In economics – the upmarket goods or luxury goods are the goods increases more proportionally than that of the income rises. This leads to more expenditure on goods in a greater proportion than that of the overall spending. Luxury goods are contrasting to necessity goods. Luxury goods are often termed as superior goods. The word ‘luxury’ is a Latin word- ‘Luxus’ meaning indulgence of the senses, regardless of the cost.
The books and articles nowadays give more importance to cutting your expenditure on luxuries. According to them by cutting out these frivolous luxuries you can save thousands of dollars each month.
We all have a pretty clear idea of the items that are really luxuries and while expenses like rent and bills are really necessities. But somehow the definition is not very clear. Nowadays you can easily get luxury things online with great disocunts using Mobikwik Offers.
Consider a daily newspaper, is it really necessary as it keeps you informed or a luxury as they are easily available online now. Again if you consider a cell phone, is it a luxury as you already have a land line or a necessity as it helps ypu to keep in touch with your work contacts all the times?
So these queations are never a clear cut! Economists, business owners all have their different ways of concluding lives between luxuries and necessities – that move over time.
How the luxury brands evolve?
While there are other factors that change the definition of luxury, but the most prominent being the rise of the millemmial consumers. Young consumers make most of the market now a days for thr high-end-business. These young generation believe in the exclusiveness and indulgence provided by the luxury brands. They buy due to their emotions rather than thinking logically.
The old definition outlined luxury to be a state of elegance or comfort. But the recent interpretations describe it to be a emotional or intellectual pleasure, something that provides you with comfort and satisfaction.In other words, price is not the most crucious element. It is a search of an ideal state of mind.
The changing nature of luxury brands
The changing face comes down to the transformation of the newly consumer audience. The companies selling these high-end products cant ignore this change and continue to develop their products and keep on refreshing.
Earlier the target audience of these luxury brands were the individuals who used to splash their cash on the extravagant items possible. But today’s consumer believe in emotions and values and present a host of challenges to these brands.And also these brans are now available online and you can use them for shopping using Myntra Coupons and also get discounts on online purchasing.Today’s world don’t just think of luxurious things, they think something lasting which they can share with their loved ones.
We still are in transitional stage when it comes to the luxury branding. The so called branding companies are still in a confusion and trying out various ways to coonect and engage with their target audience, in other words they have a plenty of opportunities to experiment.
Luxury branding used to be simple. The consultant will surely going to tell you about the changing world, driven by the young generation who think differently about their brand and purchase.
But as consumers change, the expectation also changes. Todays generation expects more than just well made products, they want experiences, promises and values to connect with.