This should be the best wakeup call that high-end luxury marketers better start doing some major PR campaigns to keep the lines of communications open with luxury consumers! Apparently, the people at the top don’t have enough high-end luxury goods to buy these days.
While, I have continued to scream ALL year that high-end luxury marketers better start making some moves to encourage high-end luxury consumers to make luxury purchases. I even took the time to thank Aston Martin for making a $1.2 Million Dollar car. Which the high-end luxury market is dying for more products, goods, brands, services, etc.
Real estate agent Charles Leigh, located in London with Knight Frank, expects double-digit declines in that market for the whole of 2008. However, Leigh reports top-end residential is one of the few areas of the global real estate market that continues to post solid growth. The market for homes worth more than $10 million remains untouched by the financial crisis, while prices have fallen for properties less than $10 million.
Prodigious wealth creation in developing economies has fueled demand for highly desirable homes in prime locations.
“A shortage of supply at the top end has also meant that buyers are frequently having to pay a premium on the asking price,” Leigh said.
Luxury PR is a resource for high-end luxury marketers to attract wealthy audiences. High-end luxury marketers still need publicity exposure. Most importantly, wealthy consumers need to receive communications from upscale marketers.