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The covid-19 crisis, beyond destabilizing the economy and global welfare, has caused international fashion houses to cut their marketing investments by 30 to 80% to address these devastating consequences that have marked the global economy. Has the death of paper arrived yet?
The ravages of the coronavirus in the magazines and newspapers associated with European luxury brands are already a fact. Without a source of income, fashion Bibles have had to mark the decline in their luxury advertising budgets. Neither Cartier, nor Fendi bags or Versace dresses.
According to the marketing agency Digital Luxury Group, high-end companies have cut their advertising budgets by 30 to 80 percent. The pandemic could accelerate the shift to digital marketing by one of the last sectors to devote significant advertising expenditures to newspapers and magazines.
‘No one knows if luxury brands will invest in print ads as much as they did before the pandemic’, said Digital Luxury Group CEO David Sadigh. ‘We are already seeing more flows into digital as it reduces costs. This will continue as more brands develop e-commerce and as they seek more direct return and measurable media results’.
Y es que, cuando las tiendas se encuentran cerradas, es un sin-sentido anunciar los productos que los consumidores no pueden comprar. La reactivación de las tiendas físicas ya es una necesidad para esas empresas del lujo que están viendo en directo la desestructuración de sus pilares. Pero, ¿qué hacer en estos casos? Cómo en todo, el mundo digital / online es la solución, como ya la fue para el relojero suizo Breitling, quien cambió su enfoque de los anuncios impresos a la comercialización digital durante los cierres.
When stores are closed, it is meaningless to advertise products that consumers cannot buy. The reactivation of the physical stores is already a necessity for those luxury companies that are seeing the destructuring of their pillars live. But what to do in these cases? As with everything, the digital/online world is the solution, as it already was for Swiss watchmaker Breitling, who shifted his focus from print ads to digital marketing during closures.