Why do affluent customers buy luxury items such as perfume, jewelry, and cars?
Because of the way the products make them feel, and the way they perceive other people will feel about them for having the product. This feeling is exclusivity. It is not about functionality per se, although functionality is part of the feeling of exclusivity. It is not about price and quality per se, although both price and quality also add to the feeling. It is about exclusivity.
Exclusivity commands admiration, respect and the acknowledgement of others when they notice the luxury product. This idea of exclusivity requires that marketing campaigns be carefully planned. Why? According to Simon Black, a director at Design Bridge, luxury has different meanings to different people. Black suggests there are at least two different views of luxury among the wealthy. He calls them New Luxe and Old Luxe. The New Luxe group desires exclusivity that is showy and status-driven. Old Luxers seek exclusivity through traditional luxury, and like to present themselves as “too posh to care.”