Der Beitrag von Storytelling zum Aufbau einer Luxusmarke

Abstract

Sales in the luxury sector have been growing strongly again since a low point during the coronavirus pandemic. The purchasing power of younger consumers is increasing and luxury brands now have to deal with the growing complexity of the multi-generational society. Brands need to be creative in order to further expand their customer base. More than ever, brands are struggling to get the attention of consumers. Storytelling is proving to be a promising technique for this. Stories help people communicate and understand better. In order to answer the question of how the luxury industry uses storytelling to build its brands, the two aspects of "storytelling" and "luxury brand" were considered separately at the beginning of the study. A comparison of literature made it possible to define the term storytelling, to work out the success factors and to show the impact and benefits. Furthermore, it was defined what a luxury brand is, what its characteristics are and how it differs from a premium brand. It was explained why storytelling is important for luxury brands, what benefits it brings to this special type of brand and what content is suitable for it. Two case studies are presented in the second part of the paper. The two luxury brands Rolex and Hermès are analyzed. The analysis builds on the success factors developed in the literature review. The literature review in combination with the case studies shows that storytelling is a successful strategy for building luxury brands. More than conventional brands, luxury brands live from telling stories and thus creating a brand or dream world.

Date of Award	2024
Original language	German (Austria)
Supervisor	Harald Rametsteiner (Supervisor)