research paper

Topics: LVMH, Luxury good, Gucci Pages: 4 (1633 words) Published: January 28, 2014

A young woman in Tokyo pays 243, 000 Yen for a Louis Vuitton suitcase embellished with the company’s classical design. A continent away, another woman purchases the same suitcase at the company’s store on New York’s 5th Avenue for the equivalent price of 3,000 in dollars. For decades, luxury brands such as, Chanel, Gucci, and Louis Vuitton, have created a desire to consumers around the world desire to become an owner of their exquisite products. In understanding the strong desire globally to own products of such brands, one must inquire what motivates the purchasing of luxury goods. According to the American Heritage Dictionary of the English Language, luxury is defined as (1) “something inessential but conductive to please and comfort” or (2) “something expensive or hard to obtain”. In contrast with necessity goods, luxury products are typically more costly and are often bought by individuals that have a higher disposable income or greater accumulated wealth than the average person. Is it that luxury goods offer its consumers a feeling of exclusivity, where the items purchased are only exclusive to those who can afford them? Could it be that purchasing luxury goods psychologically enhances one’s self-assertiveness of not only feeling good psychologically, but also fitting in amongst peers? Or, is it that consumers have a genuine appreciation for products of high quality? Whether it is the feeling of exclusivity, self-assertiveness, or a genuine appreciation for product excellence, these are some of the most popular reasons why consumers find luxury brands desirable, motivating them to purchase such products. Exclusivity has always been connected to luxury brands. In a qualitative research study organized by Rohit Arora, a strategic planning director at Bates Pan Gulf, a consumer stated: “ I like things that are exclusive and specialized like the really top suit brands and ties. You know, where one tie is the price of a good Armani suit, but that...

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