Luxury is governed by its own laws – independent of anyone and anything – setting a very high standard of achievement
Definitions for luxury become hard to pin down when the term is applied to a range of things: there is luxury as an absolute concept, a relative concept, an individual assessment, a sector of business, and a business model.
Luxury is not being compared – It’s an elevated criteria of values, sophistication, elegance, refinement and taste.
It continues to set standards for itself, and devotion to this ideal – is the qualification for achieving and appreciating luxury.
To fully appreciate luxury, a person must consider what constitutes the luxury ideal for themselves, and assess every other object to this benchmark – that is, discover their own choices of luxury that reflect their validation, values, knowledge, sophistication, taste and refinement.
In this very notion, of personal assessment, is why luxury cannot be compared – and why true luxury brands do not actually compete with one another.
However, having said that – there is an entry level – or foundational criteria rather, which brands (and brand owners) must adhere to be considered as being good enough to be considered among the high temples of luxury with a clearly defined luxury business model.
The Luxury DNA Standard – describes Luxury as several constituents, that bind all concepts together as a whole concept of Luxury.
Luxury products have far superior characteristics compared to other products of their category, and each characteristic is complemented with concrete, abstract and physiological aspects to form a complete whole.
Concrete characteristics refer to tangible, physical product attributes and are directly observable, in other words, that which you can see, hear, touch, smell, which are informed by designing and manufacturing processes that allow for the product to exist.
Abstract characteristics are a combination of several attributes which yield an abstract attribute such as comfort, exclusivity, excellence…
A physiological aspect of the product is how the product will make the person feel when using it, the emotions attached to it, the symbolisms it conjure for that person, the physiological reason why they chose that luxury option.
These constitutive characteristics of luxury products and services are being referred to as the Luxury DNA Standard.
A detailed explanation of the luxury characteristics described in the Luxury DNA Standard serve as a guideline for the creation and successful execution of luxury brands, products, services, and experiences.