What's the difference between a luxury brand and a prestige brand?
| Answer: There really is no difference between a luxury brand and a prestige brand. They both are brands that have associations commonly linked to prestige or luxury words (e.g., unique, fashionable, etc.).
There is a difference between luxury "products" and "normal" products, and this is what you may be thinking about. Economists think of a luxury product as something that people "outspend" their income increases. This means that if your income increses by, say 10%, people will increase their spending on a luxury product at a rate greater than 10%. Marketers, on the other hand, don't define luxury that way (economists have to since they deal primarily with numbers rather than people's emotions). |
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his week: What do you do when your boss does not offer feedback? Also, read your answers to: Is brand localization necessary to be successful in foreign markets?
