How experts in the field of marketing and marketing research assess the emergence and development of a product, so that it transitions from an ordinary commodity to a luxury brand. These factors include high income level, refined taste, established social status, and loyalty to the brand itself.
Maintaining a leading position in the market becomes a challenging task, as any change in these four pillars of the brand can jeopardize it. This has become particularly evident in the example of brands trained on the backdrop of the coronavirus pandemic and in the period before and after it. This trend is becoming even more pronounced in the light of economic and geopolitical complexities that have become intertwined and complicated. We are in a trade war that has ruined the foundations and principles we used to build, even quite recently.
