As a luxury PR publicist I must admit that it was easier to pitch luxury when everyone wanted to keep up with the Joneses. In fact media outlets craved over the top luxury purchases, goods, services etc. Now it seems like most of the storylines are related to economic recession. Even making luxury consumers look bad for their ability to purchase luxury goods.
As a true advocate for the luxury industry I feel that I must defend the Joneses. Wealthy people still want to make purchases but the luxury industry is not communicating with the public to let them know it is okay. In order for luxury brands to survive it will be necessary to utilize media outlets to communicate with target audiences. Which means PR will be essential for sustainability and growth.
Recently, Time Magazine blamed the top 25 responsible for the financial crisis.
Coming in at #5 was the American Consumer. Not the thrifty today’s economic recession bound consumer, as media outlets would like to program consumers to think. But the American Consumer who overspent, over invested in stocks and real estate while making lavish purchases. I did not say luxury purchases and for good reasons which I will explain later.
Now there were many American Consumers who wanted to be so much like the Joneses that they maxed out credit, over indulged etc. However, luxury is a perception that should never be taken lightly. Those who shop luxury do so because with luxury most often is accompanied with the very best quality. Discounts and bargains most often do not have the same level of quality.
The most critical message that luxury marketers must communicate to target audiences is that quality and even quality of life is the bargain of luxury during economic downtimes.
Sure, you pay more and sometimes even a lot more but the experience and quality is the best bargain. After all life is stressful enough, luxury meets the demands of superiority with no exceptions.
I encourage all luxury consumers to make purchases wisely during these challenging economic times. If you can afford to shop luxury, please do so just do it wisely.
Shop Luxury Wisely!