Luxury Brands, Inflation, and Consumer Choices: A New Reality?
Luxury Brands, Inflation, and Consumer Choices: A New Reality?  
Podcast: Business Lunch
Published On: Fri Nov 22 2024
Description: Welcome to a new episode of Business Lunch with your host Roland Frasier. In today’s episode, we delve into the current state of the luxury market, discussing its decline, consumer behavior changes, and implications for businesses. We examine factors like the pandemic's impact, Gen Z's preferences, and economic realities reshaping luxury consumerism. Join us as we explore what this means for the future of high-end brands and consumer experiences.Highlights:"Luxury is hurting; it's an indication of recession.""Brands like Louis Vuitton made the mistake that Nike made with drop culture.""The luxury brands are living in inflationary times of 2021-2022, not aligning with today's economic reality.""If you are truly luxury, you can charge luxury prices, but the market has to agree that you are luxury."Timestamps:00:00 - Introduction to Luxury Market Trends01:48 - Decline of Luxury and Economic Indicators03:09 - Gen Z's Impact on Luxury Brands 04:39 - Pandemic Effects on Consumer Choices 06:12 - The Lipstick Effect and Consumer Spending 08:13 - Shift in Spending to Experiences Over Goods 10:45 - Real World Luxury Pricing vs. Value Proposition 13:58 - Business Strategies for Adapting to Market Changes 15:17 - Consumer Behavior Lagging Behind Economic Reality 17:53 - The Future of Sit-Down Restaurants and Service Industry 21:20 - Concluding Thoughts on Luxury Market and Business AdaptationCONNECT • Ask Roland a question HERE.RESOURCES:• 7 Steps to Scalable workbook • Get my book, Zero Down, FREETo learn more about Roland Frasier 👉  https://msha.ke/rolandfrasier/Connect with me on social:🎵 TikTok:  / rolandfrasier   📸  Instagram:  <a...