The Importance Of Luxury Fashion Brands

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Luxury Fashion brands are an emerging concept in Pakistani market today. According to Sherman (2009), luxury brand markets are no longer restricted to western societies but have now expanded to new markets in the East as well. People perceive that ownership of luxury brands can reflects the owner 's social status. Luxury brands have been universally recognized as a declaration of good taste all over the world (Nueno & Quelch, 1998). There are various definitions of luxury brands. For example, luxury brands are defined as products whose price and quality ratios are the highest in the market as compared to other products of the same kind (McKinsey, 1990). Even impoverished people in developing countries, who cannot afford food and shelter on a daily basis, are willing to pay a premium for branded products (Van Kempen, 2004). A clear understanding of the factors that influence consumers to purchase luxury brands is necessary to inform marketers so that they can devise strategies for global luxury brands. Understanding how consumers ' underlying motivations to purchase luxury brands and consumer buying patterns differ by culture and why those differences occur is important for marketers (Bian & Forsythe, 2011). After some market research done, it was estimated that in Pakistan, the clothing, accessories and luxury goods sector accounted for 10.6% of the total retail value in 2009. The sector was seen to increase at an annual growth rate of 7.5% between 2004 and 2009. The

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