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The Luxury Consumer Part 1
April 4, 2008

There’s a new magazine supplement out from Reed Business, publishers of Furniture Today, Home Accents Today, Casual Living and Home Textiles Today.  It's called Relish.  The spring issue is all about "The Future of Luxury."

Starting in October, 2007, I started writing about The Luxury Consumer.  First I defined the market and then I wrote about their toys and luxury gifts.  Shortly before Christmas, during a NWSID event, I sat next to Kathie Pozarich, KP to her friends.  KP owns KP Design Group, Inc. in Portland.  She specializes in the luxury consumer market.  I asked her if I could interview her about her practice.  That interview will follow in part 2.

Relish defines the luxury market as those with household income between $250,000 and $500,000 and the extremely affluent as those with a net worth of $10 Million or above.

The Conference Board in July, 2007 released the results of a study that focused on affluent consumers and found that:

•         “luxury is having enough time to do whatever you want and being able to afford it.”

•          Luxury is equated with experiencing life – “having happiness and satisfaction, followed by  being surrounded in extreme comfort, beauty and quality.”
•          Luxury is sleep – “no price is too high for a good night’s sleep.”
•          Luxury is space – whether it’s recreating those luxury spaces found in traveling, to cozy cocoons, large homes for entertaining or creating smaller,  greener spaces.  Space is important to the luxury consumer.

Relish interviewed 10 designers about their market and here are some thoughts that popped out to me:

Jamie Drake - luxury is defined by "quality and attention to detail and uniqueness."

These clients need to see and understand the differences, but love the fact that their homes are furnished with one-of-a-kind items commissioned expressly for them.

Clodagh –

The true symbol of wealth and success is the person who has achieved both and still knows how to enjoy life.  In fact, success is only valid if the person can enjoy life and good health.

Tim Andreas – luxury “is no longer about uniformity …but a search for authenticity and expression of personal taste.”

Sandra Espinet –

Some people find luxury in space and simplicity.  Some people consider luxury to be reflected in a brand.  But gebneralkly speaking I think luxury is a level of quality only a few can afford and where the settling for second best is not acceptable.

Raymond Waites - "…the true luxuries  are the personal belongings and acquisitions from travels that speak to the owner and the home."

Sheryll Jackman – “Luxury has been marketed to the masses.”  The luxury consumer is after uniqueness and quality unavailable to the masses.

Brooke Ziccardi –

Status Symbols: “Custom homes with “dream teams” of architect, interior designer, landscape architect and contractor…”
Minimalism is back: …simplicity and calmness in interiors is present.  The look requires exquisite detail and attention to craftsmanship.

Thomas Piscitello and Neal Wagner – luxury means an overall experience;  the rush of excitement and the satisfaction of knowing you have the finest in any category.

Thoughts? Email them to me at landfair3554@comcast.net

Posted by Mike Landfair on April 4, 2008 | Comments (0)