The AMA DC chapter hosted “Luxury Marketing: Relevance, Brand Integrity and Customer Retention” at the Ritz Carlton, Washington, DC, on Sept 23. Members and attendees were treated to a lively discussion on the state of luxury marketing in the DC area and challenges in the current economy. Panelists included Jeri Ward, Audi; James Packard Gomez, Erwin Gomez Salon and Spa; and Elizabeth Mullins, Area VP, Ritz Carlton. Each panelist gave an honest and poignant assessment of their businesses and the reasons why consumers choose luxury brands.
Surprising, the panel said they are doing well in their respected industries. They are focusing on quality vs quantity and are using creative ideas for them to stay true to their brand. They see that luxury has value and they are using this model to their advantage. For example, Ritz has seen an uptick in leisure travel. They said that guests might not take 5-6 trips a year, but they might take 1-2 and they want them to be special and will spend money for their experience to be nice. They also said they are seeing business/corporate returning and booking meetings at their properties.
They also commented on brands that have diluted their brand too much, which hurts the value of their product. They didn't think this is an effective strategy and have seen many brands struggling because of this approach.
Overall they said the media is putting a dirty word on luxury spending/industry that isn't necessarily true and the industry is fairing well considering the economy.
AMA DC VP Programming, Speaker Series, Karen Alston, commented, “The venue was perfect, the panelist held our attention and gave poignant comments and we highlighted a topic that is often overlooked in Washington, DC.”
Going forward the chapter plans to hold an annual luxury marketing event and reach out to additional brands and service providers that cater to this market.