– Is Premium truly Luxury
– & Why do we feel Expensive is Luxury ?
The key difference between a luxury brand and a premium brand is that in order to remain luxury, it has to have limits on volume of sales. This is because by its nature, it can’t be accessible to everyone. Premium on the other hand, can still enjoy large sales figures at an over average rate.
Luxury doesn’t border on price alone and it’s most definitely for those who are price sensitive nor lack appreciation of the finer things .Luxury is an experience . Luxury is for those who want to be feel like they are ‘the one percent of the one percent ‘. Premium brands’ target customers are those who can push themselves to pay higher than what they pay for a average product. So why then are the lines being blurred ? Why is it that every brand that is overpriced or expensive is termed as “Luxury ” ?
Luxury speaks for itself as it speaks its own language of limited availability , ambience and style . Here in Lagos , we come across fashion brand that fee the need to add Luxury to their names or services just because of their price points yet key elements like top quality apparels , professional service , complimenting ambience . Not a trenches” look – a – like setting with expensive price tags on the clothes or the word – Luxury added to the brand name . In the real sense of it , most times if the word -Luxury appears alongside the brand name , its likely that the brand essence has absolutely nothing to do with the term , rather all they have to offer are expensive goods with zero experience .
So the general misconception of expensive meaning Luxury , also in the same vein , premium does not mean Luxury. But for you to flaunt Luxury , the product mus be of the best quality – which by the way is Premium .
Cover Image -Joseph Benjamin in Vanskere
