Luxury Fashion Brand Analysis
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 …show more content…
Devised from this data it is said that in last four years, which are presumed to be the worst years for Pakistan’s Economy, the number of billionaires in Pakistan increased by 50% to 36,500 from 24,000 in 2008. These figures show that the highest tier of the socio-economic group of the country has gone richer and can afford to spend more money on highly priced luxury brands.In recent years, the opening of new luxury fashion brand stores in almost all the main shopping areas of most societies, it can be seen that the trends in Pakistani luxury fashion brands market are changing. The fact that there is an acceptance for products that are so highly priced means that luxury brands can now afford to risk avenues of conducting business in Pakistan. The inflation rate in Pakistan was recorded at 7.88 percent in July of 2014. And since 2005 the GDP has been growing an average 5 percent a year recorded as per Pakistan bureau of statistics. The rising inflation rate and political turmoil and unrest do not seem to affect the buying habits of people. There are two types of luxury products …show more content…
The present study makes contribution in two important ways. First, the study contributes to the body of literature for Pakistani luxury goods consumers by addressing the forces which determine the luxury fashion consumption market. Second, the findings of the study would provide both practical and empirical insights to luxury brand firms which plan to enter and/or expand business in Pakistan by indicating the key determinants related to Pakistani consumers’ appetite for luxury fashion
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