When it comes to travel brands that cater to affluent customers, there's a case of the have and have-nots. According to a survey released last week by affluent customer think tank L2, despite evidence of formidable ROI, hospitality's digital advertising spend equates to only a third of funds allocated to non-digital channels. Companies such as The Four Seasons were at the top of the digital capabilities list. But companies such as Inter Continental were still not up to speed, according to the study.
Income inequality and wealth concentration have grown consistently since the 1980s, but today play a growing role in American discourse. Occupy Wall Street. Mitt Romney. A millionaire tax. The Buffet rule. Returning growth in some luxury markets. Goldman Sachs resignation letters. The list goes on.
In this new economy of abundant choice and access, is it enough for a luxury brand to remain true to its brand equity, or does it also need to reach a broader array of people across new media?
Since 2009, we have had the privilege of being able to survey the attitudes and usage behaviors of China's newly minted billionaires towards designer handbags, watches and fine jewelry.