UP CLOSE & PERSONAL

LUXURY BRANDS THAT TAKE PERSONALISATION TO GREAT HEIGHTS

- ALEX LOW & MELISSA FOONG

The idea of luxury has always been centred around the idea of exclusivity - the feeling that not everyone will be able to get their hands on or experience whatever it is that a brand is selling. Traditionally, the word luxury meant the highest quality products, the highest status, and great in-store experiences. Although that definition is still true, it is hard to deny that consumers are changing, retail is changing, and the very definition of what luxury means is changing for a large group of consumers.

Having ushered in a radically transformed luxury market, Millennials and Gen-Z consumers are more interested in looking for innovation in design, along with unique collections that reflect their individuality and values. The art of personalization has never been more crucial.

Over the years, companies have been striving to strike the right balance: keeping enough distance from the market to maintain an aura of exclusiveness, while connecting with segments of customers who are getting more and more used to engaging in various sorts of conversations with their favourite brands.

By reshaping the dynamic between brands and consumers, the concept of personalisation allows consumers to be involved with the designing process. When consumers can control the design of a luxury product, they are more likely to go for a product that is unique to them. According to a 2019 report carried out by the Boston Consulting Group and Altagamma, almost one in five luxury buyers stated that customisation, notably made-to-measure, is essential to them when it comes to luxury products.