When the going gets tough, the tough get going. Your true mettle comes to the fore under adverse conditions. No one can deny the fact that the recent economic downturn has been the true test of the luxury brands and their real worth. When a country hits an economic depression its citizens will usually take a look at their outgoing expenditures and cut down on luxuries. But if you analyze the European luxury markets over the past year you will realize that if a brand maintains a high level of service in providing excellence in originality and design, customers are happy to pay the same price they always have.
Scaling down the price point is not the answer for the luxury markets. The judging panel at European CEO decided to investigate which luxury brands have really excelled during the downturn. The focus was on brands that converted the adverse market conditions into an opportunity and improved their services to cement their place in the consumer’s mind.
The details of Corporate Lifestyle Awards 2010 has been published in the December-January edition of European CEO and is already available with all good newsagents. The awards have covered staple industries such as automotive and travel and new ones like corporate gifts and incentives.