Marketing as a Luxury

We have seen many brands take a hit since 2008 when the recession set in. What we have not seen among the affected is the Luxury Goods market. After all, the luxury lifestyle is lived by those too rich to care or know whether they have lost a dollar at the end of the day; or if they have realized it, they are not willing to give up the means which make their day-to-day seem out of the ordinary.

So, if we take this approach on marketing as a luxury, what can we learn? It is important to distinguish that although the luxury brands that we speak of above not everyone can necessarily afford, Marketing, whether done on a large or small-scale, becomes easier by the day for every business to sustain. As a luxury seems paramount to the wealthy no matter where the stock market falls, so should marketing. Our industry, the Ad Specialties industry, saw promo products cut from budgets as 2008 loomed but slowly rebounded as most realized promotional marketing was imperative. Marketing took each business from the norm to out of the ordinary. Marketing should be a line item that no matter how volatile the world outside seems, it is a luxury not willing to be lived without.

As a marketing communications strategist for The Anderson Group put it in October 2008, “The real luxury in today’s challenging financial environment, is to have the choice of where, when and how to spend your money. That said, there seems to be an emerging trend among the wealthy– econochic: the intentional decision to buy down a notch or two. There will always be a revered spot for luxury, but at the moment, quiet class rules.”

How can we as marketers, businessmen, and middle class citizens translate this? Marketing, just like Luxury, never dies; but rather it adapts to the changes taking place around to ensure it always has a shoe in the closet.

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