Luxury Goods Market in China

2787 WordsMay 1, 201212 Pages
Table of Contents Introduction---------------------------------------------------------------------------------------2 History of Louis Vuitton------------------------------------------------------------------------2 Market trends-------------------------------------------------------------------------------------4 Marketing Strategy-------------------------------------------------------------------------------5 Marketing Objectives----------------------------------------------------------------------------6 Marketing Mix------------------------------------------------------------------------------------7 Product Price Place Promotion Market Analysis The Luxury Market In…show more content…
Thereby, LV attains the position of becoming the leader of luxury leather and fashion accessories in the industry. Market trends The three dominant trends in the global luxury goods market are globalization, consolidation, and diversification. 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 segments of luxury products. Examples include LVMH, Richemont, and PPR, which dominate the market in areas ranging from luxury drinks to fashion and cosmetics. Leading global consumer companies, such as Procter & Gamble, are also attracted to the industry, due to the difficulty of making a profit in the mass consumer goods market. Since the uprising of the 'luxury brand' in the 1800s, department stores dedicated to selling all major luxury brands have popped up in most major cities around the world. Le Bon Marche located in Paris, France is credited for being one of the first of its kind, but also Marshall Field's, Selfridges, Saks Fifth Avenue and Harrods are seen as some of the most influential and historical. Most big fashion houses & jewelers from Chanel to Tiffany & Co. have boutiques located inside these massive stores. Marketing Strategy Louis Vuitton has been one of the first movers among luxury brands by making its emphatic entry into the market in 1982.
Open Document