Luxury Brand

Better Essays

It is universal truth that luxury brand industry is still booming even during financial crisis because today 's people have the right mind-set that luxury products are purposeful and well thought out. In other words, they want to show off their wealth and personal status.

Main Forces The Macroenvironment Facing The Luxury Brand Industry

Analysing the macroenvironment facing the luxury brand industry, there are demographic forces, economic forces, cultural forces and technological forces.

1) Demographic Forces

Demography is the study of human populations in terms of size, density, location, age, sex, race, occupation and other statistics “Principles of marketing” (Kotler, Adam, Denize and Armstrong, 2008, p.89).

Age …show more content…

Everything we use nowadays exists because of the technology. “Luxury Fashion Branding” (Okonkwo, 2007, p.179) indicated the impact of the internet on the luxury brand industry is mind-blogging and it could change consumer behaviour and the way the company operated.

Technology introduced us with the internet, internet banking, credit card and online shopping. The online shopping become very popular since the consumer only needs a few clicks and a few minutes to buy the desire brands.

As a result, E-retail has become the essential sales channel for the luxury brands to sell their products online. Clearly, both the consumers and the luxury brands have a lot of benefits because of the technology. Providing up-to-date information, customers can save time not to visit many outlets when they want to get something, can make the products comparison at home and they also feel very convenient and trustworthy to shop online are a few benefits consumers can enjoy because of the technology.

Factors Influencing The Increase In Younger Consumers ' Interest In Luxury Products

The main factor that greatly influences young people 's interest in luxury brands is Internet.

Nowadays most of the young people are wasting almost half day of their time on the internet. The first thing they do in the morning is the checking their Facebook profile or email. That is the proved that internet

Get Access
Get Access