Trends in Luxury: Scarcity
in Strategy & Trends | by Ethan Lyon
By Ethan Lyon, Senior Writer
Limited supply has been a guiding principle for economic growth since the dawn of trade. Today, with the ability to mass-produce products and maximize services, consumers are increasingly interfacing with and using products from machines. In this world of overcapacity, scarcity is increasing in value. The human touch has been removed from direct contact with many products and services. Think of the endless menus in voice messaging services or the cheap t-shirt that fades and tatters in the matter of weeks. Prized items of quality are those made with care and attention from skilled artisans and craftsman, uniquely measured to the individual and limited in production. These elements are paramount to the scarcity trend and for the purveyors of luxury products and services.
Human Touch—In a world dominated by machines and technology, handcrafted items are a limited resource. Quality and attention to detail are fundamental in handcrafted luxury items.
Custom Made—While we enjoy the comfort of groups and similarities, tailored products / services are a highly desirable. Custom made items speak to our individuality and the unique qualities that makes us special and one-of-a-kind.
Limited Quantities—Opposite of “mass-clusivity,” the limited edition is about coveted objects for a special few to cherish. Just as there are only so many Picassos and Parisian artifacts, so too can luxury companies create a limited product line.
“Paris Icons”—Faced with only a 30% chance to live after surgical complications, Leslie Little, an Omaha native and international consultant, ventured to Paris, France for one last tour. During her trip she was inspired to create a book that captured the essence of a city she had fallen in love with. She went on to publish a handcrafted book that harmoniously marries photographs and inspirational quotations about the city of love. Little has won numerous awards for her coffee table book. Because the vellum pages are hand sewn, only 4,000 copies are in circulation. This poetic, enchanting story of a new life, combined with the hand sewn pages makes “Paris Icons” a must-have for those who cherish hand-crafted, limited edition items.
Double-Hull—Sunreef Yachts, a Poland-based luxury yacht company, revolutionized the industry with their double-hull, customizable yacht. Clients can build a luxury vessel that speaks to their personal taste and functionality preferences. Each yacht is built with the latest technology and quality standards. The yacht manufacturer has recently opened a new manufacturing facility in Poland to meet the demand of perspective Sunreef Yacht clients.
Photo by Dora Mitsonia from Stock.Xchng