An original Roger Vivier design from 1962, this shoe was created for Princess Soraya, who was married to the late Shah of Iran. The price tag was a staggering 19,750 euros (approximately $26,629.06)
Luxury, despite the word’s rather simple origin, encompasses meanings that can be quite difficult to elucidate. While in the common context, it may stand as something priceless and grand, but then one man’s trash really is another man’s treasure. For some the definition of luxury is an expensive supercar (I’m looking at you Lamborghini Veneno), while for others it may simply mean having a quiet dinner at home surrounded by loved ones. People have varied tastes, their situations differ. Thus, it is safe to conclude that luxury, rather than being just about the price, is actually about the value.
An exact comprehension of luxury simultaneously calls for an objective, subjective as well as a collective point of view. As a result of studying consumer perceptions, researchers now identify its ‘value’ in the following four dimensions: individual, social, functional and financial. The individual value includes one’s personal enjoyment, social worth covers prestige and status, functional value is pretty much self-explanatory and the financial value guarantees exclusivity.
In spite of the fact that a modest cup of cappuccino in the morning may be considered a luxury by some, we’ll focus on the more interesting items that are widely listed as luxurious. Enter the age old question: why buy something that will cost you an arm and a leg when you can purchase a similar product or service for less than a fraction of the price? Yes, even if the said limbs are just loose change to you. For instance, living large in a penthouse in Times Square, New York would most definitely add to one’s social status. Wearing a Bulgari Magsonic Grande Sonnerie is bound to pledge superiority and exclusivity. Goes without saying, either one (or both) of the above will do the polar opposite of brutally murdering a sane human being’s personal enjoyment. Then again, won’t any old apartment afford a roof over your head and will not the simple display of your cell phone tell you the time? So what other function do the extravagant serve?
While the classic traits of luxury do hold significance, it is more about personal indulgence than anything else. It isn’t an indication to vanity. The pleasure doesn’t just centre on the price or the uniqueness. Luxury is a little more meaningful and suggestive than just owning a branded product. It is the need to pamper oneself. A luxury item has a lot to do with the experience rather than just mere ownership. Admittedly, rocking a pair of shiny Jimmy Choos will enhance the wearer’s image in society by leaps and bounds however; the wearer will find that the experience is substantive. Using a product crafted to perfection with the utmost passion and inherent care is unquestionably going to kindle an intimate relationship with it. So, is luxury more than just the social shine and bling? Yes, yes it is – it’s the feeling of love.
Luxury isn’t exactly about just leaving a footprint – it stands to serve a purpose. The modern mantra to luxury is self-gratification. Luxury brings a little piece of perfection to one’s life, a dose of another’s love and the feeling of being passionately cared for. That may just be the answer to why you might choose to buy the iPhone 6 or 6 Plus as opposed to the less pricey HTC One M8, regardless of identical qualities and purpose.
Luxury is a little more meaningful and suggestive than just owning a branded product. It is the need to pamper oneself.