How To Overcome A Scarcity Mindset And Thrive In The Luxury Industry

Forbes

10-07-2025

The scarcity mindset limits professional development, especially in the luxury world
In a world defined by rarity and aspiration, the luxury industry should be the last place where scarcity reigns. Yet, a silent saboteur runs through the careers of many professionals in this space: the scarcity mindset.
Coined by Stephen Covey in his 1989 bestseller The 7 Habits of Highly Effective People, the term refers to a worldview that sees success as a finite pie — if someone else gets a slice, there's less for you. The opposite view is an abundance mindset, Covey wrote. In luxury, where access is a tightly guarded commodity, this belief can distort everything from how professionals price their services to how they perceive their worth.
'It's like wearing blinders,' says Karina Vazhitova, a luxury career advisor. 'I've seen incredibly talented professionals shrink themselves because they think there's not enough; not enough jobs, visibility, or support.'
And it's not just about opportunities. Scarcity thinking seeps into everyday business practices. Helena Blanchet, a high jewelry and luxury expert, client experience trainer and coach, sees it regularly on the shop floor: 'Some advisors assume, 'They won't buy this; it's too expensive,' because they're projecting their own budget onto the client. They've forgotten how to step into someone else's world.'
Karina Vazhitova is a luxury career advisor
Where Scarcity Mindset Begins
This way of thinking is often inherited long before anyone steps foot in a luxury boutique. 'Our money mindset is wired into us early,' explains Debbie Sassen, a business and money coach for six-figure women entrepreneurs. 'If your parents said, 'We can't afford that,' or made negative comments about wealthy people, those messages become internal truths,' she notes.
Sassen adds that pop culture doesn't help: 'We see wealthy characters portrayed as greedy or shallow, not as philanthropists building hospitals or funding education. Subconsciously, we learn that being rich is wrong, or at least suspect.'
That conditioning sticks. And in the luxury industry, which is, by nature, small, hyper-networked, and often opaque, it can harden into a dangerous belief: that there's only one right path, and deviation equals failure.
'Many of my clients feel that if they didn't go to the right school, land the right internship, or work at a marquee brand by 30, they've missed the boat,' says Vazhitova. 'But that's just not true.'
Helena Blanchet is a high jewelry and luxury expert, client experience trainer and coach
Inside The Scarcity Mindset At Work
The scarcity mindset doesn't just manifest in how people perceive themselves; it also influences how they present themselves to others.
Blanchet points to the moment when a client hesitates over price. 'If the salesperson is focused on the tag, they make it transactional. But if they focus on craftsmanship, storytelling, and curiosity about the client, the energy shifts completely. Now we're talking about a piece of art, not just a price,' she says.
Sassen agrees. 'When professionals say, 'Nobody will pay me that,' they're not just doubting the market, they're doubting themselves. They've internalized the idea that success is possible, but not for them.'
That thinking creates a comparison trap, especially in image-conscious industries. 'I had a client who worked in luxury beauty,' recalls Vazhitova. 'She had decades of experience, but constantly compared herself to creatives. She felt she'd never be seen as visionary.'
By shifting her focus to her actual strengths, including consistency, empathy, and customer insight, she gradually became a trusted strategic voice in her company. A year later, she was promoted to a global role.
Vazhitova explains that the key to this individual's success was to let go of who she thought she had to be and own who she already was.
From Scarcity To Strategy
How can luxury professionals begin to unlearn scarcity and replace it with something more expansive?
'Awareness is step one,' says Sassen. 'Catch yourself in the thought: 'That's not for me.' Then challenge it. Ask, 'What if it is for me?''
She also recommends a bold but simple practice: spend time with people who have more. 'Befriend people earning more than you. You'll see they're normal, honest, and kind. That proximity shifts your belief about what's possible.'
Blanchet suggests bypassing price altogether in the sales conversation. 'Focus on the piece: the design, the story, the emotion. That's what draws clients in.' She often trains advisors to surprise clients with one exceptional item, regardless of budget. 'Say, 'You're a connoisseur, let's see what you think.' It invites a dialogue about beauty, not money.'
Curiosity is another antidote to scarcity. 'Know your clients,' Blanchet adds. 'What do they love? How do they live? Build trust around their world, not just the items.'
Debbie Sassen is a business and money coach for six-figure women entrepreneurs
Steps Toward Abundance
Scarcity thinking can be stubborn, but daily rituals help loosen its grip. Sassen advises her clients to build a simple affirmation habit: 'Every day, remind yourself: 'It's possible someone will say yes. It's possible I belong here.''
Vazhitova encourages her clients to lead with generosity. 'The most magnetic professionals I know aren't the ones who chase the spotlight. They're the ones who make others feel seen. That quiet confidence is what opens doors.'
Blanchet agrees. 'The luxury client responds to emotional intelligence. If you believe in what you're offering and see the person in front of you, the sale becomes a relationship, not a transaction.'