Seeing Themselves: How Self-Perception Shapes the Luxury Buyer

Sophisticated luxury buyers don’t choose a brand solely because it’s the “right” or trendy brand image but also because it says something about themselves. They carefully select the message they want to communicate based on the style, status, and history of any chosen brand. Through the brands they choose, they are carefully curating how they want to be portrayed and as a portrait photographer for this discerning clientele for 40 years, I saw first-hand how strong a driver self-perception is.

The brands they choose are a reflection of these self-perceptions. This self-perception is influenced by personal achievements, tastes, social circles, and individual aspirations. Since they are building the story of themselves in the luxury brands and services they choose they will consider various factors.?

The Level of Prestige

Let’s look at luxury watches as an example. The level of prestige among these luxury brands varies. For example, Patek Philippe, Audemars Piguet, and Breitling are all luxury brand watches but each suggests a different level of prestige. If a buyer feels they must be seen as the most accomplished, most deserving individual, then they are going to purchase the top-of-the-line most exclusive brand like Patek Philippe. Whereas another luxury buyer may want to be seen as successful but not too excessive and choose Breitling, whether they can afford the top-of-the-line brand or not.

Even among the narrow niche of luxury goods and services, there are various levels of prestige and buyers will take into consideration how they want to be perceived and the message they are communicating through the brands they choose. In today’s world of responsible consumption, luxury brands need to consider this and understand how their ideal customer wants to be perceived.?

The Deservingness Factor

Deservingness is a crucial emotional component driving luxury purchases. Luxury buyers often feel they have earned the right to indulge in high-end goods and services. This sense of deservingness is closely linked to their life experiences, struggles, and triumphs. They believe they deserve to reward themselves after overcoming challenges or reaching significant milestones.

In today’s climate of self-care, making oneself feel good, and celebrating the moment, the deserving factor is a strong emotional buying trigger. The driving emotions need not be just the big things in life such as a promotion, level of success, or a milestone but everyday rewards for facing down the challenges of life, a strong desire to feel good, and all-around feelings of deservedness. In such contexts, luxury purchases are seen as justified rewards and this writer couldn’t agree more! When carpe diem can also mean buy the damn thing!

The Social Mirror

The concept of the "social mirror" suggests that individuals often see themselves as they believe others see them and for some luxury buyers this is an important consideration. Their social circles and societal perceptions heavily influence their purchasing decisions. Social dynamics play a pivotal role in shaping the behavior of luxury buyers.

To fit in and be recognized as part of the group, individuals may feel compelled to buy high-end goods and services and shop in all the “right” places. This social validation reinforces their self-perception as members of where they see themselves fitting in. The social mirror effect means that luxury purchases and experiences are not just about personal gratification but also about fitting in where they see themselves and their status in the world. For example, it can be an important consideration in a country club or gated community one chooses to live in. The choice says a lot about themselves.

Brand Story

The luxury buyer will often also resonate with the history and story of the brands they choose. The story of a brand becomes the story they want to tell about themselves. Many luxury brands do this very well. Dior for example tells their story extremely well at La Galerie Dior adjacent to their store on Avenue Montaigne in Paris. In my personal experience, nothing will make you want to purchase Dior more than experiencing the founder's incredible journey through La Galerie Dior.

Even if a brand isn’t rich in history, perhaps a new luxury service business, sharing the story of the founder, the values on which the business is built, and the reason for the passion behind the service are all stories that the luxury buyer may want to get behind or see themselves in the story.?

In the end.......

While the image of a luxury brand undeniably plays a role in attracting buyers, it is the alignment of the brand's values with the buyer's self-perception that truly seals the deal. Luxury buyers seek brands that resonate with their identity, values, and lifestyle.?Shifting the perspective from luxury being about the brand to being about the buyer’s self-perception shifts the focus from the external image of the brand to the internal narrative of the buyer. It is not just about what the brand represents but about how their choice of brand aligns with how they see themselves.

Through this newsletter, I hope to inspire you and provide insights that will give you an edge in your luxury business. The diamond edge--sharp, precise, intentional, and cuts through. All necessary elements to be exceptional in business.

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Few people can speak about the emotions and behavior of the luxury market better than Jeffrey Shaw. Having been a preeminent portrait photographer in the U.S. for 40 years serving the most discerning clientele, as Jeffrey says, "I don't just know this market, I was in their closets."

A speaker who lights up an audience with innovative marketing and branding ideas, offering a whole new perspective on business, customer service, and the behavior of luxury buyers to motivate business owners and luxury brands to implement proven strategies, grow their businesses, and raise standards in the world.

The author of LINGO and The Self-Employed Life, a TEDx speaker featured on TED.com, host of the popular podcast, The Self-Employed Life, and Founder of The Self-Employed Business Institute.

For more information about Keynotes, Coaching, Luxury Marketing, and my year-long High Achievers Mastermind- www.jeffreyshaw.com.