(4) The luxury brand market
Whatever the Queen wears, eats, visits or even holds on to instantly increases in value, and it is mostly British. When it is seen on or near the Queen then it is wanted by millions around the world. In luxury brand marketing, heritage is a critical resource and is perceived as a key attribute of brand authenticity and brand aura.
In addition, our research on the consumer’s authenticity evaluation of luxury brands shows that they are characterised by a founding myth, history, craftsmanship and a link to the leisured class, something that the Queen certainly helps British products embody.
Read more about the impact of the Royal Family:
- How royal baby Prince George powered a multi-million pound UK business
- Royal business: Meet the world’s entrepreneurs with blue blood
- Obtaining a Royal Warrant: Everything you need to know
(5) A way to ensure the luxury goods markets doesn’t decline
The global luxury market was estimated to be worth €230bn in 2014, however, shares in such firms have dipped due China’s economy showing signs of slowing down – Chinese consumers now make up 30 per cent of luxury sales.
But British products and services have bucked the trend by re-affirming a link to the Queen and the country’s royalty. This has helped insulate firms losing any lustre due to over exposure in the global marketplace and outsourcing of production to other countries. There is a trickle-down effect of shoppers looking to emulate the luxury lifestyle, but the conspicuous consumption of middle-class consumers is threatening the very essence of luxury being exclusive.
The link to the most important British royalty reaffirms to consumers the brand’s authenticity and reminds the public of the golden bygone age.
Elsewhere, Nottingham businesswoman Louise Third suggests that our businesses would flourish if we adopt just a few of her Majesty’s leadership qualities.
Qing Wang is professor of marketing and innovation at Warwick Business School.