In this tough economic climate, some brands may be boosting their event budgets just as others are tapering them off. The Los Angeles Times reported today that marketers behind luxury brands are bolstering their spending on lavish events in order to connect with the rich clients that comprise their core demographic, while mass-market brands are reducing their event spends to correspond with their audience's own shrinking budgets. The report cites local events for Equinox fitness club, jeweler Damiani, and pearl purveyor Mikimoto, and an over-the-top dinner party for American Express in Toronto.
This follows a New York Times story last week that reported that although luxury brands are starting to feel negative effects of the recession, their events have yet to be affected.
