PREFERENCES OF YOUNG
PREFERENCES OF YOUNG PEOPLE TOWARDS LUXURY BRANDS
“Luxury is a necessity that begins where necessity ends.”
Whenever you switch on the television, or flip through the pages of magazines, you are bombarded with celebrity news and reality shows that touch your inner needs to feel beautiful, important and recognized. Those gorgeous people in advertisements tell you that their lifestyle and material possessions like clothes and accessories can make you beautiful as well, and help you to be part of their world. All you need to do is to buy the right fashion brands by the right designers. Then you start to crave for the Louis Vuitton bag or the Chanel glasses. Soon you are hooked by the luxury.
Fashion has always played a significant role in the history of the great civilizations. With the clear differences between social classes the consumption of luxury was limited to the elite classes. The nineteenth century marked the beginning of the luxury goods sector and the start of many of the highly valuable luxury brands that we know today, e.g. Gucci, Hermes, Cartier and Louis Vuitton in France, Burberry in England and Bvlgare in Italy.
Nowadays, the luxury fashion sector is the fourth largest revenue generator in France, and one of the most remarkable sectors in Italy, Spain, the USA and the emerging markets of China, Russia and India. The luxury industry has increased impressively having a huge growth in demand. The luxury consumer is powerful. Consumers have much choice in products, shopping channels and pricing of luxury goods.
The aim of this study is to examine young people’s attitudes, i.e. their beliefs, feelings and purchase intentions, towards luxury brands. The author tries to find out what “luxury” means to young people, what influences their consumer decision-making, and on a small scale, young adults luxury brand awareness.
3 defining factors of luxury:
Luxury is nonessential: Luxury is desired, not needed. In luxury you are at your best. It makes your life richer and more worth living.
Luxury is "hard to get": Its availability is restricted by high price, by small series, by exclusiveness. If you are allowed at all to try and get it, it demands an effort, a sacrifice.
Luxury is superb, inspiring feelings of wonder and excitement: It represents an outstanding achievement, it is a divine experience. You cannot but admire the people that created it. You are so charged up that you must share your experience with others.
What is Brand?
A distinguishing symbol, mark, logo, name, word, sentence or a combination of these items that companies use to distinguish their product from others in the market. Once a brand has created positive sentiment among its target audience, the firm is said to have built brand equity.
Levels of brands:-
Signature brands - These are the most expensive brands in their category. They are personal creations, one of a kind, signed by a highly acclaimed authority or by an artist of supreme status (an outfit created by Tom Ford) Supreme brands - These are products that are produced in limited series, often hand crafted (a Rolls Royce Phantom 101EX car, the service at Tiffany & Co., or a night at the Ritz Hotel in Paris). High End brands - High quality mass production (from a BeoCenter2 music system by Bang & Olufsen to G Collection chocolate pieces by Godiva).
6 P’s of luxury brand marketing
Performance:- Performance refers to the delivery of superior experience of a luxury brand at two levels – first, at a product level which must satisfy the functional and utilitarian characteristic as well as deliver on its practical physical attributes and, second, at an experiential level i-e the emotional value of the brand the consumers buy into – beyond what the product is to what it represents.
Pedigree:- Many luxury brands have a rich...
References: Review of Literature:-
(Hansen & Wanke, 2011) Luxury is highly desirable, but affordable only to a few
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