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.
Economic growth and the presence of foreigners with high purchasing power is driving the opening of shops selling luxury cars and premium residences.
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.
The growth of the high-income segment in the country is an opportunity for companies focused on providing high quality products and services.
In 2011 1.761 luxury cars were sold, a figure which has already been achieved only in the first 8 months of 2012.
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