If you think that the modern day “rich and famous” are naturally drawn to top hotel names and brands that personify luxury like Four Seasons and Ritz-Carlton ; then you need to think again. Apparently just a few of the top 10 percent of the wealthier travelers have indulged in or have recent experiences of luxury hotel companies. According to the opinions shared by experts, it is evident that the affluent lot often needs to be educated about the quality of luxury, high-end, brands. In contemporary times, it is difficult to take for granted that they embrace and recognize the quality, features and value of luxury brands and products. This in turn will make you wonder what luxury brands are talking about or marketing to.
The question that comes to mind is that if the regular tourist is likely to know of and appreciate luxury brands as their wealthy counterparts, then is there a need for a segmented ‘Luxury Market?’ After a study that looked up the views of 327 people who qualified in the least net worth requirement of $800,000, the key conclusion drawn was that the top 10 percent of the wealthier population are basically self-made millionaires—with a lot less in common with the with the famous and rich seen on TV. The logic thing to understand here is that the “real wealthy” are often “scornful” about most so called luxury brands, including the hotel brands.
Here, you would definitely like to know about the brands that the extremely wealthy design to recognize? Well, the popular ones include Gucci, Prada and Louis Vuitton –which boast of the highest overall percentages, while those of the likes of Ritz-Carlton, Four Seasons and Lexus receive low overrated numbers that linger around a paltry 20 percent.
There is a major point that needs to be understood by the results of this survey-especially by visual storytellers and those touting the travel community; luxury marketing is relying too heavily on its visual imagery and is shying away from providing proper product information. This is not the right way of attracting the a 50 percent of affluent tourists who tend to lack familiarity and experience with luxury brands. Apart from bringing about a change in the ways of encouraging realization in the wealthy, the demands for educating and familiarizing with visuals that lack effectiveness and enough substance and are high on razzle-dazzle is also essential. All in all, it seems that when there is not enough information and knowledge about a brand, the wealthier lot consider the same to be overrated—these end up appealing status seekers only.
With travel segments opening up like never before and newer properties being added to the list of luxury brands every year, it is now important for marketers to look beyond their name dropping tactics and gear up to attract serious travelers with value added services, benchmarked amenities and all that it takes to grab a place in the wish list for those who matter the most.
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Featured image courtesy by A.Wee