Luxury marketing expert Pam Danziger will present an hour-long Webcast for luxury marketers entitled, “Finding the Silver Lining: Rainmaking in the Coming Luxury Drought.”
The Webcast on Sept. 12 at 11 a.m. will examine the cultural factors that are causing affluent consumers to cut back on their luxury spending. It will present ways that luxury marketers can tap the shifts in consumer psychology to overcome a newly-resistant affluent consumer and create a loyal relationship with them.
“After the past decade characterized by indulgence and wide-spread consumption of all things luxury, many affluent consumers have grown tired of excess materialism. They are saying, ‘Enough already!’ They are drowning in their material excess and starting to feel guilty,” Danziger explains.
“So they are turning from their old ‘shop till you drop’ and ‘he who dies with the most toys’ ways toward a new, more temperate approach,” she continues. “They are starting to think about the impact of their consumerism on the planet and for future generations. These consumers are tired of a disposable culture and are looking to restrict their spending to those products and experiences with a smaller carbon footprint, that represent a more responsible use of resources, and that offer tangible and lasting value.”
In the face of these trends, Danziger, president of Unity Marketing, will advise luxury brand marketers six specific steps they can take to bolster sales of their brands and keep relevant in the changing luxury market.
“Luxury brand marketers are concerned about the declines in spending they see in their customer base,” she said. “Given the trends Unity Marketing is tracking in the luxury market, it is unlikely that once the economy bounces back that the affluent shoppers will go back to their indulgent ways. That means the luxury brands will need to make strategic changes in their businesses to be relevant in the future. That is what we will explore in the coming webcast, Finding the Silver Lining.”
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