Let’s travel back down memory lane when shopping in high-end shops would be an indulgent experience of valet service, greeted at the door with a glass of champagne for sipping, while a personal stylist displayed a number of wardrobe choices for you to try on at your leisure. Then your purchases were boxed up and delivered to your home if you so desired.
The pandemic did its number on the consumer economy, particularly jolting luxury brands out of their long, comfortable slumber of marketing and selling as usual. Established mortar and brick stores were forced to shutter their retail doors, with unfortunately some retailers unable to survive 2020 unable to pivot quickly enough to survive. Because of 2020, online shopping burst wide open, and luxury brands are changing their game as well.
Marketing to the Wealthy
Brands that specifically market to the affluent focus on those values deemed important to build loyalty and ensure each of these elements are incorporated:
Quality of Materials – buying from the best sources (internationally or locally) and processes (ethically or and decreased carbon footprint)
Craftsmanship – communicating the authenticity and intricate layers of work from design to production
Exclusivity – Unique, perhaps one of a kind along with superior personalized service including personalized curation, stylists prepared to give a client first looks of a particular collection or arrange private appointments where items are brought on site.
Generational/Longevity – depending on the buyer’s motivation whether to pass down to future generations or as an investment item, brands who offer sustainable service cleaning, alterations, repairs from day one of the unboxing or reveal to the final day of being passed down or sold. High-end brands will stand by their products and become your partner in keeping them beautiful and well maintained.
It must be pointed out that shopping habits of the super-wealthy can greatly vary even from the same circle of wealth factoring in location, age, social setting, and tastes. History shows many super-wealthy were quite frugal and understated however times have changed as a millennium tech entrepreneur versus a European aristocrat versus a Middle Eastern oil tycoon can spend and/or splurge vastly differently and will or will not necessarily only purchase labels.
To lump buying habits among the affluent may not be productive, which is why brands need to be hypersensitive to the make–up of their audience. The events of 2020, forced both established and emerging brands to elevate their methods towards clients using a wide range of marketing tools which include communicating more visually and interactively on multi-dimensional, omnichannel social media platforms.
Exclusive On-site Fashion Brands
How the Affluent and Ultra Affluent shop can vary. You may fall into living a frugal lifestyle but will buy expensive quality goods in certain categories. Or perhaps, your income grows in accordance with your public image and influencer status. No doubt, wealthy consumers will splurge on goods and services they deeply care about. Unless your income is impacted by being a public figure, most wealthy prefer to keep a low profile, time is a coveted as well as security (of money, self, family, etc.)
There are brands considered to be the ultimate connoisseur brand – not necessarily with any major visible marketing or has created low-key branding that is as impactful, including a couple of our peers in the leather space. These include:
Loro Piana – an Italian fabrics and clothing company specializing in high-end, luxury cashmere and wool products
Kiton Europe – very exclusive luxury Italian menswear company
Hermés – exclusivity, and scarcity is how this brand has become both an indulgent and investment purchase
Berluti – one of the most prestigious leather makers who specializing in men’s shoes and boots among other leather items bespoke and ready-to-wear garments
Delvaux – Belgian manufacturer of gorgeous, fine leather goods founded in 1829
A number of online luxury sites have wholeheartedly embraced building their own e-commerce store or partnered with third-party sites while continuing to push the envelope in transitioning to best practices in interacting digitally with their clients. These brands include:
Of course, Amazon Luxury launched last year its luxury store featuring established and emerging luxury fashion and beauty brands with fast free delivery (as a Prime Member) that we have all become dependent on in the last year.
Moda Operandi online high-end fashion retailer specializing in connecting consumers directly with established and emerging designers from around the world
24 Sevres –The elevated online shopping experience launched in 2017 by Paris’ exclusive department store Le Bon Marche Rive Gauche owned by LVMH offering exclusive collections of prestigious designers.
Mytheresa – 30-year-old Munich-based luxury fashion e-commerce company featuring over 200 international luxury brands direct from the runway offering a digital boutique-like shopping experience
Editorialist – targets an audience of ultra-high net worth in the areas of luxury fashion, beauty, and lifestyle by offering exclusive designer goods and a privileged online shopping experience.
Farfetch – British-Pportugese online luxury fashion retail platform that sells women, men, and children products from over 700 boutiques and brands from around the world World’s Best – offering international curated lifestyle collections to service high net worth clients
Link here to view the full list.
For smaller luxury shops, such as Beau Satchelle, visually displaying our creations digitally are crucial to our market in capturing the uniqueness of what we do. Also continuing to be supremely intimate with our clients in offering an internal view into the process of building a custom product is key. Our clients personally know the master craftsman and have a love story to tell that accompanies their luxury leather accessory. -AJ
P.S. Remember this a year ago? The world experienced a collective terror the lights were turned off and doors were locked in fear of a devastating never-ending pandemic.
Fortunately, with each passing day of good news, it’s a turning point for the human race. Be Joyful.
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Thank you to the following website for our blog content
Departures.com – Most exclusive online shopping sites
Steven_yu – Mall in Taiwan
Hannes Edinger – mobile amazon shopping
Jon Ly – Christmas shopping in Dallas
Arturo Rey – Woman browsing in a boutique
Wynand van Poortvliet – Balancing Packages to be delivered
Clark Street Mercantile – Being serviced at Clark Street Mercantile
Christian Wiediger – Amazon app
Edwin Hooper – World Theater
Rupixen.com – Gentleman shopping online
Brooke Lark – women shopping on a tablet
DocuSign – Mobile signing