Luxury Brands Offering A Personal Touch
Benefits of a luxury item include some of the following: sustainable, exotic, and in today’s market, should come with personalized service.
Greg Furman, founder and chairman of the Luxury Marketing Council, has recently looked into luxury brands and where these companies are spending their dollars. He has found that companies are spending their dollars on better customer service, using real-life testimonials and making information available to employees that was once classified information strictly for upper-tier management. Furman’s article (found here) also suggests tangible, high-end products are being replaced by memories, family time, travel experiences.
While conducting research this week for my own editorial, which will run in the December/January issue of Unique Homes magazine, I spoke with knowledgeable luxury real estate agents who have molded a career out of intimately knowing the luxury market. During our conversation, Dave Stenberg, senior vice president and manager of the Boston operation for Hammond Residential GMAC Real Estate, posed this question, “What is luxury?”. He gave me his opinion on the topic, explaining that in the real estate market buyers want a personal touch. A full-service building with top amenities is a start. In these residential offerings, personalized concierge services show owners that people are listening to their wants, needs, likes and dislikes. And we all like to be shown some level of attention.
Though Stenberg and I were discussing the luxury real estate market, his questioning of luxury and its definition spans all high-end venues. Whether you’re looking for the perfect family getaway, purchasing a new car, or indulging yourself with a spa treatment, there must be a personable/warming feeling. And luxury brands are starting to see this. Top executives of luxury brands are beginning to see that the tables have turned in the luxury market and they need to find a way to offer a higher level of service.
Keep your ears in tune for recommendations from friends and your eyes open to rave reviews and your next luxury purchase may be more pampering than you envisioned.
—Lauren Varga
