How Do Luxury Brands Stay Resilient During Times Of Economic Hardships And What Lessons Can Be Learned?
Sunmola, Karl Sten (2025)
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2025112128982
https://urn.fi/URN:NBN:fi:amk-2025112128982
Tiivistelmä
The luxury industry is a fascinating sector where companies have thrived for centuries and will continue to do so. The purpose of this thesis is to examine the tools used by luxury brands and how those tools have contributed to outstanding performance during times of economic hardships and the contributing factors to outlasting mass produced brands.
Qualitative research is the research methodology used in this study. This thesis studied two brands during two economic hardships, the Great Recession and the COVID-19 pandemic, with the goal of assessing the qualities which helped the luxury companies thrive. The thesis has provided helpful insights that can be used by companies who want to reach luxury status or provide a luxurious service to their customers without having to invest a considerable amount into research and development.
The author found that building emotional connections, balancing exclusivity & accessibility, investing in quality, adapting to change, and prioritizing authenticity are the key strategies implemented, for all brands to improve their longevity they must use the same methods to improve their chances of making it through the next unexpected economic disaster.
Qualitative research is the research methodology used in this study. This thesis studied two brands during two economic hardships, the Great Recession and the COVID-19 pandemic, with the goal of assessing the qualities which helped the luxury companies thrive. The thesis has provided helpful insights that can be used by companies who want to reach luxury status or provide a luxurious service to their customers without having to invest a considerable amount into research and development.
The author found that building emotional connections, balancing exclusivity & accessibility, investing in quality, adapting to change, and prioritizing authenticity are the key strategies implemented, for all brands to improve their longevity they must use the same methods to improve their chances of making it through the next unexpected economic disaster.