With a global turnover in excess of €1 trillion in 2016 alone, the luxury market is a very attractive one for a business to be in. But how exactly do you get started?
First things first: this is a market that you need to fully understand. Those who buy luxury brands are paying a premium for their products, and so they are quite a lot more discerning and harder to please.
About 66% of these clients value exclusivity above all else. Don’t get me wrong – they also love a good deal. So, for example, Neiman Marcus promo codes might entice them to shop a bit more.
But, there are other motivations for these shoppers than just saving money. They want to know they have something that is out of the reach of most other people. So, when designing your product, think about ways to create a brand that differentiates itself.
Find a way to differentiate your products as well. After all, people don’t just buy the latest Gucci bag because it looks great. If that was all they wanted, they could just as easily buy a knock-off and save a lot of money.
Luxury shoppers are different. They want the Gucci bag because it is a status symbol of sorts. They want everyone to be able to see that they can afford the best. Keep this in mind when designing everything, from the basic logo placement through to the high-end marketing campaign that you use to catch their attention.
To learn more, check out the infographic below!