The Impact of Luxury Brands’ Marketing Strategies on Brand Awareness and Consumer Decision Making

Abstract

As consumer purchasing power increases, the luxury market is gradually expanding, and competition among luxury brands is becoming increasingly fierce. Different brands have designed innovative marketing methods based on long-term market research and combined with brand concepts. According to the research, This study uses case studies to illustrate how event marketing and scarcity marketing can leverage consumer psychology to increase sales and improve brand awareness and product value. Moreover, This article also provides specific optimization methods for these marketing strategies to reduce their negative externalities and increase sales and revenue. In the event marketing strategy, businesses usually use consumers’ empathy to reach a consensus with them to attract them. In scarcity marketing strategy, merchants use consumers' loss aversion and the scarcity of goods to stimulate consumers' desire to buy. The research significance of this article is to analyze the existing marketing strategies of the luxury market and combine them with modern social media to provide more effective ways of luxury marketing and optimize the luxury market. This article mainly proposes marketing strategies for brands by optimizing consumer decisions and increasing sales of luxury brands. Consumers should also consume rationally and pay attention to distinguishing the pros and cons of brand marketing methods.