The nature of luxury goods has a limited market to ensure exclusivity. The concept of luxury is not only based on the cost of the products, but also the quality. The consumer perception is associated with the superiority of the brand as viewed by other the customers. The fact that very few people can afford a certain brand makes it more valuable as compared to the other non-luxurious products. The opulence goods market segments are usually small while the purchasing habits and needs in the market vary depending on the product since it may not satisfy the consumer needs depending on the preference and taste. Although the luxury goods are exclusive to individuals of a certain social class, the pricing is usually influenced by consumer-product relationships of the target clients.
The luxury goods are of high quality and expensive. For instance, Gucci, an Italian brand is one of the most popular luxury good producers. Gucci customers include celebrities, models, song and movie stars, and wealthy individuals. It is a popular fashion brand with a reputation for high-end, expensive, and exclusive products. Gucci has diverse products such as bags, jewelry, gloves, watches, and sunglasses. Due to the reputation of the company and the fact that it sells luxurious goods, Gucci products are highly priced. The prohibitive prices ensure that only a few individuals can afford the products, making them exclusive and luxurious. The pricing strategy differentiates the products, making them affordable only to the target group. Hence, considering that only a few individuals can afford those goods, their prices continue to rise.
Gucci has a social status in the world with designs that give the customer a sense of class. Being an established fashion brand that deals with expensive products, the company gives the customer the sense of exclusivity. Another observation is that jewelry are placed on beautiful and colorful velvet, which is under locked glass casings, revealing their sophistication and attractive designs. The display allows the customer to view the product while ensuring the security of those valuables. Just as Gucci, Louis Vuitton (LV) is another prominent luxury brand in the fashion industry. The LV stores are similar to Gucci’s with no price tags. In addition, both stores have highly social personnel who offer quality customer services. The professional experience with customer care gives comfort to the clients while advising them on the best choices of the available products.
Furthermore, the absence of the price tags on both brands ensures that only those who can afford the products show the interest in buying, limiting the number of individuals who can own Gucci or LV products. The marketing approach guarantees exclusivity of those luxury goods. The marketing strategy is effective in creating customer differentiation since it guarantees exclusivity of the luxury products as well as ensuring that the financial privacy of the consumers is protected any time they make a purchase. Also, placing the jewelry under a glass case gives the customer a clear display of the goods, protects the buyers from touching the products, and offers security for those luxury items, The quality services offered in these stores influence the customer needs to purchase more goods despite the high cost. Moreover, the social personnel providing customer care guarantees that the clients get the value for their money by making their experience memorable while in the store.
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