In some sense we may all be addicted to luxury. After all who does not want what they can’t have? Luxury is a perception and luxury brand recognition can give a feeling of prestige showing high importance.
What alarms me is when consumers become addicted to luxury and want to buy in luxury lifestyles that may not be affordable. I stress to shop luxury wisely and strongly believe in the value of luxury lifestyles. However, luxury brands at the same time hold some responsibility to how they educate consumers on compulsion. It will not kill a sale but build a stronger consumer relationship for brand awareness.
Kalpana Sharmare recently wrote an excellent piece on how working professionals have discovered that money can buy them luxury, power and entry into elite lifestyles. She revealed a media channel professional who owns a Chanel bag, Gucci shoes, and Armani coat charges a pair of Rs 40,000 Jimmy Choo shoes as easy as a simple supermarket purchase.
Sharmare was able to present the importance that buy in luxury lifestyle consumers put on luxurious travel destinations, dining, experiences, and more.
I truly believe in the value of luxury lifestyle experiences. However, does it help the luxury industry when consumers buy in luxury? I feel that luxury brands must take responsible actions to prevent this from happening.