Marketing Innovation

What Luxury's Resilience Says About Marketing in a Downturn

The seemingly unshakable sector knows exactly what its customers want

a statue of yayoi kusama in an infinity room — Culture-making collabs, such as LVMH's partnership with Japanese artist Yayoi Kusama, are crucial for luxury players.LVMH

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Despite a global economic slowdown in 2022, luxury brands had plenty of reasons to pop the champagne. With strategies rooted in experiences, excitement and escapism, mass-market brands could stand to glean a few lessons from their more exclusive peers in an increasingly tough market.

Over the past 12 months, luxury has been buoyed by a post-lockdown desire from people to “catch up” on experiences disrupted by the pandemic. An expanding Gen Z and millennial customer base, coveting Gucci loafers and Tesla Model Xs, have also helped put the fizz in revenues.

According