Concept Of Luxury And Luxury Goods (Dissertation Sample)
The research has aimed to assess the impact of the attitude of the consumer towards the luxury brands, this industry has been expanding for ages the interest of human beings to buy the luxury brands have multiple predictors as it is related to the human psychology, high self-esteem and other such factors that includes socio-economic status too. I wrote it for one of my client.source..
The research has aimed to assess the impact of the attitude of the consumer towards the luxury brands, this industry has been expanding from ages the interest of the human beings to buy the luxury brands have multiple predictors as it is related to the human psychology, high self-esteem and other such factors that includes socio-economic status too. The luxury brands are evolving and growing with a higher pace due to the social media marketing and globalization. The total revenue of the luxury brands on global level is 350 billion US dollars which is growing with a high pace of 4% annually while the luxury fashion brands only constitute 110 billion US dollars on global level (Achille, & Zipser, 2020). The impact of the attitude is the significant predictor of the consumer behavior and due to the vastness of the luxury brands; this topic has been selected to be explored by the present research project.
The goods which are not essential for living but is owned for self-grooming, self-worth, status and which has extensive want and desire by the well to do people is luxury goods. The luxury sector is the fastest growing which includes The Fashion, auto, property, Eyewear, jewelry, beauty and Beverages. The luxury fashion apparel is the top performing sector among the rest. Luxury goods are considered as sign of royal status, high privilege and Success (Eastman, et.al, 2020). Despite of the economic crisis around the world, the sale for the luxury good is never changing. The only sector that is constant and has the unbeatable growth is the luxury sector. With the fact of poor turning poorer and rich turning richer clearly shows with the increasing income of the higher upper class, the capacity and the capability of the upper class is more towards the purchase of the luxury goods (Ramadan, et.al, 2018).
The luxury goods are not an essential Need but a Strong Wants of every class of the society. It is an over budget good hence the buying power and the affordability might not be the same for section of the society. Purchase of any luxury product arises only when the ability to pay and willingness to buy complies with one other. Hence luxury goods are wanted by all but is enjoyed only by selected peoples having good earning capacity. If we leave the question of affordability of the luxury goods and just ask randomly to every section of people whether if buying power is not the problem than would they i-e will a women think of buying a Louis vuitton hand bag for her mom? Will a Man think of buying a Prada shoes for his dad? The answer majorly would be yes because the consumer loves brand. The modern consumer what they want is a quality branded product but at an affordable price. There is certain section of consumer though they are not able to buy the luxury goods but have great interest in studying and gaining knowledge on luxury brands they are called luxury brand enthusiast. We often find among the youth of today between the age group 25-45 years they discuss about luxury fashion accessories & apparel, luxury jewelry, eyewear &watches, Luxury auto & property and Beverages. They might not be in the position to buy it but have great interest in knowing about the product (Goldstein, & Carpenter, 2021).
1.2 Concept of Luxury and Luxury Goods
Luxury has been around since the beginning. Around 100,000 years ago. Luxury goods starts through the classes, and luxuriousness as we know it today emerged from the austerity of the 1920s, also known as the Roaring Twenties, when the industry benefitted from technologies like assembly lines and mass production. “A regularly growing market located at the near the top of the scale, focusing on products which are not necessary, but pleasant and satisfying to possess.
The term “luxury” is driven by the Latin word luxuria, which refers to a state of great comfort or ease, especially when it involves a great deal of expense. Luxury is not essential for living but it’s made the life of every person more comfortable. Luxury depending on the earnings of the person if a person earns well so they want to live a luxurious life and spend their income to make his life better. A way to define luxury is the thing you want instead of the need it is not necessary but desirable. It’s also different from person to person, For example, a person considers”a car or any personal vehicle “as a luxury but another person takes it as a necessity (Eastman, et.al, 2020).
In this world where most the people want to live a very prosperous life but it’s hard to obtain It because it’s all about the wealth of the person if a person who is not financially stable usually doesn’t buy luxury goods a maximum no of income spend on the needs of life. Buying luxury is directly proportional to the wealth of a person. The demand for luxury goods is increasing according to income, but not every wealthy person lives a luxurious life it depends on the choice of the person. Luxury goods are very expensive and not affordable to everyone but most of the people whose income is not as good still purchase expensive things to fulfill their desires (Ramadan, et.al, 2018).
1.3 Luxury Fashion Industry
The luxury fashion industry plays an important role in communicating their brands through their personalities, but others rely on associating with carefully chosen public figures, who transfer their qualities onto the brand and drive attention. Luxury brands have always relied on exclusive and exceptional shopping experiences to create a more intense connection with consumers and leave positive associations. People buy luxury goods for a variety of reasons; nearly all of these reasons are related to the strong emotions that we attach to the purchase of expensive material goods. For some people, luxury goods are the ultimate retail therapy. Fortunately for luxury brands, the Internet has made them easily accessible for impulse shopping. A sense of accomplishment is another reason why some people buy luxury goods. Luxury fashion industry worth in the latest the year 2020, the global luxury market was valued at approximately 71 billion U.S. dollars and was forecast to reach a value of 278 billion U.S. dollars by 2031 (Goldstein, & Carpenter, 2021).
Source: (Ramadan, et.al, 2018).
The global luxury fashion industry is gaining momentum significantly with the rise in the number of high-net-worth individuals, the growing popularity among the young population belonging to the millennials and Gen Z generation, increasing brand loyalty among customers, and increasing association of luxury brands by the individuals. The rapidly changing technological landscape and the growing adoption of technology such as augmented reality (AR) by the fashion industry, supported by the growing penetration of digital channels across developing markets, provide new growth opportunities to vendors. The following factors are likely to contribute to the growth of the luxury fashion market (Ramadan, et.al, 2018).
* Leveraging augmented reality
* Growing inclination towards
* Sustainable products Internet
* Shaping purchasing behavior
* Increasing acceptance by millennials & Gen Z population
* Growing high net worth individuals Growth in travel & tourism.
1.4 Indian Luxury Fashion Industry
The fashion industry of India is best known for its colorful and its heritage. This fashion trend has been changed over the time. It changes from Ethnic to western cultural dressing to high street fashion hence Indian fashion Industry has got a lot of transformations. In the century BC, Herodotus a Greek historian worked on the productivity of cotton clothes in India. In ancient civilization or going back to Mohenjadaro civilization, the earliest recession was seen. In the statue of Mother Goddes wearing a piece of cloth. This is 2nd century AD, the clothes were changed in the southern part of India and they started to wear Muslim clothes the people started to wear British Industrial clothes. At that time “Khadi” has been developed as a handwoven material that was boosted. 1920 was also known as the “Roaring Twenties because women discarded the fashion trends and started wearing comfortable clothes like trousers and skirts. Around the thin time, the trend to wear sarees has been started having mid sleeve blouses (Kim, & Yoon, 2021).
From the 1980s to the 1the 990s women used to focus on glittery costumer jackets, and chiffon sarees in vibrant colorIn the 21st-century people are moving toward different brands, women became independent and wandered to wear branded parts, short skirts, and bold costumes. With time, Indians increase their interest in different brands. Especially those clothes that are made in India, as India is the land of many cultures, so most people diverted their interest from traditional culture to western culture and those brands. Indians are most responsive to profitable brands because Indians have very well-defined expectations and mostly these brands fulfill all the demands of the consumers (Ramadan, et.al, 2018).
1.5 Luxury Fashion Brand
Luxury is no longer what it once was. Trends are more important to younger generations' evolving consumer ideas than conventional symbols. "The most noticeable difference I've noticed is that luxury businesses place a greater emphasis on being current and fashionable. "You realize that market products aren't timeless at all," says Gachoucha Kretz, an affiliate professor of marketing and brand management at HEC Paris. "[Brands] impact trends, and cycles get shorter and shorter." Ac...
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