“Luxury brands have a heightened status that affords an opportunity for their owners to charge premium prices” (Jackson and Haid, 2002). “In addition to high price, luxury brands feature excellent quality and specialized distribution channels” (Kapferer 2001). In accordance with the International Journal of Retail and Distribution Management (2013), “from a subjective point-of-view, the term luxury refers to things you have that I think you
Market Segment & size One characteristic according to the case was that the luxury industry targets a market segment of high income earners who do not compromise on style, uniqueness and quality. The case described high income earners as those with income levels ranging from $300,000 and above. This market segment can be found in developed countries such as Europe and United State, which by estimation worth over $105 billion in 2005 and was expected to grow at 7% to reach $112 billion in the following year. However, firms in the luxury goods market are spreading their tentacles to other countries from emerging markets such as India and China. They are able to capture this market using the affordable luxury goods strategy.
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.
Another way to differentiate between the definitions of luxury is by looking at the criteria that different individuals use to distinguish one luxury product from another. • In terms of production, the manufacturers themselves decide whether they want their products to be a part of the luxury world. Accordingly, they make sure a luxury product is the work of a careful craftsman, sold in a sophisticated environment and promoted in an exclusive way with major emphasis on the description of the brand and its core values. However, at a different level, Hugo Boss is perceived by the general management of the brand as a very sophisticated way of manufacturing and selling slightly upscale fashion products. And from the point of view of Zara management,
Luxury products can reflect different degrees of luxury and distinctive (Vigneron & Johnson, 2004). Silverstein and Fiske (2001) argued that the luxury market is considered as a substantial segment in which growth in luxury consumption has been brought on by social and business factors. Luxury goods are not only demanded in the Western world, but also in emerging countries like China, Korea, India, and the Middle East (Tynan et al., 2009). There are many types of luxury products, such as fashion goods, perfumes and cosmetics, wines and spirits, jewelry and others (Jackson, 2004: Chevalier & Mazzalovo, 2008); different individual preferences in consumption of luxury products depend on types of luxury products. Among the variety of luxury products perceived as important to consumers, cars are one of the most important in terms of ownership (Hupfer & Gardner, 1971).
These people might be looking for the following benefits:- 1. Self-directed pleasure: the hedonic experiences of using the product for one’s own pleasure 2. Self-gift giving: the use of a product for its utility that may enhance one’s emotions 3. Congruity with internal self: the brand image is the reflection of one’s own personality Casaburi (Casaburi 2005) in his paper about the influence of culture on luxury products talks about the difference in motivation for the people in different culture. In emerging economy like China which is seeing a growth in western luxury products recently, people feel that luxury brand is something that gives them social status and acceptance in elitist groups.
Abstract The concept of luxury has been present in various forms since centuries. It was even prevalent in the ancient times as well. It clearly differentiates between social classes.The purpose of study is to understand :- the growth of luxury market in India and abroad,to define the profile of Indian luxury customers,to study the luxury industry with respect to luxury watches and suits,to study the purchase behaviour of luxury customers with respect to luxury watches and suits,and what motivates them to buy these products.A secondary study is done about theluxury market globally and in India,the profile of luxury customers in India and the luxury industry with respect to watches and suits.Then a primary study has been done by preparing a questionnaire and taking peoples view for luxury suits and luxury watches to find out about their purchase behaviour. Introduction Luxury brands The concept of luxury has been present in various forms since centuries.It had been prevalent in ancient times as well like it has been now in the modern times.With its clear portraying of differences between the social classes , it has only been limited to the elite classes.Luxury can be defined as anything that can be
INTRODUCTION Nowadays large number of luxury brands are trying to establish in Indian market because India contains a vast population of young and style conscious shoppers and follow international lifestyles. Indian folks are traveling globally and that they have nice exposure to those international brands. They grasp that these international brands are noted for his or her quality, durability and status “Luxury brands are brands whose magnitude relation of useful utility to cost is low whereas that of intangible utility to cost is high." India a decade gone and currently has seen a forceful modification, in economic terms and growing fashion too. In todays world luxury brands are coming up with nice enlargement and Indian customers