Date of Award

2020

Document Type

Thesis - Open Access

Degree Name

Master of Arts (MA)

Department

Art Business

First Advisor

Morgan Falconer

Second Advisor

Ann-Marie Richard

Abstract

Luxury businesses face the paradoxical challenge of growing a business whilst upholding an aura of exclusivity. The objective of this thesis is to examine the key marketing strategies employed by leading luxury brands ranging from fine art to real estate. This paper examines whether luxury brands need to embrace digital innovation and technology in order to remain leaders of luxury. First-hand insight from industry leaders and case studies reveal that luxury brands need to embrace digital, utilize the power of experiential marketing strategies, invest in creative talent, strategically partner and collaborate with brands and individuals, and craft an authentic narrative that resonates with their consumers. Furthermore, as luxury consumers are driven experientially, it is important that luxury brands create memorable experiences that can be shared. With Generation Z and Millennials set to take over as the main segment of luxury consumers with the strongest purchasing power, it is crucial that brands understand their buying behaviors and cater to the preferences of the digitally native generations. The future of luxury marketing is ‘phygital’, where the physical world and digital technology unite to deliver luxury consumers a uniquely optimized and enhanced experience.

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