How we spend our money is forever changing, but one thing is for sure, the desire to appear like we have a lot of it has never changed. People are always looking to keep up with the Joneses (or these days it’s become the Kardashians). Regardless, as our wealth grows, so does our expenses. No matter whether consumers chose to live beyond their means, or can actually afford it, luxury items and the premium marketplace is growing. People want to show off their success.
This trend is only encouraged by social media, where posting about your purchases has become about instant gratification. It’s the era of the personal brand. But where exactly does this trend come from, and how does it impact our lives?
Psychology of Luxury
What is considered a luxury item? Any item we purchase that is over an above our primary needs can be considered a luxury item. For some people, buying the more expensive “premium” groceries is considered a luxury. For others, a luxury is brand name clothing from select boutiques. While luxury is relative to you, it can all be considered things that create exclusivity, pride and status.
So, why do we yearn for these items? Simply because we want for what some call “wealth signaling” which is brought on by our social conditioning. Everything we buy possesses meaning in our society, and when you buy the best of the best, you put that image into the minds of others.
We also desire individuality, and being considered authentic. We want the things that differentiate us from others, while still feeling a part of a whole. One thing that defined our uniqueness is our level of success. We want to feel accomplished, which in turn creates our premium consumer desire.
What Does This Mean For Your Brand?
Your brand caters to the premium side of the market. That’s great, you are already halfway there. It’s not just enough to be premium, you also have to justify premium. This means that your product or service has to exude the luxury psychology we’ve previously mentioned. In order to tap into the psychology behind luxury, your brand needs to represent status and be the “in thing”.
How do you convince your customers that you add value? It’s all in the experience. As soon as your customers walk in, they should feel premium. Tapping into their emotions is the fastest way to a true connection. One marketing tactic that directly influences the way a customer feels is scent marketing. Scent has the ability to shape a customer’s perception of your brand. For example, if you walk into a premium suits store and smell the meat deli next door, you might not feel the best about the quality of the purchase. It’s got nothing to do with the product itself, but you immediately associate it with the product.
The Premium Scent Trend
So how can you make your space smell like success? Premium scents create an environment that is exclusive and sophisticated. This scent then becomes an emotional attachment to your brand. Every time they picture their experience, they picture the life they are seeking.
A premium scent is hard to define, as every person has their own opinions and feeling towards different scents. Finding the right scent for your brand can be a lengthy process and can end up as a confusing message to clients. However, using a scent marketing company like BrandScents is a way to properly and easily distinguish your brand’s scent.
Could your brand benefit from exuding a premium scent experience?