Luxury Brands – Much more valuable than I ever imagined.
Going to Paris to Xplore high net worth individuals – what can possibly be more glam?
Going to Paris to Xplore high net worth individuals – what can possibly be more glam?
The dizzying fusion of city lights, diamond jewelry and Champagne flutes with sparkling Dom Perignon… it's easy to be dazzled (not to mention the 32 degree sunshine).
Our first tour of the luxury boutiques of Rue Royal and Place Vandome proved to me what I already knew: that the world is full of things I'll never be able to afford in my lifetime.
Christian Dior cellphone – $5,000
Cartier wristwatch – $4,100
Gucci coat – $3,400
I couldn’t help wondering, is it all about the price? Is the high price the only factor behind the purchase? Has the price tag itself become the brand?
Things started to look completely different after I left the shops and the salespeople, and went to meet the people buying these goods, or as we call them our 'target audience' - the truly affluent.
I quickly realized that for wealthy consumers, the price is not an issue. When you have enough money to buy any product or service you want, the thrill from buying something expensive, per se, ceases to exist.
The real need of the affluent is to acquire those things that money can't buy. A magical thrill, even if it lasts for only a moment...
As obvious as it may sound, expensive products are simply means to a higher, emotional benefit. The question is, what kind of an experience are we talking about? We figured pretty quickly that it's not about the joy of spending large amounts of money in an unrestrained matter. Vulgar displays of newfound wealth, dripping in upmarket bling, represent the corrupt side of wealth in the eyes of the old money. It's not their thing at all…
So what are the things that make our high net worth individuals tick?
They are very naïve, innocent, pure, basic thrills – experiences that recall memories of genuine romance, family moments or even revealing childhood moments – that have nothing at all to do with money.
It became very clear to me that the true value underlying those brands is much dearer than any price tag I've come across.
Amit Koren
S&S Israel
As obvious as it may sound, expensive products are simply means to a higher, emotional benefit. The question is, what kind of an experience are we talking about? We figured pretty quickly that it's not about the joy of spending large amounts of money in an unrestrained matter. Vulgar displays of newfound wealth, dripping in upmarket bling, represent the corrupt side of wealth in the eyes of the old money. It's not their thing at all…
So what are the things that make our high net worth individuals tick?
They are very naïve, innocent, pure, basic thrills – experiences that recall memories of genuine romance, family moments or even revealing childhood moments – that have nothing at all to do with money.
It became very clear to me that the true value underlying those brands is much dearer than any price tag I've come across.
Amit Koren
S&S Israel
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