If you’re someone who’s interested in working for big name brands such as Dior, Ferrari, Versace, and more, then opting for a degree in luxury brand management could be the right choice for you. Such a degree will allow you to work for the luxury companies you like, and you can play your part in growing them.
Now, it’s understandable if you have a few reservations about entering the luxury industry. Questioning the buying power of a consumer and if it’ll continue is a valid concern. In recent times, the world has undergone dramatic changes.
Due to the global recession, numerous small brands have been struggling. The inflation of assets because of the recession has outpaced wages while the beneficiaries of stock market and real estate gains have been a driving force in economic growth.
The downfall of the purchasing power of the Euro in 2015 continues to harm the continental consumers while the situation in the US has completely changed. Middle-class shoppers aren't able to purchase larger vehicles. Similarly, in China, there has been a surge in the number of high-income and middle-income consumers.
So is it a successful degree?
You should know that despite the economic crisis going on around the world, the sales of luxury products only continue to grow. Luxury brands are now more than just a status symbol; they are considered a symbol of dreams, taste, advantage, privilege, and above all, success. Therefore, the success of the luxury industry is heavily dependent on brand managers that can understand and grow the sector.
Sought-out luxury brands tend to be no longer appealing if they’re readily or cheaply available. People that have a passion for all the finer things in life will find that specializing in luxury brand management in a way to make their degree distinct.
It's important to note that the educational pathway to luxury brand management differs from many other specializations. However, it will require a passion to learn and the determination to see things through the very end.
Future of luxury brand management
As more people realize the meaning and the importance of the different luxuries of life, the luxury sector has continued to thrive. While the global market is continually changing, one thing remains constant, and that's people's attraction towards luxury.
With more and more luxury brands springing up, luxurious products have become more attainable, and this trend is only predicted to grow.
For those thinking of pursuing a degree in luxury brand management, they should know that there are going to be numerous career opportunities for them. With such a degree, you not only qualify yourself to become a brand manager, but you can also become a marketing consultant or a product manager.
What will you learn through the luxury brand management degree?
Students pursuing a degree in luxury brand management are provided with the skills and knowledge needed to deal with the continually changing financial situation. It's true that the luxury industry is a challenging and trending field; however, you can get to interact with the world of luxury closely.
You can understand the expertise, culture, and business areas related to the industry in a much better manner. If you have always had a keen interest in a luxury chain along with its value distribution and management, then a degree in luxury brand management is ideal for you. With it, you can understand the industry as a whole in a much better manner regardless of whether you are a fresh beginner or an experienced manager. Also, you can attain the business and creative skills needed to succeed in the luxury industry which is considered to be one of the quickest growing fields in the global business world. You'll learn all about brand management and design in a variety of industries, ranging from fashion and automobiles to yachts and perfumes. You'll also get a chance to understand how the luxury market has evolved in previous years and how it'll continue to grow.
Apart from understanding the entire concept of luxury, you'll also learn the specific characteristics involved in the luxury industry. This also means you'll learn the value of the brand in the luxury business. Moreover, you'll get the concept of product and pricing in the industry.
Further study areas also include retail management and strategy along with the method of dealing with communication as well as the external relations activities in such an enterprise. Lastly, you'll also be learning the future of luxury brands and where they're heading.
Students get the chance to learn from academics along with extensive industry experience. They get exceptional learning opportunities like visits to prestigious luxury brands, talks from speakers from big companies, and the chance to work on a consultancy project in a real firm.
All in all, after graduation, you'll be ready to take on a career in the fascinating international industry of luxurious products and services.