As the COVID-19 outbreak takes a toll on a global luxury industry that is heavily dependent on the spending of Chinese shoppers at home and abroad, Forrester's Xiaofeng Wang looks at how luxury brands are reacting.
Amid signs that the coronavirus outbreak is beginning to be curbed in China, at least outside of the epicentre of Hubei province, there are encouraging signs that the country’s luxury and fashion shopping sector is slowly recovering.
As consumers reprioritise their requirements in the face of the coronavirus threat, so marketers need to reassess their communications strategies; a needs-based framework could help, says one academic.
Dr. Mansur Khamitov, WARC Exclusive, February 2020
Psychologist Clayton Alderfer’s ERG motivational theory of human behaviour offers marketers a potential framework for charting steps forward in uncertain times – Nanyang Business School’s Mansur Khamitov talks through how brands can map out a positive path forward.
Despite concerns about a slowdown in China’s economy, its ongoing trade war with the United States, and a full-blown recession globally, the appetite for premium luxury purchases among Chinese consumers remains robust.
Online channels may be essential to driving future growth in China’s luxury market, especially outside the major cities, but a physical presence in these is still seen as important for overseas brands.
This Mediacom China report, in collaboration with Kantar, developed a research blueprint to unlock the formula needed for luxury brands to activate social media effectively for an audience-first approach.
Fred Bronner and Robert de Hoog, International Journal of Market Research, Vol. 61, No. 4, 2019, pp. 430-446
Consumer behavior recently underwent three main developments: a shift from material purchases to immaterial experiences, a shift from signaling status and wealth by means of consumer behavior to signaling identity, and increased social visibility due to the growing importance of social media.
This article offers an overview of how marketing drives business performance by explaining the theories of buyer behaviour, the ways that marketing can influence that behaviour and how advertising works.
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