Luxury Isn’t Dead – It Just Has A New Name

It used to be true that a high-priced product was marketed as a luxury product. Generally, it had better components. A luxury car had more features, a luxury sweater felt softer, a luxury lifestyle product made you feel like you belonged in the wood-paneled den like the handsome couple in the picture. That mode of thinking, where you bought the product because it reflected your own success or aspiration for it, is now old and passé. In fact, the word “luxury” is passé too. Luxury has become synonymous with expensive and consumers are not as up for all that as they were in the past. Some other words are much more meaningful now to the consumers who would have formerly found the idea of ‘luxury’ attractive. Rather than talk conceptually about it, let’s look at some companies that in another era would have called themselves luxury but think and describe themselves differently now. Here are three related but different companies who are all in the bag business (handbags and luggage). Read more at Forbes.