This is a great article providing insight on the luxury market in this economy. I typically stear away from some of it due to media hype and being plain sick of it. However, this article has a bit of both sides, but more importantly it explains the value of maintaining brand integrity even in the down economoy

Published: November 12, 2008 in Knowledge@Wharton

As 2009 shapes up to be the most challenging year in more than a generation for luxury items such as high-end apparel and fragrances, marketers’ plans for targeting aspirational 16-year-olds and expanding rapidly into the new money hubs of Russia or the United Arab Emirates are suddenly “out,” according to a panel at the recent Wharton Marketing Conference. What’s now “in” for marketing luxury in this difficult era is pampering the wealthiest and most loyal customers with everything from monogrammed shirts to personal in-home visits.

“I really think the foundation of luxury is customer service — that is what we are hearing,” said panelist Cori Galpern, worldwide marketing and advertising director for Tom Ford International, the designer’s growing chain of fashion houses. “I think what we’ll see because of the economic crisis is that you lose a certain amount of that aspiration customer. Somebody who will buy a couple pairs of shoes over the course of the year is making other choices. The core for a luxury brand is a customer with very considerable wealth.”

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What is your greatest Marketing Challenge today?.

The economy is once again the talk of the day now that we are through with another election - whew. I think I would snap if I had to see one more of those spoon-fed, plastic political commercials. They should be considered SPAM.

Anyhow, we now have a holiday season on our heels so the economy is sure to be the topic moving forward. So, let us hear it. We want to know what your marketing troubles are. Saying its the economy is such a blanket statement, there must be more to it. Send us your thoughts to info@kodacreative.com. We will be reviewing the responses we get and doing a follow up post to see what you are finding as your greatest challenge.

Note: Please be advised that we will not publicly share your troubles with your company information on any follow up posts. We simply want to look at the trends taking place in order to lend some insight for your business.