New Marketing Strategies
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Luxury brands are adopting new marketing strategies to appeal to younger generations and new markets. These strategies include reducing inventory, improving quality to price ratios, emphasizing heritage and exclusivity, expanding online experiences, and collaborating on products. Brands are also focusing more on customer service and developing personalized shopping experiences through new technologies. Additionally, some brands are introducing wellness services in stores to enhance the shopping experience.
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Talk presented at the LuxePack New York show, May 2016. It looks at how the oft-quoted “Lipstick Effect” is only half true in today’s new luxury consumer market, as the status and prestige motivation for buying luxury brands is giving way to new drives and desires to buy luxury goods, most especially beauty.
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New Marketing Strategies
- 1. Marketing Strategies Meredith Bateh Luxury Marketing SCAD 2009