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Managing Luxury Brands

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Managing Luxury Brands

A Complete Guide to Contemporary Luxury Brand Strategies

Kogan Page,

15 分钟阅读
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Learn how to keep a luxury brand relevant as consumer expectations and behaviors evolve.

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8

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The concept of luxury is always in a constant state of flux, says luxury brand management expert Eleonora Cattaneo. But the Covid-19 pandemic triggered a massive shift in consumer behavior and values, drastically transforming the luxury brand industry in just a few years. In 11 essays covering topics such as sustainability, digital advances, brand origin and ultra luxury, expert contributors offer authoritative insights to help your brand connect with discerning shoppers. Contributors include both practitioners and scholars, and their essays reference business cases as well as providing deep analysis. Essential reading for executives in the luxury industry.

Summary

Luxury brands capitalize on consumers’ constantly evolving intangible desires.

Consumers become willing to pay extravagant prices for luxury products and experiences when they believe in a brand’s potential to increase hedonistic pleasure or signal high status. Luxury brands connect with people’s desire to find meaning and construct identities. They possess a certain “aura,” appealing to consumers on an emotional or even spiritual level rather than on a rational level. 

Modern luxury brands sell the promise of a fantasy or dream, and then they manifest this dream into the world through experiences and products, while daring to stand out from the competition by doing things differently. Societal shifts and trends, occurring on technological and ecological levels, influence consumers’ expectations of luxury experiences. Today, as new ways of signaling consumer identity emerge in an increasingly virtual, Gen Z–driven market, many marketers and consultants are calling for a wholesale reconception of luxury. 

The Covid-19 pandemic radically shifted consumers’ priorities, expectations and values.

After the Covid-19 pandemic...

About the Author

Eleonora Cattaneo is a professor of luxury management and directs master’s programs in luxury brand management at Glion Institute of Higher Education in Switzerland.

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