the same thing as high quality. It can’t seem to remember that luxury is not defined by price. Luxury is defined by scarcity. Plenty of consumers are plenty happy just to be treated well and offered a good value. The experience may not be memorable for anything other than the elegance of its utility. These days that kin

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New Luxury signifies being connected - around community, culture, and ethos. On that foundation, goods and services are given status, and the certainty of