Area General Manager, Operations of Shangri-La Dubai Message
LUXURY AND TIME RELATIONSHIP
The relationship of time and luxury is one aspect that we should thoroughly understand when we strategize and manage the luxury business. Once we grasp the nature of time in terms of stages in luxury, it becomes more meaningful and beneficial for all stakeholders. In basic terms, there are three time-stages for luxury products and services. During the first stage, small or big, luxury consumers have dreams in nature. They have dreams that they wish to come true other than just answering their basic functional needs. When they have a basic product to satisfy their immediate needs, it becomes a commodity and has a minimal quality at lower cost. However, when consumers have a dream, it becomes a desire. They want to buy a luxury watch, a bag, a shirt, or a car; or have a great time in a luxury hotel where they can have caring service, delicious meals, creative drinks, comfortable room with a great functionality, awesome view, and alike. Before, they decide to visit the selling point and purchase the luxury product supported by luxury service, consumers take their time to continue to dream and it is very exciting.Therefore, they search a lot and try to match their careful selection to meet their dreams. In this stage, luxury brand marketing kicks in. From brand positioning and promise till reputation, brand marketing helps the luxury consumers on a pleasant, exciting, and promising decision.
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