<a href="https://en.wikipedia.org/wiki/Category:Luxury_brands">Luxury </a>doesn’t meet a need or solve a problem. Luxury consumers aren’t interested in more features giving better value for money. Luxury consumers are interested in a brand’s heritage, prestige and uniqueness. The identity is important rather than a competitive edge.&nbsp;

Luxury Brand

<a href="https://www.linkedin.com/pulse/whats-difference-between-luxury-premium-brand-asra-eftekhari">Premium brands </a>are the ones that give you the best features at the best value.&nbsp; They operate with a close to one ratio of functionality and price. Consumers pay them a high price for their features and quality.

Premium Brand

<ul><li>Luxury brands have a high price compared to what they are offering.&nbsp;</li><li>Premium brand tries to offer the best value for customers.&nbsp;</li></ul>

Price

<ul><li>Luxury Brands don’t have to care about features. They can sell shiny rocks at a high cost.</li><li>Premium brands define the industry benchmarks for quality and quantity of features.&nbsp;</li></ul>

Features

<ul><li>Luxury is for those who want to feel like they are unique. It isn't for those who are price sensitive.</li><li>Premium brands are for customers who can pay for the best product in the market.</li></ul>

Target Audience

<ul><li>Luxury brands rarely go for mass manufacturing. They take pride in using experts to create things and even offer high customizability to their customers.&nbsp;</li><li>Premium brands do mass manufacture while carefully maintaining high standards.&nbsp;</li></ul>

Manufacturing

Typical masstige brands are in between luxury and premium. They combine the pride and prestige of luxury with the quality and accessibility of the premium. Masstige brands include Zara, Coach, Godiva, Starbucks and Victoria's Secret. These brands generate quite a lot of cachet with their consumers while practising as a premium brand.

Masstige Brands

<img alt="Piyush Kumar" src="https://miro.medium.com/max/500/1*HiDSuMFhHoHIhCbpKPVu3w" width="28" height="28">It’s easy for us to confuse between these two. But when it comes to branding there is a clear difference.<h1 data-selectable-paragraph="">Luxury Brand</h1><figure><img alt="" src="https://miro.medium.com/max/500/0*iHzGFX15SmH2IgLF.jpg" width="680" height="510"><figcaption class="jw jx ew eu ev jy jz bb b bc bd bz" data-selectable-paragraph="" dir="ltr">Source: <a href="http://www.monthlybrands.com.pk/hierarchy-luxury-brands-around-world/" class="dt ka" rel="noopener" dir="ltr">http://www.monthlybrands.com.pk/hierarchy-luxury-brands-around-world/</a></figcaption></figure><a href="https://en.wikipedia.org/wiki/Category:Luxury_brands" rel="noopener" dir="ltr">Luxury</a> doesn’t meet a need or solve a problem. Luxury consumers aren’t interested in more features giving better value for money — that’s a premium marketing angle. Luxury consumers want to know about a brand’s heritage, prestige and uniqueness; it’s identity which counts, rather than a competitive edge.They are displays of wealth that revolve around strong social cues such as social elevation, a sense of timelessness, priceless experiences and a strong hedonistic drive.<h1 data-selectable-paragraph="">Premium Brand</h1><figure><img alt="" src="https://miro.medium.com/max/500/0*cRUQ72R0xpPZK05T.jpg" width="680" height="559"><figcaption class="jw jx ew eu ev jy jz bb b bc bd bz" data-selectable-paragraph="" dir="ltr">Source: <a href="https://www.parsonskellogg.com/portfolio-item/promotionalapparel" class="dt ka" rel="noopener" dir="ltr">https://www.parsonskellogg.com/portfolio-item/promotionalapparel</a></figcaption></figure><a href="https://www.linkedin.com/pulse/whats-difference-between-luxury-premium-brand-asra-eftekhari" rel="noopener" dir="ltr">Premium Brand</a> are the ones that give you the best features at the best value. They operate with a close to one ratio of functionality and price. So since they are providing the best features and quality, consumers pay them high price for that. They feel it’s worth it.<h1 data-selectable-paragraph="">Points of differences</h1><h2 data-selectable-paragraph="">Price</h2>It maybe obvious that the luxury brands would have the higher prices, but that’s not necessarily true. They just have the high price compared to what they are offering.Premium brand try to come up with the best value for their customers and for themselves. They are highly sensitive to competitors are the market.<h2 data-selectable-paragraph="">Features</h2>Luxury Brands don’t have to care about these. They can literally sell shiny rocks at the cost of a house.Premium brand are the winners in this category. These are the ones that define the industry benchmarks for quantity and quality of their features.<h2 data-selectable-paragraph="">Target Audience</h2>Luxury isn’t for those who are price sensitive and do not have the appreciation of the finer things in life. Luxury is for those who want to be feel like they are ‘the one’.Premium brands’ target customers are those who can push themselves to pay higher than what they pay for a average product. And those who already can afford and are trying to get the best product in the market.<h2 data-selectable-paragraph="">Advertising</h2>Have you ever see seen a Rolex Advertisement? I guess not.Premium brands have the some of the biggest share in the advertising market. Their prices are directly related to the amount of advertising they do. These brand are also the ones who innovate and push forward the advertising world.<h2 data-selectable-paragraph="">Manufacturing</h2>Since luxury brands are for the top 0.1% of 0.1%. They rarely go for mass manufacturing. They take the pride in creating things by the hands of the experts and even offer high customizability to their customer.Premium brands may not mass manufacture as much as the average brands. But they do do it a lot. While being very careful of maintaining the high standards and limiting the cost<h1 data-selectable-paragraph="">Masstige Brands</h1>This is the middle ground between luxury and premium.Take the pride and prestige of the luxury.Take the Quality and accessibility of the premium.Bam! You have a Masstige Brand.These brands do mass manufacture their products, they do care about the features they offer, but they also generate a high social standing for their customers.Typical <a href="https://www.conceptofluxurybrands.com/concept-of-luxury-brands/distinguishing-luxury-products-brands-from-similar-concepts" rel="noopener" dir="ltr">masstige brands</a> include Zara, Coach, Godiva, Starbucks and Victoria`s Secret.These brands may not the pure luxury, but they do generate quite a lot of cachet with their consumers, while practising as a premium brandNow Zara is nowhere close to Rolex in it’s positioning, but it’s also not a Indian Terrain. Zara stands out of the other premium brands by maintaining a sense of luxury and exclusivity to their products but they do make efforts to attract the premium brand customers towards them. They make sure that they are accessible to their customer and try to maintain a premium brand operations like mass manufacturing and advertising.So if you’re trying to create a brand in any of the categories. Be careful and know what you’re doing.<h1 data-selectable-paragraph="">Call to action</h1>Go ahead at stalk me: <a href="https://www.facebook.com/thepiyushkumar" rel="noopener" dir="ltr">Facebook</a>, <a href="https://www.instagram.com/thepiyushkumar/" rel="noopener" dir="ltr">Instagram</a>, <a href="https://twitter.com/_thepiyushkumar" rel="noopener" dir="ltr">Twitter</a>

It’s easy for us to confuse between these two. But when it comes to branding there is a clear difference. Luxury doesn’t meet a need or solve a problem. Luxury consumers aren’t interested in more…

marketingandsales

Marketing & Sales

It’s easy for us to confuse between these two. But when it comes to branding there is a clear difference.

<a href="https://en.wikipedia.org/wiki/Category:Luxury_brands">Luxury </a>doesn’t meet a need or solve a problem. Luxury consumers aren’t interested in more features giving better value for money — that’s a premium marketing angle. Luxury consumers want to know about a brand’s heritage, prestige and uniqueness; it’s identity which counts, rather than a competitive edge.

They are displays of wealth that revolve around strong social cues such as social elevation, a sense of timelessness, priceless experiences and a strong hedonistic drive.

<a href="https://www.linkedin.com/pulse/whats-difference-between-luxury-premium-brand-asra-eftekhari">Premium Brand </a>are the ones that give you the best features at the best value. They operate with a close to one ratio of functionality and price. So since they are providing the best features and quality, consumers pay them high price for that. They feel it’s worth it.

It maybe obvious that the luxury brands would have the higher prices, but that’s not necessarily true. They just have the high price compared to what they are offering.

Premium brand try to come up with the best value for their customers and for themselves. They are highly sensitive to competitors are the market.

Luxury Brands don’t have to care about these. They can literally sell shiny rocks at the cost of a house.

Premium brand are the winners in this category. These are the ones that define the industry benchmarks for quantity and quality of their features.

Luxury isn’t for those who are price sensitive and do not have the appreciation of the finer things in life. Luxury is for those who want to be feel like they are ‘the one’.

Premium brands’ target customers are those who can push themselves to pay higher than what they pay for a average product. And those who already can afford and are trying to get the best product in the market.

Have you ever see seen a Rolex Advertisement? I guess not.

Premium brands have the some of the biggest share in the advertising market. Their prices are directly related to the amount of advertising they do. These brand are also the ones who innovate and push forward the advertising world.

Since luxury brands are for the top 0.1% of 0.1%. They rarely go for mass manufacturing. They take the pride in creating things by the hands of the experts and even offer high customizability to their customer.

Premium brands may not mass manufacture as much as the average brands. But they do do it a lot. While being very careful of maintaining the high standards and limiting the cost

This is the middle ground between luxury and premium.

Take the pride and prestige of the luxury.

Take the Quality and accessibility of the premium.

These brands do mass manufacture their products, they do care about the features they offer, but they also generate a high social standing for their customers.

Typical <a href="https://www.conceptofluxurybrands.com/concept-of-luxury-brands/distinguishing-luxury-products-brands-from-similar-concepts">masstige brands </a>include Zara, Coach, Godiva, Starbucks and Victoria`s Secret.

These brands may not the pure luxury, but they do generate quite a lot of cachet with their consumers, while practising as a premium brand

Now Zara is nowhere close to Rolex in it’s positioning, but it’s also not a Indian Terrain. Zara stands out of the other premium brands by maintaining a sense of luxury and exclusivity to their products but they do make efforts to attract the premium brand customers towards them. They make sure that they are accessible to their customer and try to maintain a premium brand operations like mass manufacturing and advertising.

So if you’re trying to create a brand in any of the categories. Be careful and know what you’re doing.

Go ahead at stalk me: <a href="https://www.facebook.com/thepiyushkumar">Facebook </a>, <a href="https://www.instagram.com/thepiyushkumar/">Instagram </a>, <a href="https://twitter.com/_thepiyushkumar">Twitter </a>

LUXURY VS PREMIUM BRAND