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Luxury - GVG Consulting

Luxury

What comes to mind when you think of luxury?

What comes to mind when you think of luxury?  Louis Vuitton, Tesla, Hermes, Tiffany, Mercedes Benz, St Regis, Dior, Burberry, The Ritz-Carlton, Bulgari.   The luxury space over the past 15 years has been crowded by “luxury wanna bee’s” and the overuse of the term “luxury”  or the democratization of luxury,  to attract high end wealthy and uber wealthy customers along with the Global affluent travelers that have similar traits and thinking. 

Let's be honest, it is hard to fake luxury!

It’s hard to fake luxury, but many try, or they use the words but fail to deliver an amazing product or service. Is it a feeling, an experience and perception?  Yes, all these elements combine in many different forms to create how luxury exists in service, product, experience, and in the mind of the luxury buyer.  As you can see luxury has both hard and soft features which combine to create their brand and space in the market and in customer mind share.

Each of these brands has a service or product and experience that sets them apart from the pack whether it is, hotels, fragrances, cars, clothing, or jewelry. 

Think of the following elements which can/will impact the buying process:
  • Brand Affinity
  • Relevance
  • Recognition
  • Trust
  • Reputation
  • Service Excellence
  • Product Quality
  • Experience
  • Social Responsibility
  • Influencers
  • Time
  • People
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In addition, they provide social currency for the owners to use with their friends and associates.  They are fanatical about the DNA of their brands, guarding creativity, relevance, and driving excellence, daily.

What drives luxury customers globally today is vastly different from 20 years ago and therefore the categories are changing to ensure they all maintain their relevance today.  The truly wealthy can go anywhere and buy anything and yet there are also others that purchase luxury products as a special occasion or once in a lifetime opportunity.  But why do they buy?  Is it the prestige, recognition, the ability to own something others cannot, or is it an experience?  Perhaps it is all these that drive the buying process.  The category is global, unique and the buyers are diverse depending on their generation and culture.

With over 21 years in the luxury hotel space Gary Grove has the expertise to develop strategies, thinking, and guidelines to help build a reputation that is complimented by a customer centric approach and service excellence to drive customer retention and develop new customers, building long term relationships.

“There’s no shortage of remarkable ideas, what’s missing is the will to execute them.” Seth Godin