Luxury brands in misplaced focus
European luxury brands will be hit hard by a recession as they have neglected their core consumers, according to social commentator Peter York.
Speaking at Mediaedge:cia's Thinking Space event last week, York argued
that major luxury brands are in a 'dangerous place' because they have
focused on the newly rich and relied too heavily on celebrity PR.
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'Luxury brands think advertising agencies are crap and they don't
understand their design principles,' he said. 'People talk of a
luxury-goods lifestyle generated by celebrity. In fact we are seeing a
proxy of wealth created by luxury-goods marketers. Many celebrities are
broke.'
Trends analyst William Higham added that brands need to focus less on
status and more on creating a consumer experience if they are to beat a
recession.
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