The Luxury Institute recommends building brand equity through generosity and kind deeds in light of Covid-19

'Luxury Institute Insights And Recommendations During The Covid-19 Crisis From The Global Luxury Expert Network’ (23 March 2020) and ‘Preparing To Reignite Your Luxury Business Post Pandemic’ (1 April 2020).

An abstract of the White Papers reads:

Build brand equity through generosity and kind deeds

"Many mass marketing experts are advising brands to continue their advertising and public relations campaigns throughout the pandemic crisis. Some of that advice is triggered by the fact that the advertising and public relations industries are in dire straits and need revenue. However, this may not serve the best interests of their clients. Luxury Institute’s on-the-ground luxury experts recommend that ads and messages that appear trivial, forced, and self-serving will backfire strongly, especially in the luxury segments. Consumers, especially educated affluent consumers, are highly sensitive to mercenary vs. missionary behaviors during threatening periods. Ethical and socially responsible brands already know that the only way forward is to serve society and those in need in the most relevant ways. And to do it right now, when it matters. To name a few, LVMH converted its perfume lines to manufacture hand sanitizer. Kering made a financial donation to the Institut Pasteur to support its research into COVID-19. Additionally, the Group’s Houses, Balenciaga and Yves Saint Laurent, are preparing to manufacture masks while complying with the strictest health protection measures for their staff members. Gucci has started #GucciCommunity and will make two separate donations of 1 million euros each to crowdfunding campaigns, including the United Nations Foundation’s COVID-19 Solidarity Response Fund and National Civil Protection Department. Burberry is using supply chains and facilities to manufacture hospital gowns and masks for the National Health Service (NHS) and funding the University of Oxford’s vaccine research. This is the moment for brands to demonstrate with deeds, not words, that they are humanitarian. Everything else is irrelevant."
- Luxury Institute

The full version is available from the Luxury Institute luxuryinstitute.com or available via free podcast:

podcasts.apple.com

Benchpeg recommends the podcast as a listen whilst in isolation.

About The Luxury Institute:

Milton Pedraza, Luxury Institute CEO and Global Luxury Expert Network Founder, provides luxury and premium goods and services insights. Luxury Institute is the world's most trusted research, training, and elite business solutions partner for luxury and premium goods and services brands. With the largest global network of luxury executives and experts, Luxury Institute has the ability to provide its clients with high-performance, leading-edge business solutions developed by the best, most successful minds in the industry. Over the last 17 years, we have served over 1,100 luxury and premium goods and services brands. We have conducted more quantitative and qualitative research with affluent, wealthy and uber-wealthy consumers than any other entity. This knowledge has led to the development of our scientifically proven high-performance, emotional intelligence-based education system that dramatically improves brand culture and financial performance.