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There is a Paradigm Shift in How Consumers Define Luxury

Marketing Moments
August 11, 2015 6:00 AM

Sales and MarketingOld luxury used to mean very expensive products, in limited supply, with great demand. Only a few people, who had a whole lot of money, could afford them. In the old view, luxury was about owning the actual product; it was about the thing.

No matter what the category, specific product features constituted luxury. For bedding, it was the 500 thread count Egyptian cotton. For clubs, it was the status of belong to the club in town. For automobiles, it was the feel and aroma of Corinthian leather. But the old concept is dying out. Luxury is now being defined in new ways that has evolved with shifting demographics and socioeconomics. Your customers are focusing more on the experience of luxury embodied in the products and services they get at their club, not in the products or services themselves.

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Marketing Moments, hosted by Dr. Bonnie Knutson. With her wit and entertaining style, Bonnie, a frequent speaker at business and association meetings takes her perspective and brings it to our broadcast platform. She shares decades of knowledge and brand awareness, and gives us all a new lens on marketing for business.

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