Apple entering into LUXURY sector
Apple launched the iWatch, it’s first new product category on the 10th of April to position the brand into the luxury sector. This makes Apple a competitor with not only other gadgets but also with other high-end watch brands.
The brand offers a wide range of iWatches from the most expensive which is made out of 18-karat gold created in-house, to the most affordable watch which is made up of stainless steel and aluminium. So, it seems that Apple doesn’t remain a consumer electronic company and has set its foot into the luxury market like the other fashion brands such as Louis Vuitton and Chanel have in the past. The Apple iWatch is considered not just as functional but also fashionable as it comes with various models and watches comes in the category of luxury.
As Apple has always been about superior prices, it intrigues us to know how Apple consumers seem happy about it reshaping itself to be a luxury brand now. Apple has made a good choice because if it would have lowered the prices of iPhone the company would have diminished its brand value. By sticking to this strategy, maintaining the trust of the consumers and delivering the best quality Apple has been the luxury in technology sector.
What’s more interesting is the price of a mid level iWatch which is affordable and as well as given the consumer an option for high-end items. If Apple convinces the customers to pay 10000$ for a technology product then it can position itself as the luxury good brand. But what if people do not support this product, do not accept it as a luxury item?
Rolex, Rado and other watch brands have built a strong name for themselves in the watch sector to. So if Apple achieves its goals then it will result in a boom for the company if it doesn’t turns out to be a truly luxurious product then it might deceive the customer,hence diminishing their loyalty.
Written by Jagpreet Thakkar