How to Market Luxury in a Downturn

One of the best-known academic minds in marketing talks to BNET about the two types of luxury consumers, and how to hang onto them in a recession.

Wednesday, July 22, 2009

John Quelch was one of ten marketing experts profiled in the 2007 book, Conversations with Marketing Masters, authored by Laura Mazur and Louella Miles. A professor at Harvard Business School since 1979, he is known worldwide for his research on global marketing, global branding and marketing communications.

Bnet's article reviews the interview with John Quelch, when he was asked the following:

- You’ve said there are two types of luxury consumers. What are they?
- How do marketers hold on to these customers in this economy?
- Should you consider discounting? Or is that always a bad idea for luxury brands?
- You’ve described a new kind of consumer as being a “Simplifier.” What does that mean?

More on this topic

Luxury Goods Market in Panama

November 2014

Economic growth and the presence of foreigners with high purchasing power is driving the opening of shops selling luxury cars and premium residences.

A study by the firm Lends entitled 'Worldwide Luxury Consumer' shows that the number of consumers of luxury goods in the world has increased over the past 20 years.

Growing Market for Luxury Goods in India

February 2015

High quality and well priced food and spirits are on the list of products for which demand has increased from Indian consumers with higher purchasing power.

From a statement issued by the Costa Rica Foreign Trade Promotion Office (PROCOMER):

The luxury market in India is growing, and it is estimated that by 2017 it will reach a value of $1.8 billion, showing a growth relative to the current level of $1.4 billion, with the categories of fashion, cars and food being the most dynamic. It follows a study by the Associated Chambers of Commerce and Industry of India, Assocham and Yes Bank.

Luxury Consumption Grows in Costa Rica  

December 2013

The growth of the high-income segment in the country is an opportunity for companies focused on providing high quality products and services.

Elfinancierocr.com reports: "A study by the firm Wealth- X, originally from Singapore, found that the number of individuals locally who registered at least $30 million in assets went from 85 to 100 in the last 12 months."

Panama: More and More Luxury Cars

October 2012

In 2011 1.761 luxury cars were sold, a figure which has already been achieved only in the first 8 months of 2012.

Martesfinanciero.com reports that "If you want to know how Panama's economy is doing, just take a look at the streets. More than 10,000 luxury cars drive round the country, and most of them are in the capital."

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