The one theory that remains consistent is that luxury is a perception. The recession has truly made buyers reluctant about making luxury purchases. So what will luxury brands need to do to sustain? Build brand credibility for luxury lifestyles.
PEOPLE magazine continues to engage their target audiences by showing what celebrities can’t live without. Monitoring a section they call StyleWatch and pointing out what celebrities really love titled “I Really Love My”
Luxury brands will need to get more proactive by applying social media strategies to help their brand standout in the crowd. The ultimate solution to help improve brand awareness is communications. Buyers are reluctant and third party endorsements from media outlets not presented as advertisement is highly respected for credibility.
It is imperative for luxury brands to identify their target audiences in a new light. Where do they go to research information online? What luxury blogs are the most credible? Luxury brands can actually survive this economic downtime.