2023-06-01 23:15:27
In the world of fashion and luxury brands there is what is known as “selective extravagance”But what is this concept and what does it refer to? For this reason, this medium spoke with the specialist in luxury and premium marketing, Maria Ezcurra, who explained that “this of making thoughtful but very expensive consumptions”.
“This phenomenon skyrocketed post-pandemic, it has to do with a consumer profile that said “I want to make my wishes come true” and that desire may be to go to a 5-star hotel somewhere on the planet”, asserted the interviewee. This consumer, according to Ezcurra, “You are not necessarily a millionaire, you can go to Burj Al Arab in Dubai, which is one of the most luxurious hotels on the planet but traveling on a low-cost airline”.
That is to say, the selective extravagance “It has to do with mixing consumption, spending excessively but at the same time rational, because one thinks about it”Ezcurra explained.
“It is estimated that by 2025, 380 billion dollars will be collected in luxury consumption,” said the interviewee. This is not done by selling to people with higher purchasing power but, “This is done by promoting this type of consumption that appeals to the question of desire, in mass consumption appeals to the emotional issue: to familiarity, to friendship”. On the other hand, in luxury consumption “It appeals to the desire as it can be to travel first class for the first time in life,” he said.
Regarding the sectors where selective extravagance is most applied, Ezcurra explained that the items that lead this phenomenon are: “The hotel industry, gastronomy and later issues that have to do with wellness items, more than anything that has to do with decoration”.
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