Most commercial establishment aspires to work, function and represent themselves as luxury brands. Their products as luxury products and premium products. And their process as luxury marketing systems. However, luxury goods brands develop their own ecosystem where they develop luxury consumer demographics. The consumer psychology of luxury brands involves prestige, standing-out attribute and exclusivity. Premium brands offer a subconscious element of being different and better. So what are premium luxury brands? By the way, are luxury and premium brands the same or different? And what’s consumer behaviour towards such brands? Let’s find out. The distinction between luxury and premium brands is highly subjective. The term “luxury” is highly subjective.
Brands that dare to push boundaries and surprise. They stay true to their roots while modernising and adapting styles to express coolness. Brand identities are built around a creator, the history of the house, and its historical roots. A refined aesthetic that conveys sensuality and indulgence with a hint of extravagance and appeals to the five senses. A highly sophisticated and codified visual universe based on dreams, desires, and fantasies done by skilled artisans with the finest fabrics.
Connoisseurship is a culture. The best customer service will be used. Long-lasting products will never go out of style and will be passed down to future generations. Handcrafted, irreplaceable objects made in small quantities. Can only be made in a specific location or country. Exclusive distribution: a strategy of scarcity, waiting lists, and few stores.
Understanding the significance of cultural relevance and a long history of recognised craftsmanship and quality is essential. The big question is: if luxury brands are determined by distinct criteria, can premium brands fall into these criteria? Will this make these brands more appealing? Premium brands are less ostentatious, more accessible, more modern, more rational, best in class, sleeker in design, and have precision in fabrication. They are not necessarily seen as inferior to luxury; in fact, in some ways, they are seen as superior; however, there is a gap and difference between the two.
Much of the luxury/premium space is determined by an individual’s relationship to luxury and their personal experience with a brand. Brands that try to imitate the look of these “true” luxury brands risk being chastised for their flaws. Being a luxury brand is more about appearance; it’s about the wealth of heritage and depth that goes into the mythology of the brands, which is essential in order to avoid slipping into the premium category.
So there you have it. Be it a luxury brand, a premium brand or any local brand- after all, it’s all about products serving the purpose. Or is it? Maybe not! We do not advocate that a premium brand is inferior, although we surely think that whatever you feel suitable and preferable in representing; falls into a type. A type only the consumer themselves can decide!