Today’s consumers want more than Rolex, Vuitton, BMW

This is the first in a two-part series about changing consumer demands on the basis of surveys by Trendwatching.com. ― ED.

By Cathy Rose A. Garcia

Staff Reporter

There was a time when all you needed was a Louis Vuitton bag, a Rolex watch or a BMW car to show off your wealth and success. But these days more people are getting their ``status fix'' in different ways.

In its recent report titled ``Statusphere,'' independent trend agency Trendwatching.com said consumers are showing their status by buying more expensive and rare items, establishing more online connections, becoming more green and aiming for more unique experiences.

Traditionally, consumption has been a key indicator of success, which is why companies have continued to provide consumers with goods, services and experiences to flaunt their wealth and success.

``Mature consumer societies are changing, and so is the `statusphere' an increasing number of consumers are no longer obsessed with owning or experiencing the most or the most expensive. Our definition of `statusphere': As consumers are starting to recognize and respect fellow consumers who stray off the beaten consuming-more-than-thou-path, 'new' status can be about acquired skills, about eco-credentials, about generosity, about connectivity,'' Trendwatching.com said.

Bigger & better

After the economic recession, consumers are opening their wallets for luxury goods once again, but they're becoming picky about the brands they choose.

``When individuality is the new religion, owning or experiencing something no one else has is the ultimate status fix,'' Trendwatching.com said.

Louis Vuitton's popularity in the general public might still be strong. In Korea, Louis Vuitton posted 360 billion won ($355 million) in sales in 2009, 30 percent higher than the previous year.

However, fashion-savvy, upscale shoppers are now going for cult fashion brands that have not yet been discovered by the general public. At the Galleria department store in Apgujeong, little-known designer brands like Nancy Gonzales and Stefano Ricci are selling well among the Gangnam crowd.

Luxury vehicles are also doing extraordinarily well in Asia. In China, sales of Mercedes-Benz and Rolls Royce cars have soared in the first quarter of the year.

Similarly, BMW Korea has experienced strong demand for its 5 series such as the 523i or 528i. More than 3,000 people lined up to buy the 523i but BMW Korea could only supply 200 cars last month.

Interestingly, an increasing number of people are trading luxury goods for unique experiences, which are more affordable and are not as commonly known.

``As experiences and non-consumption-related expenditures take over from physical (and more visible) status symbols, consumers will increasingly have to tell each other stories to achieve a status dividend from their purchases. Expect a shift from brands telling a story, to brands helping consumers tell their own status-yielding stories to other consumers,'' Trendwatching.com said.

There are still a handful of objects of mass desire, such as Apple's iPad, which are being customized to suit an individual's needs and tastes.

롤렉스, BMW로 부 과시 이제 옛말

한때 롤렉스, 루이뷔통 등의 브랜드가 부유함의 대명사로 불려졌으나 최근에는 좀더 희소가치가 있는 제품들이 각광받고 있다.

소비자 유행을 조사하는 트렌드워칭닷컴에 따르면, 점점 희귀하고 환경친화적인 상품들이 최근 인기를 얻고 있는것으로 나타났다.

특히 최근 불경기 이후 호사품에 대한 수요가 다시 늘고 있으나, 소비자들은 예전보다 브랜드를 더 까다롭게 고르고 있는 것으로 보여진다.

명품 잡화로 유명한 루이뷔통은 작년에 비해 30% 가량 판매가 증가했으나, 점점 많은 소비자들이 사람들에게 알려지지 않은 브랜드를 선호하고 있다.

압구정동 갤러리아 백화점에 입점한 낸시 곤잘레스(Nancy Gonzales), 스테파노 리치(Stefano Ricci)등 희소가치가 있는 브랜드들이 인기를 얻고있다.

수입차에 대한 수요 역시 늘고있다. 최근 출시된 BMW 523i는 많은 예약을 받았으나, 200대밖에 한국에 수입되지 않았다.

또 요즘 뜨고 있는 트렌드로는 소비를 하기보다는 많이 알려지지 않은 경험을 통해 부를 과시하는 사람들이 늘고 있다고 트렌드워칭 닷컴은 밝혔다.