| What Makes A Brand Luxury? Why Shinola Earns the Title |
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By: Forbes |
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 Perhaps there is no more contentious issue in the luxury market today than what makes a brand ‘real’ luxury? The industry establishment frequently claims that this brand or that one simply doesn’t measure up to their in-bred standard, thus negating it as a competitive threat. But all that is changing, as the very definition of ‘luxury’ is undergoing a paradigm shift in the consumer market.
In a recent survey conducted with over 600 luxury retailers and marketers by Unity Marketing and Luxury Daily, industry insiders identified the very definition of luxury is changing as the number one threat disrupting the business of luxury. Increasingly, luxury is becoming irrelevant with the result, as this insider said, “Luxury retailers and brands have lost their way.”
Another insider expressed the quandary facing the luxury industry today: “The change in how consumers define luxury and the new path to purchase is dramatically redefining the marketing strategy. Luxury brands must be very agile and innovative in order to gain the favors of the new luxury consumer.”
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This article originally appeared on Forbes.com. You'll find a link to the original after the post.
www.forbes.com
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