The Luxury Fashion Industry

789 Words4 Pages

Abstract

An understanding of the consumer groups is important for the luxury fashion industry to expand in this harsh business situation.
This study examined influencing factors that affect Hong Kong consumers’ attitude towards symbolic consumption in luxury fashion good.
Data was collected in Hong Kong and online. A total of 100 respondents were included of both sexes, within 18-67 years old and a variety of occupations, religious status and education background. Convenience Sampling will be chosen.

1. Introduction
An understanding of the consumer groups is essential for the luxury fashion industry to survive in an ever-changing business situation, together with ever-rising production and operation costs, and extremely keen competition, …show more content…

What is more important, those researches seldom talked about the factors of personal values affecting the symbolic consumption of luxury fashion. Hence, this study tries to fill the gap by examining the impact of personal background, values and social recognition of the local consumers. It is observed and generally agreed the purchasing intention of Hong Kong people is, to a certain extent, affected by other’s thought and what is accepted in society. These factors will be studied to see if they are really influential and determinant, and will be further examined in case …show more content…

Research Quesiton
To fulfill the aim and purpose of this study, the author has formulated the research question, basing on the background and problem statement as the following:

 To determine the factors affecting the consumption behaviors of Hong Kong people in purchasing luxury fashion

3. Hypothesis
Based on the literature review and in conformity with the research questions, the following hypotheses were generated.
Indending consumers will make their purchase decisions because they believe:
H1. Luxury goods are exclusive goods of high quality and craftmanship.
H2. Luxury goods can bring them reputation and gain recognisibility of wealth, social status and prestige. Luxury goods reflect the rank and position of a person in a company/organisation.
H3. Luxury goods can help building up outstanding image among peers.
H4. Luxury goods can show they have good taste and can enabe a person to define oneself as one wishes.
H5. Luxury goods can enhance their confidence and raise their self-esteem.
H6. Consumption of luxury goods will be affected by a number of other factors such as their income level, age, gender, religious status, job nature, education attainment and

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