With the holiday season coming up, many luxury brands are expected to experience a rough patch. Consumers are not spending as much as goods because of the economic situation, and unless these brands do something to address this phenomenon, then luxury brands might become extinct.
This latest post on the Marketing & Strategy Innovation Blog discusses that luxury brands must 'innovate or die', in order to prove once and for all that they can be recession proof. The wealthy will continue to pay a premium price for certain luxuries like iPod Louis Vuitton trunks, but what about the rest of the market? Idris Mootee at FutureLab explains how brands should instead focus on what they do best, and innovate within those categories. What are your thoughts?