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A guide to luxury brand success in economic downturns
This article discusses how marketers of luxury products and services can survive in a downturn. There are three main types of luxury buyer: empty-nesters (over-55, baby boomer couples); successful married couples in their 30s and 40s (with children, who build wealth for the long term, and will scale back in uncertain times); and young single professionals, who stretch to buy luxury goods and will scale back dramatically if times get hard.
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