News: Paris Menswear Show Spring 2007

Luxury Is A State of Mind
By: Mari Davis

DALLAS, May 26, 2006/ FW/ --- In a study released by Research And Markets last month, the ‘Luxury Brands and their Role in Luxury Purchases (Luxury Tracking Report 1Q2004),’ it was revealed that respondents defined ‘luxury is a state of mind.’

In the same study, it was also said “despite some lackluster revenues in the recent past (after 9/11), the luxury market is finally booming again. With the increase in the number of global millionaires, greater confidence in the economy and mass consumers dipping into luxury, the future is extremely bright for luxury fashion houses.”

And with the U.S. consumer confidence hitting an all time high in April with the index standing at 109.8 as reported by the Conference Board, the Paris Menswear Show slated from June 30th to July 4th, 2006 is in good shape to attract a bigger market than what it currently has.

As the term already implies ‘consumer confidence’ is a state of mind. With ‘luxury’ also defined as a ‘state of mind,’ a high consumer confidence is good news for luxury fashion houses who is not only selling a product but the feeling of luxury and exclusivity.

Going back to the ‘Luxury Brands and their Role in Luxury Purchases’ survey, the study also defined luxury in two ways – intrinsically and consumer-centrically.

According to Market And Research, ‘in the old luxury world view, luxury is defined as the special qualities, features and attributes intrinsic to a product. In most categories, whether fashion, automobiles, furniture, linens, jewelry, or tabletop, specific product features constitute luxury.’

For cars it’s handling and ride, leather seats and wood detailing; in jewelry, platinum and real gemstones; in linens, 500 thread- count sheets, Egyptian cotton, etc. Here the product expresses or incorporates features that confer the ‘best of the best’ status. Many old luxury companies stop here, focusing their resources only on creating the ultimate product.

New luxury companies recognize that the intrinsic definition of luxury does not reflect the changes taking place in the luxury market today.

According to the report new luxury companies recognize the need to incorporate consumer experience and perception into the luxury branding equation. They begin by offering the ‘best of the best’ quality, but go that extra step to deliver not just a great thing, but also a wonderful experience to the customer.