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Luxury brands can succeed in economic downturns
First, the story was that luxury was omnipotent and luxury consumers were immune. Even affluents were trading up, they said, and luxury could do no wrong. Now, the story is that luxury has lost its lustre and even the wealthiest are bailing out.
The reality is that luxury is cyclical, and always has been--as are all industries--and that luxury winners take a long-term view and business approach. Here are seven "tough-love" steps from the independent Luxury Institute to ensure that your brand not only survives, but thrives, in an economic downturn.
