New Year's Resolutions for the Luxury Market

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Much of the luxury market is truly about high quality, not just status symbols that attract the aspirational shopper. Promoting the features and benefits of luxury products in the literature and advertisements, not just relying on the $10,000 a day models to sell the products merely by wearing them or standing next to them, is what all luxury retailers must do.
Customer service, too, is important, because that should be the norm, not the exception. Luxury corporations need to invest in better educated salespersons, as they can readily converse with the educated clients. The ideal would be to hire the best and put them on a salary, not straight commission or hourly, although some designer boutiques may, indeed, have that type of a pay system, depending on the particular boutique.
But yes, higher pay for better educated sales professionals should translate to a higher level of service, thus providing an incentive for the luxury customer to pay top dollar. Then, not only are the clients paying for excellent quality in terms of the merchandise, but the added value of great service can serve to keep clients loyal.
Also, luxury retailers need to differentiate. There simply must be something that sets one retailer apart from the next, whether by having better security systems in place to protect client data (is the store still using those old fashioned books, or is the data encrypted within a computerized system?) or by having designer merchandise created exclusively for a particular store.
True luxury will never disappear, though. Just look at Hollywood in terms of what is viewed as "classic" and enduring: old school Hollywood glam is revered and emulated even in modern times. Pearls are still viewed as ladylike and elegant, and the drop curl style for women comes back into fashion from time to time. It's a timeless and classic look even though other looks tend to come and go.
The same holds true for home decor, as well. When will Waterford crystal ever go out of style, even in a recession cycle? It just won't happen.
It's the tacky and over-the-top trying-too-hard merchandise and status symbols that people cross off the list when spending less, but they never write off Waterford crystal, Ralph Lauren decorative pillows, or Donna Karan as temporary status symbols.
True luxury will surely last.

Angie Koutrotsios of IL 3:06PM August 23, 2009

I agree with the fact that seeing things like luxury handbags or cashmere sweaters heaped into discount bins at places like Saks - in fact, I was planning to buy myself a Michael Kors handbag that I coveted for a while this holiday season, but when I saw it laying on a table at Nordstrom among a bunch of other bags, it became unappealing (yes, I know displaying bags like treasured/precious is a marketing ploy, but no one wants to drop a few hundred dollars on something they fished out of a discount bin).
Anyways, another trend that I think will become even more significant in 2009 is the concept of curated shopping (like http://3Luxe.com) and luxury consumers using personal shoppers or other trusted advisors to make their choices. Not only will this allow them to make wiser choices (especially if their budgets are diminished by the current economic climate), it is also helpful for those who do not have the time and/or inclination to research products and brands.

Jacqueline of IL 3:30PM January 04, 2009

While online shopping will become a more significant sector for lux sales, nothing beats pampering your customer.
I heard good things from my daughter about BCBG's too....she is only 20 but even she said how wonderful the service was in the store and how helpful the salespeople were helping her to pick out a dress. Will she leave her hard earned dollars there again? BCBG can count on it. It also helps to have the right merchandise which was something she had difficulty finding. Going to a sorority event where everyone else was going to be in a Black White dress, she wanted something different and was able to find it at BCBG with the help of a well trained staff and came out not only with the perfect dress but also an excellent experience.
This is the time stores need to start hiring and training their staff and pay them well and take care of them.
Retail needs to remember that what keeps their doors open is their customer and who takes care of that customer is a salesperson. Paying good people well is all a part of that transaction and the luxury customer will be willing to pay more for that type of service as well as able to. Bringing back dignity to this position in a store can't be stated enough for the future of retailing.

Kim of MO 12:44PM January 01, 2009

Price: what people are willing to pay for an object...yet after these steep discounts people may begin to think that the prices do not reflect the true value. If I paid $1800. for a handbag that has been quickly (before Chistmas) reduced to $400, I am unhappy, to say the least. Seeing them flung together on tables randomly, to be picked over, signals they have no more value than the materials they are made of, so perhaps therein lies a clue of understanding for these companies.

sherrykay of IL 2:51AM January 01, 2009

I own a small handbag company www.roccoedante.com
I am trying not to offer to steep of discounts so that my small but loyal following does not expect steep discounts. However its hard in this economy, but I agree with the previous poster. its better to offer great customer service instead of 75% off.

Tara of WA 11:36PM December 31, 2008

I agree whole heartedly with these views. I own Dream Weaver Collection, on St Armands Circle in Sarasota,Fl and we are letting our customers know that we have always supported American designers and give the best customer service we can. That's what people want; to be pampered in theses hard times, and yet feel that they are buying high quality american goods. We also continuously give back to the community and had a special sale rack that said 10% of these sales will go to a Christmas charity and we adopted some families. Its a win win situation. We only have our 2 sales a year and do Not have sale signs everywhere to cheapen our store.

Joan Mckeon of FL 3:28PM December 31, 2008