Trump hotels are slashing their rates to try and maintain occupancy, and similar stories are emerging from other corners of the Trump brand-licensing empire held to be the source of The Donald's wealth. The simple answer is that he's just ruining his brand, but it may be truer to say that his political base is becoming his clientele.
The Republican nominee for president is in danger of losing not just the election, but something dear to a man who claims the marketing value of his name alone is worth $3 billion: the many customers, mostly wealthy, who have stayed at his hotels, played a round at his golf courses or held galas at his oceanside resorts.
Experts say the Trump brand is tarnished and at a tricky crossroads as his appeal shifts from the well-heeled, high-income people he has long courted to a more middle-class base, including the fervent fans he cultivated during the campaign.
There is speculation that he could start a Trump media network as a right-wing alternative to major news outlets, drawing money from advertisers to make up for any weakness in his empire elsewhere. But he may have to pivot fast.
"The current trajectory is very harmful to his businesses," said Scott Galloway, a marketing professor at New York University. "Right now his brands cater to the affluent, who are disproportionately turned off by his activities."