Defining luxury is not an easy task. In effect, the very same definition of luxury changes with time. But today, in an era of high exposure and social media fame, is luxury truly what the media is telling us is a luxury? Not necessarily; because the true essence of luxury is not about how “famous” is a service or a product, but how exclusive it is.
Here’s how to recognize a real luxury:
-Search for quality:
High quality is the first indicator of a luxury. If a product is very well made or a service very well delivered; and priced accordingly; then we are probably talking about a luxury.
-Search for excellent manufacturing:
Items that are made of the best materials out there, and manufactured one piece at a time are also a luxury. Focus on micro-manufacturing and on handmade items that are not mass produced.
-Search for limited quantities:
If the item you’re thinking of is available on the market in high quantities; then it is not much of a luxury no matter what the price tag is. If everyone with money has it; it is more of an expensive commodity than a luxury.
-Search for difficult-to-buy items:
If the item is easy to have, it is probably not a high luxury. A real luxury usually hides behind a shield of difficult access. Think of an Hermes Kelly or a limited edition Ferrari; these items cannot be obtained easily and will take a waiting queue and a history with the brand. Now these are real luxuries.
(This article was first published on my company’s blog “The Luxury Chronicles”, and you can find it HERE).