TU Dublin Lecturer Katriona Flynn features on RTE Brainstorm
29 March 2019
Analysis: Just what does luxury mean in 2019?
Katriona Flynn, from TU Dublin, School of Retail and Management shares her opinion 'historically, luxury was about craftsmanship, skill and a high price point, but it now means many things to many people.' on RTE's Brainstorm.
Luxury is a fashionable word. "Similar to art, luxury can be approached from different angles, with highly subjective results", argue Jean-Noël Kapfererand Vincent Bastien in The Luxury Strategy: Break the Rules of Marketing to Build Luxury Brands. "Your luxury is not my luxury".
When it comes to definitions of luxury, there are a glut of possibilities with no distinctive or definite abstract. Whilst this offers multiple possibilities, it is challenging for luxury brands to manage without a clear definition. If luxury is based on subjectivity and opinion, then what luxury goods and services offer the shopper is a number of tangible and intangible benefits.