Founder and CEO Dr A K Pradeep says that its new LPF model has revealed that in times of economic uncertainty, the brain seeks out ‘little moments of luxury’ – or small amounts of pleasure and satisfaction in daily life.
The framework comprises eight dimensions which define a consumer’s perception of luxury:
- MORE – offering more than what is normally regarded as ‘necessary or needed’ causes the subconscious to make the association with luxury.
- VARIETY – offering a variety of features to choose from is perceived by the subconscious mind as a representation of luxury.
- PURPOSE – linkage to a socially respectable cause provides the luxury of a ‘sense of nobility’.
- RARE and UNIQUE – the subconscious aspires to possess what is perceived as the unique, rare or unavailable.
- TIME and LABOR – that someone has labored to make something specific for a consumer, evokes a subconscious perception of luxury.
- ME – the concept that something is personalized attaches a luxury valuation to it.
- CARE and DETAILS – the attention to small details triggers a response within the subconscious that links directly to luxury.
- AESTHETICS – higher aesthetic value is automatically equated with luxury.
‘Smart marketers who look for ways to fulfill our universal but deeply-submerged yearning for luxury, especially in difficult economic times, are likely to reap rewards in terms of purchase intent and brand loyalty,’ Pradeep explained. ‘The LPF forms a fundamental game plan for the battle of the brand and the ‘little moments of luxury’ that NeuroFocus uncovered, can gain an outsize marketplace advantage.’
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