During a financial crisis, majority of the population in the world have tight wallets and this can be a concern for an economy. Spending by a few wealthy individuals in this time contributes to recover the overall economy. Many luxury customers in spite of the financial crisis decided to make few purchases since brands came up with innovative ideas and strategies to surprise and attract such customers. It is believed that luxury brands in the years of recession in return created exemplary marketing strategies to bring customers back. This industry has always been considered to be guarded against crisis and uncertainties, thus it is of great study to understand the impact on this sector during a financial crisis.
The purpose of this paper is to investigate into the strategies followed by some luxury brands in the West during the financial crisis and also study the buying pattern of the Indian luxury consumer during a financial crisis. This study was done to suggest strategies for luxury brands in the Indian market to develop strategies to survive a financial crisis.
The findings of this study can be useful for luxury brands in India to learn about the strategies followed by luxury brands in the West during a financial crisis. The primary findings of this study will further help to understand the Indian luxury consumer during a financial crisis and their buying behaviour. This would help brands to keep their behaviour in mind and develop strategies around it to survive the financial crisis.