Creativity and innovation
Luxury is linked to creativity, to detail, to a special contribution beyond the conventional. The product must make an impact and, to stay in this line, innovate. That explains why big brands don't care so much if their item follows a market demand as that it continually contributes something new.
Under this principle, “Castillo de Canena will launch the 21st century Aceites project next year, to present oil conceptually and organoleptically as it has never been done before. We want to create new habits of olive oil consumption, new textures and different flavors ”, reveals Rosa Vañó, co-owner of the brand.
La Artesa is another example of constant innovation. “We have done biotechnology and developed research projects to guarantee the quality of our cured rabbit ham –of which they are pioneers–, its preserves and duck confit”, points out Concepción Martínez.
The price, by distinction
It is a very important key: if the price is not in line with its quality, it does not convey value. However, it must be in its proper measure. For example, in Years of Light we can find lamps of 100, 3,000, 6,000 and up to 60,000 euros. According to its manager Javier Martín, "certain clients do not buy things with a lower price than what they value because they understand that it is not of quality". Meanwhile, Castillo de Canena is proud to be the most expensive oil in Spain (20 euros / 1 liter). And in Perfumery Q you can find facials for a month at 1,500 euros, and each of the 16 Frederik Malle perfumes is worth 200 euros.
Exclusivity in everything
Whoever acquires luxury, needs to feel privileged, unique, special. Cloud Juice bottles 9,750 drops of Tasmanian water in each bottle, an essential count to convey exclusivity. And the fact that the production of its springs is limited, gives it even more value. Liqueurs Fisselier has small runs of about 80 varieties of product, because not all liqueurs are marketed in the same countries.
The strategy of The Sanctuary City Spa is also interesting, where there is no room for overcrowding, that is why they summon clients so that each person is alone and does not cross each other. "Just by delaying appointments for five minutes, you make people have the feeling that the spa is theirs and you create a unique experience."
And speaking of exclusivity, Carpier was the first in the sector to make salmon a unique and select delicacy. His gourmet selection includes candied and smoked salmon products in pork tripe, such as jalmon and butymon, which he has created himself. "It was a matter of logic to make the best of the salmon, the head, something exclusive so that the client always has the best," says businessman Carlos Piernas.
Excellence in services
The services associated with a luxury item must be excellent. Thus, Trentino ensures personalized attention to each client and advice on the project they want to carry out. Years of Light never tire of repeating that personalized attention, exclusive and fast service, and stock of the product is what makes different generations of the same family pass through its store.
International image
Being on the best shelves or shop windows in the world gives a touch of distinction to the brand. The more recognized the product is in other markets, the better. Cloud Juice is one of the few luxury waters that includes the menu of the El Bulli restaurant, in Ferrá Adriá. It is only found in some restaurants and luxury hotels, in a few gourmet stores. In addition, it is distributed in some leading countries: Spain is the first, followed by England and Japan.
Castillo de Canena is also sold in exclusive British establishments, such as Harrods and Fortnum & Mason (suppliers of the British Royal House), and in Williams-Sonoma (the first American chain of gourmet products). In addition, he is at the El Burj hotel in Dubai, one of only two seven stars in the world.
Choose your segment
“When it comes to classifying luxury, your pocket rules. The highest category is usually related to traditional luxury, haute couture, certain cars, palaces, yachts ... The intermediate category leads to ready-to-wear and accessories such as watches starting at 3,000 euros or pieces of art of a similar value. And the accessible one is overwhelmed, especially at the moment, by accessories, perfumes, cosmetics or leather goods ”, indicates Campuzano.
In this classification, the neolujo (low-priced luxury for the general public) bursts into force, flooding the market with small whims. For César León, from Vinomio, “the brand extensions of the old luxury could be incorporated into the neolujo, with proposals designed for the general public; the superpremium product, with the maximum price in its category, although accessible to the customer (wines, spirits ...); and the offer of masstigio (prestigious products and services, at a high price, but not prohibitive).
The new luxury is also beginning to be linked to a series of values that has to do with social responsibility, healthy living, ecology and safety. And try to create products that can become icons, timeless design objects. The emotional part plays an important role in bonding with the brand. And if it's a rare, hard-to-find, indigenous, non-global, or limited-series item, the map is complete.
Typology of clients
Both the volume and the profile of consumers of luxury products is expanding considerably. There are three levels:
The happy few. Traditional luxury consumers belonging to the aristocracy and upper classes.
The happy money. They are the new rich linked to social classes that have prospered economically in a remarkable way. Within these, the XS –maximun luxury– occupy a striking role, which is related to luxury products in an ostentatious and exhibitionist way. Some fortunes that come from a lot of cinema or sports (eg Victoria Beckham) show the whole world that they buy the best.
The hikers of luxury. It is the largest group, and growing, where the 50% of society could be included. They are occasional luxury consumers, middle or upper-middle class and who buy 1 to 3 products a year, since the prices they access are not too high, about 50 euros.
Fountain:
entrepreneurs.es
Ana Montes
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