Luxury brands in dynamic times

Interdisciplinary discussions around the concept of luxury have been ongoing for centuries and is reflected in the history of many of the great civilizations. While definitions and experiences of luxury vary according to writer and individual, the discussion of luxury brands and their management have also been explored in depth. This chapter explores the management of luxury brands in dynamic times such as the changing times of the past few years which included a global pandemic, outbreaks of war in various countries, cost of living crisis and turbulent political conditions. We start by bringing the definitions of luxury together, exploring the drivers of luxury consumption and discussing the impact of dynamic times on luxury consumption behaviour. The aim of exploring the various socio-economic, technological and consumer-based changes on luxury brands is to determine the methods of being proactive in managing luxury brands. Proactivity is essential in these times for luxury brands to maintain their viability, profitability and timelessness by embracing the dynamics of contemporary society.