Is There a Place for Luxury During Wartime? Insights from the Ukrainian Luxury Watch Market

Nataliia Kochkina (), Michela Floris () and Borys Kharchenko ()
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Nataliia Kochkina: University of Cagliari
Michela Floris: University of Cagliari
Borys Kharchenko: Taras Shevchenko National University of Kyiv

Chapter Chapter 6 in The Evolution of Luxury Brands, Volume II, 2025, pp 155-193 from Palgrave Macmillan

Abstract: Abstract The luxury marketLuxury market, defined by its aspirational qualities and symbolic significance, has shown notable resilienceResilience during economic downturns, geopolitical tensions, and social disruptions. Luxury items differ from everyday goods in that they fulfill dual roles: they act as tangible investmentsInvestment while also providing emotional satisfaction, thus delivering both material advantages and psychological fulfillment to individuals. This duality has enabled the luxury marketLuxury market to sustain relevance and demand during turbulent periods, as demonstrated during the 2008 financial crisisCrisis and the COVID-19 pandemic. Studies indicate that high-net-worth individualsHigh-Net-Worth Individuals (HNWIs) and affluent consumers frequently perceive luxury consumptionLuxury consumptionConsumption as a means of escapism, emotional solace, and status maintenance. Concurrently, brands effectively utilize digital innovationsInnovation(s) (Sanz-Lopez et al., 2024; Tam & Lung, 2025), non-fungible tokensNon-Fungible Tokens (NFTs) (Chen et al., 2025; Kim et al., 2025), and customized marketing strategies to create a luxury brandLuxury brands personality (Balabanis & Karpova, 2025) and secure the authenticity of their products.

Date: 2025
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DOI: 10.1007/978-3-031-96680-4_6

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