Words : Sylvia Widjaya
Branding a luxury product and creating an effective strategy requires extensive understanding about brand characteristics.
It is undeniably saying that Indonesia is the world’s fourth most populous nation as well as one of the most emerging country. Indonesia has an interesting economic prospect for luxury brands since its buying power increases over a period of time. Demand for luxury products had continued to grow as Indonesia’s GDP rose, although growth slowed due to depreciation of the rupiah in 2016. But what defines luxury in Indonesia?
Luxury brands are perceived by its users as a high level of price, quality, aesthetics, rarity, extra ordinaries and a high degree of non-functional associations. These brands are extremely focus on quality of its products and services. Branding a luxury product and creating an effective strategy requires an extensive understanding about brand characteristics.
These are some elements that indicate luxury products in branding.
Price.
Luxury brands offer the most expensive products of their category.
Quality.
Luxury brands do not compensate average quality. They offer the highest quality of its material and will not be disposed after long utilisation. Most of them even gains value over a period of time.
Aesthetics.
Luxury brands are aesthetically pleasing. They focus on the beauty and elegance of its products.
Rarity.
In contrast to mass-market brands, there is a limitation of its production. Luxury brands’ goal is not making as many sales as possible, but the brand plays hard to get and is not available at all times or places.
Extraordinariness.
Luxury brand products are remarkable and unusual. They have their own senses of beauty and elegance.
Symbolism.
Luxury brands stand out from others and have their own sense of style. Just as Dior differs from Chanel, luxury brands’ symbolic characteristics differentiate itself from other peer brands. Mainly because their emotional brand identities are different and unique.