Digital Luxury Digest | Luxury Brands Ready For Web, Affluent See Hope In Recession, Luxe Stores Nix Discounts, High Fashion Loves Twitter, When Traditional Traits Beat Innovation
“Once Wary of the Web, Luxury Brands Embrace It” (NY Times)
The luxury goods industry, struggling through a recession that has threatened some well-known names with extinction, is trying to use technology to its advantage. Many in the fashion business remain wary of the Internet, partly because of continuing legal battles over online sales of counterfeit goods and concerns about diluting carefully honed brand images.
“Recession Increases Affluents’ Happiness Levels” (MediaPost)
Overall consumer confidence may still be in the cellar, but there’s growing evidence that for the affluent, economic recovery appears to be right around the corner. Thanks to recent gains in the stock market, “the wealthy are feelingwealthier than they have,” Milton F. Pedraza, founder and CEO of the Luxury Institute, tells Marketing Daily.
“Luxury Stores Trim Inventory and Discounts” (NY Times)
After a brutal year in which the nation’s luxury retailers were forced to offer their wares at stunning discounts, they are trying to get their magic back. And they may have found a way: deliberately running low on merchandise. Saks, the chic Manhattan department store, is a prime example. Its inventory is down by double digits compared with last year.
“Twitter Comes to the Aid of High Fashion” (Guardian)
In the last few weeks, though, Twitter has made its move into high fashion. Long-established designer Stephano Gabbana, of Dolce and Gabbana, has been demonstrating an impressive grasp of modern technology to give us a thrilling insight into the world of a top Milan fashion house.
“Study: Consumers Value Traditional Attributes In Online Brands” (MediaPost)
While Google remains consumers’ favorite online brand, Yahoo and Amazon are not far behind, according to a new report from Forrester Research. ”In the minds of their fans, the top online brands exhibit very traditional attributes such as trustworthiness, helpfulness, and relevance, all at the expense of more-predictable tech-friendly characteristics such as innovation and speed.”
