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Pages:
3 pages/≈1650 words
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5 Sources
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Other
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Business & Marketing
Type:
Research Paper
Language:
English (U.S.)
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Topic:

Femme Moderne Persona-Los Angeles (Research Paper Sample)

Instructions:
Market sizing(tam,som) research paper on the specified millenial group in los Angeles source..
Content:
RESEARCH LEAD; Glenn Trevor0232981500 QUESTION Femme Moderne Persona - Los Angeles INSIGHTS 914400238224Of the 50.5% total women population in Los Angeles, 0.92% to 1.5% of this represents the women who fit the profile of Femme Moderne which makes up to 18,178 to 30,420 females. 914400152499Los Angeles is the city with the second-largest total available market(TAM) for women's luxury fashion brands with a social cause after New York. 1/4 FINDINGS The Femme Moderne is a woman in her 30s, who is social, inquisitive, bold, fun, and in the know. She does not want cheap, trendy fashion brands, but wants fashion that reflects her personality and luxury. The following calculation provides an estimate of the quantity of women in Los Angeles that fit this persona. The total population of females aged 30-44 years in Los Angeles is 437,000. The number of employed women who fit in this age group is 298,000. The number of women are between 30-40 and buy luxury products in Los Angeles is 18,178. Thus, the concentration of women in Los Angeles who fit the profile of Femme Moderne based on income, is 0.92%. Based on personality traits, 1.5% of females in L.A. fit the profile of Femme Moderne. Los Angeles city population We begin by identifying the general population of Los Angeles. There are 3,918,872 (1) people in Los Angeles. 50.5% (1) are female, which brings us to the total women population of the city (50.5%*3918872)=1979030. I tried to get the population of females who lie in the age of 30s but only a range could be viable, thus I considered the bracket 30-44 for this matter. Clearly this age group will fall as millennials so I used data that is applicable to the US millennial luxury markets data and trends. I also noted millennials are also considered large market for luxury brand. Total Population aged 30-34 years is 329000 (1); out of which 48.2% (2)(158,578) are female. Total Population aged 34-39 years is 291000 (1); out of which 48.7% (2)(141,717) are female. Total Population aged 40-44 years is 280000 (1); out of which 49.6% (2)(138,880) are female. Which leaves us with the estimated total number of millennials in Los Angeles to be(158,578+141,717+138,880)=439,175. los angeles wage/income distribution According to DATAUSA, the % of females in Los Angeles with income above $150K is 6.1% which is distributed as follows; between $150K - $160K (1.2%) (5) between $160K - $170K (0.6%) (5) between $170K - $180K (0.5%) (5) between $180K - $190K (0.5%) (5) between $190K - $200K (0.2%) (5) above $200K (3.1%) (5) The rate of employment recorded with this group of millennials records as follows; 2/4 % of employed females aged 30-34= 69.6% (4) % of employed females aged 34-44= 67.4% (4) thus, employed Females within age group 30-44 years ={69.6%(158K) + 67.4%(141K + 138K)} which results to 298,000. Since American luxury consumers have incomes over $150,000, I used the trends and statistics for millennial luxury buyers published by credible Forbes and Deloitte to calculate the number of employed females who fit the profile of Femme Moderne as per income as shown below; Employed Females within age group 30-44 years with income above $150K = (6.1% of 298,000) 18,178 of the total 1,959,436 women population, which adds up to 0.92% of profile Femme Moderne females{(18,178*100)/1,959,436}. LUXURY SHOPPERS IN LOS ANGELES According to a survey by Deloitte, 55% of US millennials (4) want to purchase luxury brands out of interest. Of this general population, 163.9K (4) are women buyers i.e (0.55 * 298K). According to "the millennial mindset", 21.4% (4) of them want to treat themselves, another 18% (4) aim at making themselves feel good and 16.3% (4) are buyers of luxury brand because of great quality. The calculated the average population that buy luxury reflecting their personality traits as, (21.4%+18%+16.3%)/3=18.5...
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