What does luxury really mean? Are the luxury goods worth the high prices?

 According to the Luxury Institute’s survey of over 500+ high net worth consumers:  “Superior quality (82%), superior craftsmanship (78%) and superior customer service (60%) are the top three requirements of a luxury brand. Yet, more than one-third of consumers say luxury brands are worse today than in the recent past on delivering superior customer service and on failing to have salespeople who are experts in their products”

Quality and craftsmanship are important for lesser brands as well. Customer service is something that began to wane in recent years though it is on an upswing to regain brand or store loyalty. I went to buy something at an office supply store the other day, and was met at the door by a sales associate who had nothing to do. Not only did he help me find the product on the shelf but also asked about other items I needed. Customer service is moving to the forefront again because many people in retail want to keep their jobs and appear indispensable.

Buying a quality item which is well crafted could be purchased via the internet even with some of the luxury brands or from some of the luxury stores. There is just so much that can be done when making an online purchase.

Even wealthy consumers believe that the prices of luxury goods are too high – “64% of wealthy consumers believe luxury goods prices are too high relative to the value they deliver.”

Brands that may not be considered luxury brands but have exceptional customer service, high quality and well-crafted products are in demand, though all of these components would also signal to me, as a consumer as well as others that the items would be reparable, well made and long lasting.