Attitudes Toward Luxury Goods
– … Attitude is a component of 3 main categories: Cognitive, affective, conative. These 3 components are interdependent and are highly influencing the individual’s reaction during the purchase phase. Cognitive represents the component about consumer’s beliefs towards an object. The individual might have a positive or negative belief. For instance, he or she can hold on the credence that a perfume smells good (positive belief) or that is has a bad smell (negative belief). With regard to the luxury fashion brand Dior, consumer’s belief is more positive than negative….
India’s Growing Prosperity Opens Up A New Market For Luxury-Goods Firms
– At the end of the 19th century, India’s maharajahs discovered a Parisian designer called Louis Vuitton and flooded his small factory with orders for custom-made Rolls-Royce interiors, leather picnic hampers and modish polo-club bags. But after independence, when India’s princes lost much of their wealth, the orders dried up. Then in 2002 LVMH, the world’s largest luxury-goods group, made a triumphant return to India, opening a boutique in Delhi and another in Mumbai in 2004. Its target was the new breed of maharajah produced by India’s liberalised economy: flush, flash, and growing in number…. ;
Positive Trends in Emerging Markets for Luxury Goods
– Opportunities: Large Market for luxury goods and positive trends in emerging markets Trends that control the global luxury goods market are globalization, consolidation, and diversification (Tavoulari 1). Globalization is a result of the increased availability of these goods, additional luxury brands, and an increase in tourism. Consolidation involves the growth of big companies and ownership of brands across many divisions of luxury products. LVMH is one example, demonstrating to be one of the top luxury companies that dominate the market in segments ranging from luxury drinks to fashion and cosmetics…. ;
LVMH: Diversification Strategy into Luxury Goods
– LVMH: Diversification Strategy into Luxury Goods Strategic Issues By 2002, Moet Hennessy Louis Vuitton was the world’s largest luxury products company, enjoying annual sales of 12.2 billion euros. LVMH carries the most prestigious brand names in wine, champagne, fashion, jewelry, and perfume. Upon entrance of this luxury product industry, LVMH was aware that they produced products that nobody needed, but that were desired by millions across the world. This desire in some way fulfills a fantasy, making consumers feel as though they must buy it, or else they will not be in the moment, and thus will be left behind…. ;
Why Do Poor People Waste Money on Luxury Goods?
– “OMG”. You see that black young gal coming out of that Mercedes Benz. Oh. And she has on a Dolce & Gabbana dress. I wish I was like her” said a nosey Bahamian woman. “Don’t let dem materialistic tings fool ya girl, that’s Shirley’s daughter who live Bain town with both her parents, that’s all for show cuz she just got her a-sue money so she flaunting, watch next week you will see her in a lancer” said another lady. The world we live in, people judge you based on your appearance; so there’s no better way than to prove to those that you are living well than with luxurious possessions…. ;