Selling a €20 t-shirt is logic ("I need a shirt"). Selling a €2,000 handbag is identity ("I am the kind of person who owns this"). To sell to High-Net-Worth Individuals (HNWIs), you must stop selling utility and start selling transformation.
The "New" vs. "True" Shift
Aspirational buyers want "New"—the latest trend to signal they have made it. True HNWIs want "True"—timelessness, rarity, and story. They are buying into a club, not just a product inventory.
Creating Friction intentionally
Convenience is for Amazon. Luxury requires friction. This might mean:
- Application-only products: You have to apply to buy.
- Waitlists: Creating anticipation.
- Concierge Service: Replacing a "Buy Now" button with "Speak to a Stylist".
When you make a HNWI work slightly for the product, the perceived value skyrockets.