Just What Does Luxury Mean In 2019
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5.2 ECONOMICS AND BUSINESS
Luxury is a fashionable word. "Similar to art, luxury can be approached from different angles, with highly subjective results", argue Jean-Noël Kapferer and Vincent Bastien in The Luxury Strategy: Break the Rules of Marketing to Build Luxury Brands. "Your luxury is not my luxury".
When it comes to definitions of luxury, there are a glut of possibilities with no distinctive or definite abstract. Whilst this offers multiple possibilities, it is challenging for luxury brands to manage without a clear definition. If luxury is based on subjectivity and opinion, then what luxury goods and services offer the shopper is a number of tangible and intangible benefits.
Flynn, K. (2019). Just What Does Luxury Mean in 2019? RTE Brainstorm, Wednesday, 27 March 16:14.