By Simon Brooke
Sphere Magazine
Spring 2011
Luxury Consumers used to prefer their favorite shops, brands and services reassuringly uniform, wherever they were in the world. But not anymore. High-end brands are turning away from global messages to imbue their products with a sense of place…
…Luxury has become very standardized, agrees Milton Pedraza, CEO of New York-based consultancy Luxury Institute. “You can often buy many of the same thing in London and Bangkok but luxury customers are always looking for something new and exclusive to buy or to experience,” he says. Brands will produce their classic collections, available worldwide, but then there will be additional products available in just one location.”
These location-exclusive items “will connect more emotionally with the customer,” believes Pedraza. Developing and manufacturing these items is more expensive but luxury groups can afford this outlay. “They can produce handcrafted products from local artisans, which increasingly what luxury customers are looking for,” he says. “There’s more opportunity here to be creative and to continue de-emphasis of the label. I believe people will pay extra for these pieces.”…
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