neuroAI

CHAPTER 18luxuryGPT – Premiumize Products Using Brain Codes of Luxury

The nonconscious mind has unique structures and systems that enable it to “read and respond” to the cues of luxury.

Knowing them and their functions will enable you to craft everything from packaging to product personalization, and much more.

This information will be especially useful for product messaging.

To that very point: This chapter provides detailed ideas and recommendations on how to apply GenAi in combination with neuroscience learnings for maximum value and effect in marketing.

The Paradox of Plenty: Perceived Luxury in the Economics of More or Less

The perception of luxury is influenced by both scarcity and plenty, making it a slippery slope. The scarcity heuristic and the abundance effect are well‐documented concepts in the scientific world, particularly in behavioral economics. Whereas the latter contends that larger numbers can denote luxury for more practical products, the former holds that scarcity raises an item's perceived worth. Therefore, these factors are crucial in determining how consumers view the worth and opulence of goods.

Costco, the American multinational which operates on the principle of bulk shopping, lends an excellent case study to the abundance effect. The size of the products, the scale of the warehouses, and the associated savings all contribute to a sense of accessible luxury for consumers – an unexpected find in the realm of economized shopping experiences. Neuroscience ...