It’s not very rare to see people in Vancouver carry a luxury bag or wear a luxury outfit. However lately I have found out luxury brand has become more and more popular and the sense of scarcity and luxury is fading away. Luxury brand are supposed to emphasize social status of rich people. Understating the brand position of rich class will lead luxury brands to dead ends for sure.
I agree with the point stated in Jim’s blog: the luxury brands cannot believe that staying where they are currently without repositioning and renovating their brands can lead to their success or even survival. Due to the fact that the next generation is highly-educated and will have different values towards luxury, Luxury brands need to catch up with consumers taste changes or even value change. How can luxury brands persuade the next generation that luxury brand is not just about showing off is going to be extremely important. My opinion is that luxury brand should create a image of art piece rather than a practice of money worship. Brands that can be able to link their product towards other perception rather than pure expensive image will have add to their point of difference. An example of incorporating art elements into production is Hermes scarves production. Hermes designs its scarf like a piece of art. Every graphic pattern on the scarf is like a painting. In deed, many consumers purchase Hermes scarves for its graphic design combined with the luxury value it holds.