The covid-19 pandemic has had unexpected consequences for the world. What no one saw coming was the rise of revenge spending due to the pandemic. Revenge Spending refers to the consumers’ behavior of spending a lot more than they did before the pandemic. Revenge spending is believed to have been emerged from the consumers’ frustration at being isolated and locked without the ability to spend money on food and new clothes.
The rise of revenge spending has led to an increase in the prices of luxury items such as watches and jewellery. The brands have been quick to take the benefit of consumers’ increasing spending habits.
Jewellery and watches have witnessed a surge in prices. In the US, the jewellery’s cost increased from last year’s 7.4% to 6% between February and March 2021.
Likewise, the cost of watches has increased from 4.3% in the last year to 2.4% in March 2021. This represents the impact of revenge spending and increased demand on the prices of luxury items.
However, with the rise in revenge spending, there has been an increase in consumption downgrade as well. Consumption Downgrade can be defined as the increased cautious behavior of the middle-class consumers. This caution was a consequence of the unactive economy and overpriced Starbucks drinks and designer clutches.
Due to the pandemic, consumption downgrade, as a term, has become popular on social media due to the uncertain global economies, leading to an impact on the prices of essential goods.
But what does this mean for brands? Brands can investigate and analyze the current trends of revenge spending and consumption downgrade to make informed guesses about the future spending behaviors of consumers. It will allow them to reposition and represent their brand by effective marketing strategies, appealing to audiences effectively.
Poh Heng Jewellery – The Unbreakable Bond Between Weddings, Traditions and Gold Jewellery
With containment of Covid-19 cases, there has been a return to the celebration of life. One essential part of celebrating love, life, laughter, and joy is weddings. Weddings are an occasion of union of love, families, and relationships. It is an important event, not just for the bride and groom, but for their families as well.
Traditionally, a wedding has been the occasion to meet family members and share in each other’s happiness. The families and relatives of the bride and groom bless their union and say prayers for their future life.
With an increase in modernity, fashion, style, and class, the wedding has also become an event where sums of money are spent. People book luxurious halls, hotel banquets, wear branded clothes and match them with expensive gold and silver jewellery.
Gold jewellery have always been an important part of wedding occasions. Bride’s family gifts her gold jewellery which shows their wealth. Groom’s family and relatives also gift the bride gold jewellery to represent how well they will take care of the bride. Gold jewellery have both traditional designs and modern designs catering to both aspects of a woman’s respect for heritage and daily fashion need. Let’s be real, GOLD never goes out of style.
Many brands are utilizing the consumers’ increasing desire for gold and silver jewellery, catering to the needs of traditional and modern customers.
Similarly, Poh Heng Jewellery, a traditional brand that has been part of our ancestors’ culture and represents Chinese values, is actively working to reposition its brand to cater to the needs of modern women.
Poh Heng Jewellery’s campaign of October 2021 represents its creative blend of modernity and emotional appeal to attract customers. As visible in the picture, Poh Heng Jewellery’s 2021 October campaign celebrates love by accepting and embracing modern women. It brings in the touch of traditional and cultural values of China to represent how China is evolving by accepting modern women.
Kudos to the marketing team in Poh Heng to bring out the best in a billboard by using strong contrasting block colours that brings out the woman as both the bride and the fashionista when choosing their bridal jewellery. What I love about the billboard is also how Poh Heng celebrates different types, cultures of the brides – GOLD spans across cultures and is definitely something that people will continue to buy regardless of consumer mindset post-pandemic!
Poh Heng Jewellery’s effective marketing campaign not only shows how it is keeping up with the modern times and bringing innovation in its jewellery design and styles, but it also represents the brand’s awareness of the changing dynamics of the country. It, therefore, shows its acceptance of the changing world, allowing modern women to find themselves in the attractive jewellery of the brand.
Poh Heng Jewellery highlights the value of its amalgamation of traditional and modern gold jewellery, especially on the wedding day. It invites its customers to keep the legacy of their ancestors alive by investing in special and unique pieces of jewellery.
Tudor- How Do They Stand Out?
While Poh Heng Jewellery caters to its consumers by representing its relevance to and need for the modern woman’s life, Tudor advertises its luxury watches during the festival season to appeal to the local Singaporeans and to develop a strong affinity with the Singaporeans.
For its effective marketing campaign, Tudor chose the Chinatown area in 2021 and 2022 to promote and popularize its brand during the two biggest festivals of the season. For the Ox Year and Tiger Year in 2021 and 2022 respectively, Tudor has made the most of its billboard, displaying its magnificent brand ambassador David Beckham. Their billboard design made use of the same location that Poh Heng used and the large canvas allowed Tudor to feature David Beckham and their watch design in full glory with minimal distractions on a 24/7 basis over Chinese New Year this year.
Tudor’s Billboard – Ox Year 2021
Tudor’s Billboard – Tiger Year 2022
Both the Singaporean locals and tourists, while enjoying the lights and colors of the festival season, will come across the billboard featuring Tudor, leading to increased consumer interaction and purchases.
Since tourists enjoy shopping in Singapore, Tudor has benefitted from its creative outdoor advertisements during the festive season for a long time. However, the pandemic has reduced traveling and tourism to a large extent. Therefore, Tudor is now actively investing to create affinity with local Singaporeans using Outdoor Advertising.
Luxury brands create and build affinity with their audience. Brand affinity stems from forming an emotional bond with the customers. When you develop and forge a strong bond with your customers, you encourage them to buy your products quickly.
You can build brand affinity in several ways. Some of these ways include providing your customers with a pleasant shopping experience, providing them with relevant information on your official social media platforms, outperforming your previous marketing campaigns, etc.
Tudor knows how to develop brand affinity and form an unbreakable emotional bond with its customers. Consider Tudor’s effective marketing campaign of 2021. Tudor also worked on its Christmas campaign in 2021 to build affinity with Singapore’s local community.
For 2021, Tudor was the official timekeeper of Orchard Road Christmas light-up. Tudor collaborated with The Hour Glass to install 30 glass panels along Singapore’s shopping area and 20 speakers.
Tudor’s Christmas Projection Show took place on the Orchard Road every night until Jan 2, 2022. Tudor was also responsible for Christmas Countdown and New Year Countdown as part of its effective marketing campaign.
Tudor’s Orchard Road Campaign of 2021 developed its positive image in the minds of Singaporeans and tourists alike. Many customers were pleased to see such a huge luxury brand investing in and taking a part in the festivals of their country. Tudor, thus, effectively makes the most of outdoor advertising during the festive seasons.
Begin Your Journey Towards Effective Marketing
Learning from the creative and effective marketing campaigns of these brands can inspire you to keep up with the changing times. If you, too, are ready to take your marketing and branding strategies to the next level, feel free to reach out to The Perfect Media.
The Perfect Media is highly professional and has the relevant experience to help you use Outdoor Advertising to your benefit. The Perfect Media combines the current trends with your brand’s unique features to create an outdoor advertisement that appeals to a large audience. So let’s get started and drive business to your brand!
