But that survey of luxury executives doesn’t take into account luxury consumer psychology. This will lead to more identity-building and identity-reinforcing purchases, of which luxury brands are the pinnacle. As the author of a study, “The Luxury Report: Redefining the Future Meaning of Luxury,” she has a unique perspective on how luxury brands can lean into the changes that are forming now. Olbertova warns that unless luxury brands take a longer-term view, their brands could face a crisis of meaning after the coronavirus lifts. Future-proofing the luxury brandOlbertova agrees with Gray that initially luxury consumers will demonstrate rewards-based behavior, or indulge in luxury purchases to make themselves feel better.

Source: Forbes March 15, 2020 15:28 UTC