If the iPhone just isn't trendy enough, how about a cell phone studded with 400 Tiffany diamonds? Tiffany & Co has teamed up with Softbank Mobile of Japan to produce this $94,000 beauty. The 400 diamonds will total over 20 carats making this one of the flashiest and trendiest phones around.
Implications - No matter how opulent something is, there is always a market for products that redefine the meaning of luxury in a dramatic way. Innovations like this appeal to consumers with hefty bankrolls who want their wealth to stand out, and while these products may be anything but affordable for most people, it is this exclusive opulence that makes them all the more appealing.
$94,000 Diamond-Studded Cell Phone
Tiffany & Co Mobile
Trend Themes
1. Luxury Tech - Innovations that redefine luxury in a dramatic way appeal to consumers with hefty bankrolls and provide an opportunity for tech companies to enter the luxury market.
2. Hyper-personalization - High-end customized technology can cater to consumers' unique preferences and tastes, providing a niche market for luxury goods and services.
3. Diamond-encrusted Products - Jewelry-encrusted goods, such as phones or other electronics, offer a unique and exclusive luxury experience for the ultra-wealthy consumer market.
Industry Implications
1. Luxury Goods - Luxury brands can innovate in the tech space, allowing them to appeal to tech-savvy consumers who might not have been traditional luxury consumers.
2. Fine Jewelry - Jewelry companies can partner with tech companies to create unique luxury products that incorporate precious stones and metals.
3. Technology - Technology companies can expand into the luxury market, potentially collaborating with jewelry companies and other luxury brands to create exclusive and opulent products.