Live from T+L MarketWatch: Is "Luxury" a Dirty Word?
Is luxury a dirty word? That’s the question T+L Publisher JP Kyrillos just posed to the audience and an expert panel that includes:
Javier Barrera, EVP of Grupo Posadas
Erik Blachford, Chairman and CEO of Butterfield & Robinson
Marcus Samuelsson, Chef/Owner of Aquavit
Lisa Sun, Associate Principal of McKinsey & Company
The response was an unequivocal “no.” But, says Sun, it’s important for companies to communicate the value and authenticity behind the word. Companies like American Girl and The North Face have built premium products but have achieved success by creating a sense of value behind the products.
Samuelsson added that a new sense of luxury will come out of this downturn. People, he says, are getting back to the value of time—time spent together and the experiences they share.
And, says Blachford, that’s exactly what companies like his are trying to do—deliver value even if it comes with a high price tag.
JP also posed the following questions to the audience and asked them to indicate their answers by holding up either a green (“yes”) or red (“no”) index card:
- Do you believe in advertising in a recession? Green cards went up all around.
- How about discounting in a recession? A mix of green and red.
- Is the economy on a rebound? Lots of green, but a few reds.
- And is Twitter here to stay? Most people said no.
And as he closed the presentation, he asked, “Did everyone have fun today?” A sea of green cards filled the air.