Luxury after the crisis: Pro logo or no logo?
Résumé
The economic recession has hit luxury, as most other sectors. Many luxury brands have reeled by lack of clients and cash. Since then, many experts have predicted that post crisis luxury would be of a totally different kind. It was the end of luxury, as we knew it, the end of bling-bling, of prominent logos and high prices excesses. It is chorused everywhere in the media that this new luxury will be modest, bespoke. It should be the demise of conspicuous consumption. For the author, luxury companies would be very cautious in giving faith to this unanimous and trendy opinion, especially if it is backed by cursory polls where respondents tend to give socially acceptable answers. Based on a deep understanding of the dynamics of luxury and on consumer research worldwide, one thing is sure: conspicuousness is here to stay, of course with differences within the luxury population. The future belongs to companies who understand this need for status and adopt a true luxury strategy, very different from a premium strategy. Those who already did it are the ones, which in fact profitably grew during the crisis.