In a survey conducted among LinkedIn members, the top three reasons that triggered them to buy a luxury product were a birthday or anniversary, receiving a raise or bonus at work and an achievement such as a promotion or graduation. A change in job was the next most popular reason.
This is a range that has collector’s pieces and are a definition of true luxury. When asked to explain what luxury is, [chairman and CEO of Louis Vuitton, Michael] Burke had this to say: “Enduring quality, creativity … it’s a blend of the past and future. The creative approach has to be forward looking, always contemplating to strive for uniqueness but in a relevant way.”
“In other words, it’s creativity that has its origins. A sense of place, sense of belonging, the creativity has to match with the fundamental values of the House, together with uncompromising quality and provenance. Provenance when we go back to materials, in this particular piece, we’re talking about gemstones, metal, but it’s just as true with shoes, handbags, leather, fabrics, ready-to-wear. So uncompromising provenance, material, the meeting of that and the creative mind and the hand.
“At the end of day, the hand makes these pieces. To have one foot in the past with the values of the House and one foot resolutely in the future with the creativity of the mind, that’s what luxury is.”