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ONE INTERESTING OBSERVATION SERIES DAY #16 Luxury goods consumers worldwide fall into five dominant groups, based on their motivations, profiles, values in luxury items, purchase reasoning, and age group. 1) Going Global: People in this group don't know much about what each brand stands for. They decide to buy international brands because their friends do. 2) Look at me: As some people make more money, they often buy fancy luxury items because they see ads online that make them think it shows how rich and important they are. 3) Fitting in: This group of consumers likes to buy expensive things because it's trendy and makes them feel like they fit in. 4) Quality first: Educated consumers who prioritise craftsmanship and uniqueness in luxury items, who pick what's best for them doing their own research. 5)Better good: Environmentally and socially conscious consumers who seek luxury products from sustainable, inclusive brands with ethical credentials, a trend boosted by COVID.
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โChasing the Dream: How Aspirational Marketing Elevates Luxury Brands to Iconsโ Aspirational Marketing taps into consumersโ desires to reach a higher social, financial, or lifestyle status. Luxury brands master this by showcasing not who the custo
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โMore Than a Brand: How Tribalism Turns Luxury Buyers into Lifelong Believersโ Brand Tribalism is the psychological pull where consumers align with a brand not just for its productsโbut to belong to an exclusive identity group. In luxury branding,
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Smart brands know a secret: People don't buy on price, they buy on perceived value. Here's the winning formula: 1. Tap Into Dreams: Understand your audience's aspirational self. What do they want to look like, feel like, be like? Align every product
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Imagine a platform where you write genuine reviews about a company's product or services and brands would get to know about the real problems consumers are facing. Also consumers can tell brands what they expect from them in terms of services Platfo
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Lowering price is the worst strategy to increase sales Smart brands know a secret: People don't buy on price, they buy on perceived value. Here's the winning formula: 1] Tap into dreams: Understand your audience aspirational self. What do they wa
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trend of luxury brands entering the world of sports: * Luxury brands are increasingly partnering with athletes and sports teams to reach a broader audience and tap into the growing influence of athletes as cultural icons. * This trend is being dr
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Burberry burned $36,500,000 of clothes in one year. Not because they couldn't sell them. Because they didn't want YOU to have them. The disturbing truth about luxury's dirtiest secret: In 2018, a shocking line appeared in Burberry's annual report
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