MANAGEMENT

Detailed explanation-1: -One of the key components to successful luxury brand strategy is creating desire via exclusivity. Exclusivity can be accomplished in several ways such as developing limited edition products, making select products only available at certain stores, or developing a waiting list for a newly released item.

Detailed explanation-2: -Summary: There are four primary categories of luxury shoppers: window shoppers, personal stylists, occasional splurgers, and big spenders. Luxury brands often fail their customers during the “consider” phase of their journey.

Detailed explanation-3: -Today’s luxury brand target audience is 25 to 44 years old. They comprise 64 percent of this overall audience. Don’t sleep on the younger generation between 16 and 24 years old, also known as Generation Z. They’re another big chunk of your target market.