Why Do We Love Luxury Brands So Much?
Photo: Frank Lebon Via: Gucci
Luxury fashion brands have cemented themselves in the world as a symbol of status and wealth. Now, people look to designer brands for new trends or avant garde looks. Consumers will buy a garment just because of the name and the status it gives them, not for if the garment is actually stylish or goes with anything in their closet. A luxury brand’s name alone can allow them to sell things at an expensive price tag just because of who they are. With this knowledge, successful and namesake luxury brands are able to use marketing and their popularity together to their advantage.
Photo: Jon Bronxl Via: Vogue Business
Most luxury brands have a rich history and heritage behind them along with good craftsmanship and a specific customer base. These brands often market a life of luxury, comfort, and worry-ness so when consumers buy a designer item, they are buying into this lifestyle. Luxury brand marketing and positioning increases the desirability with any consumer of any social class regardless of if the consumer can actually afford them or not. They do this through scarcity and value, marketing their products with a certain prestige, status and rarity that makes consumers want to buy them more.
Photo: Emily Malan Via: British Vogue
This marketing is psychological and creates emotional branding. The emotional ties that consumers have with these brands makes them more appealing. This emotional bond creates a long lasting and positive tie to the brand creating loyal customers. Psychology Today's Dr. Peter Noel Murray stated, “Our concept of self is in a constant state of regeneration. Because luxury products have the power to change the consumer’s perception of who they are by altering the self, they deliver desired emotional end-benefits, including self-esteem and hedonic feelings, such as satisfaction and power.” Luxury brands usually have a loyal customer base and make those consumers believe that they are a part of an exclusive club or group with the brand. It helps that luxury brands typically practice scarcity with their products.
Photo: Emily Malan Via: British Vogue
This form of marketing also ties to society’s concept of wealth and social class. People want to look expensive or wealthy because of the positive condentation that comes with it. Designer goods make consumers feel wealthy and accomplished, increasing their sense of self. It makes them feel good. “A different psychological motivation is found in consumers who have a deeper connection to luxury brands. This primarily exists in consumers who have greater financial means and involves high-end luxury brands…luxury is an integral part of their lifestyle,” Dr. Murray said. “They experience emotions of trust, security, contentment, and confidence…evoked by perceptions that their luxury brands are authentic and timeless.” This is another reason why people prefer to buy authentic designer goods compared to knockoffs. A knockoff is not going to give them that same feeling and they will always know in the back of their mind that it's fake.
Photo: Tom Craig Via Models
Luxury brands will always be around for decades to come. However, it is important to recognize the influence these brands have on the global fashion industry and consumers. It is admirable that they have been able to stay on everyone's radar for decades and market a specific lifestyle to make consumers want to buy from them even if they cannot afford to. The luxury fashion market is an integral part of the fashion industry and without it, the industry wouldn’t be the same.
