Marketing the upscale during a downturn
November 13, 2008 | Internet Marketing
As 2009 shapes up to be the most challenging year in more than a generation for luxury items, marketers' plans for expanding rapidly into the new money hubs of Russia or the United Arab Emirates are suddenly "out," according to a panel at the recent Wharton Marketing Conference.
The issue of who will remain wealthy over the next two years, and how they might spend their disposable cash, was very much on the minds of the panelists, including top marketers with experience at some of the most storied names in luxury items and apparel—from Gucci and Prada to Tom Ford and L’Oral.
The panelists agreed that in a recession in which even upscale consumers may find themselves strapped for disposable cash, it is a bad strategy to chase customers too far down the economic ladder. “We don’t want to see huge price cuts that will create a lower-priced brand,” said Brad Farrell, skincare brand manager for L’Oral Paris. “That’s because you don’t want to tarnish your brand. When this is all said and done, you still have your brand reputation to uphold.”
Get the full story at Knowledge@Wharton
Related Articles
Rate integrity in a down market
02 Jul, 2009 | Hospitality Industry
The incredible shrinking airline
02 Jul, 2009 | Online Travel
Formulas for choosing the right online marketing channel
02 Jul, 2009 | Internet Marketing
5 steps to SEO success abroad
02 Jul, 2009 | Internet Marketing
Companies cope with Twitter imposters
30 Jun, 2009 | Internet Marketing
The purchase funnel is no more
30 Jun, 2009 | Internet Marketing
Let’s make the web faster
24 Jun, 2009 | Internet Marketing
Googles image recognition technology spots landmarks
23 Jun, 2009 | Internet Marketing
When choice is demotivating
22 Jun, 2009 | Internet Marketing
U.S. spending on travel, tourism dropped 5.9% in first quarter
18 Jun, 2009 | Online Travel
Most Popular Articles
How to maximize your hotel’s GDS distribution
30 Jun, 2009 | Hospitality Industry
PKF sees hotel rates continuing to fall in 2010
17 Jun, 2009 | Hospitality Industry
If you discount, do so carefully
18 Jun, 2009 | Hospitality Industry
Summer travel trends according to hotels.com
23 Jun, 2009 | Online Travel
Luxury brands waking to a new reality
18 Jun, 2009 | Hospitality Industry
New hotel review site launches with independent, expert reviews
24 Jun, 2009 | Hospitality Industry
Hotel technology moving into the cloud
24 Jun, 2009 | Hospitality Industry
Destination marketing in the age of Web 2.0 and beyond
16 Jun, 2009 | Online Travel
Information key feature for tourism social networking
25 Jun, 2009 | Online Travel
“Thriving” not just “surviving” in a depressed economy: Tips for the independents
17 Jun, 2009 |
Economic Downturn
Rate integrity in a down market
02 Jul, 2009 | Hospitality Industry
The incredible shrinking airline
02 Jul, 2009 | Online Travel
U.S. spending on travel, tourism dropped 5.9% in first quarter
18 Jun, 2009 | Online Travel
If you discount, do so carefully
18 Jun, 2009 | Hospitality Industry
Luxury brands waking to a new reality
18 Jun, 2009 | Hospitality Industry
Travelocity says book now
17 Jun, 2009 | Online Travel
LHW courting guests discreetly with sweet deals
16 Jun, 2009 | Hospitality Industry
The new normal, according to McKinsey
11 Jun, 2009 | Internet Marketing
Pressure on hotel rates not likely to go away soon
04 Jun, 2009 | Hospitality Industry
Travelocity issues ‘Traveler Confidence’ report
03 Jun, 2009 | Online Travel
New study reveals changes in leisure travelers’ online search behavior
02 Jun, 2009 |
Marriott launches ‘Deal of the Day’, exclusively on Twitter
02 Jun, 2009 | Hospitality Industry
Expedia makes airline no-fee policy permanent, eliminates hotel cancel/change fees
28 May, 2009 | Online Travel
The new high-end consumer
28 May, 2009 | Internet Marketing
Hoteliers most concerned with marketing ROI
26 May, 2009 |
E-Mail Newsletter
Visit our sponsors:
