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The traditional definition of luxury as something that is out of the ordinary in terms of daily living needs is no longer tenable. Since the 1990s, the market for luxury brands has grown considerably. An increased spending capacity also encouraged the middle classes to spend more money on luxury brands. The nature of luxury is changing because the exclusive has become commonplace.

The concept of luxury is inherently connected with exclusivity, which implies a premium price and rarity. Formerly, rarity referred to the use of valuable materials that were naturally scarce and not yet widely available. This implies that a consumer of luxury brands has to believe that these brands are exclusive, meaning that others cannot afford them, while the consumer belongs to the select group that can afford these brands.

As many consumers use the price of a brand as a heuristic for its quality, expensive luxury brands are often perceived as high-quality brands. This excellent quality can be obtained in two ways: by using high-quality raw materials and by detailed. Luxury brands are thus perceived as fine pieces of craftsmanship, with an excellent quality, performance and durability.

LUXURY

in its new context is
the enjoyment of the best in life



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