With the luxury goods market constantly growing, understanding the consumer’s behaviour and the factors influencing the purchasing decision-making process is crucial. By understanding the consumer’s behaviour among buyers of luxury goods in times of crisis, this paper can propose a series of measures that could improve the marketing mix and marketing strategies for the companies involved in the luxury goods market, from large manufacturers to retailers. The negative effects of the economic recession caused by the Covid19 pandemic led to the necessity to recognize the changes in the consumer behaviour that may have a lasting impact, and they definitely will. Economic crisis has a significant impact on consumption practices and the way consumers justify their consumption patterns.
- Type: Review Article
- Published on: 9th January, 2021
- Keywords: Crises; Luxury goods; Consumption; Sales; Marketing behaviour;
- Pages: 9-14
- Received: 8th December, 2020
- Final revision and acceptance: 8th January, 2021