Every so often, in the course of writing the Language of Luxury Blog, we pause to reflect on the meaning of the word luxury. One definition of luxury can be summed up in the word, “rare”. When something is rare and beautiful it is uncommon, unusual, exceptional, atypical, extraordinary or singular.
That which is rare tends to appreciate in value. In our new age of iPads, what is to become of rare books? When was the last time you received a handwritten note on fine stationery instead of an email? Do you think that fountain pens will ever come back in style? As our smartphones morph into mobile “wallets” what will become of rare coins?
Seahorses are on the verge of becoming an endangered species, making them rare. Some Asian cultures use them for medicinal purposes which puts pressure on the seahorse population. Some aquarium hobbyists collect seahorses as pets. Now, there are companies that breed seahorses in captivity. With about 50 species of wild seahorses that have exquisite shapes and color combinations wild ones are considered more valuable because they are rare.
Rare is a very important concept to grasp when it comes to understanding the mindset of high net worth individuals who seek rare and unique experiences that the masses cannot readily attain. Once something becomes a symbol of wealth and the emulators of wealth popularize it, it no longer is rare.
For example, in the 1980s Montblanc pens suddenly because a status symbol of the “yuppies”. As they became ubiquitous in the circles of those aspiring to attain wealth, the true achievers of wealth became less interested in this brand as a rare item.
To attract and better serve high net worth individuals you must speak their language. You must speak the language of luxury. To succeed as a luxury real estate marketing professional it would be a good idea to have a depth of understanding of the meaning of rare.
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