Brands offering a deeper and more emotional added value, delivering to their customers with immediacy and executing business strategies from a more local perspective are the most likely to succeed in this new commercial reality.
The outbreak of covid-19 and the mobility restrictions imposed by this pandemic significantly changed consumer behavior and perceptions of brands.
Most of the premium housing supply is located in the Eastern region of the metropolitan area, where spaces are offered measuring approximately 200 square meters and are priced from $150,000 upwards.
The Guatemalan Chamber of Construction (CGC) states that "... the market for premium housing in the country hovers around 15%," where the alternative to luxury apartments shows an upward trend.
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.
Between January and October this year more than 1,300 high-end vehicles were sold, equivalent to 5% of new car sales in the same period.
According to the Association of Importers and Distributors of Motor Vehicles, the bestselling luxury car brands up until October of this year were: Audi, with 382 units, BMW, with 340 units sold, Land Rover with 127 units and finally Porsche with 104 cars.
Imports of luxury watches grew by 84% in the first two months of 2012 compared to the same period last year.
Reports from the Tax Authority (SAT) show that so far this year, the CIF value of wrist and pocket watches, and similar products coming into the country reached the sum of $866,000, a higher figurer than the $469,000 in the first two months of 2011.
Not everyone agrees anymore that ‘low cost’ services or products are geared to middle income markets.
This concept was born in the air travel industry, and is quickly expanding to other industries, even to companies associated with high income sectors. They are implementing “low cost” strategies, with clearly defined branding strategies, to protect the premium brand. For obvious reasons, the economic crisis has boosted the concept.
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.
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.
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