The DNA of Luxury

12 Aug 2005|Added Value

Summary of Research Findings
Commissioned by Walpole and conducted by Added Value

What is the DNA of Luxury?

According to Paul McGowan of Added Value, “Success in luxury rarely comes without a story, and ideally a myth.”  This in turn provides the inspiration for the creation of a truly exquisite product.  For truly successful and desirable luxury brands, iconic identity and communication (via advertising, public relations, retail environment and other less tangible messaging) is another essential element.  A judicious amount of celebrity cachet, ultra selective distribution and ‘hi-touch retail therapy’ are also to be found in the complex molecular make-up.

Broadly speaking, these are all principles those in the business of creating and defining luxury brands would agree upon.  “If a luxury brand exhibits these attributes, by and large the cool police, the luxury consumers and the analysts are happy” says McGowan. However, different consumers in different markets expressed their relationship with luxury in different ways:

“I walk taller”
“I feel sexier”
“I command respect”
“I feel complete”
“I live my dream”

Luxury consumers pay luxury premiums to surround themselves in fantastically beautiful and exquisitely crafted things.  When assessing the many things that matter in luxury, the focus must be on what matters most from a consumer point of view. At the root, however, all respondents were driven by a common motivation:  “Luxury makes me feel more desirable.”

Down load a complementary copy of The DNA of Luxury Book, or click the the Luxury and Premiumisation category to the right to see more on luxury from Added Value.

Read the press release

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