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| The luxury goods market is becoming extremely competitive, forcing brands to adapt by bringing in the detailed consumer insight to drive growth. After 08's financial crisis, consumers emerged as well informed and price conscious, seeking higher exclusivity from the brands. This shift in consumer behavior has challenged the brands in finding innovative ways to engage consumers and promote product superiority and value. |
Luxury brands need to expand their product portfolios and channelize the efforts to engage consumers through e commerce and social media as well.