Clothing Retailing - 2013 - The Global Market. The fashion industry: The glossy posse. Luxury Goods Industry. Global Luxury Goods Industry The global luxury goods industry should exceed $307 billion by 2015, according to research from private firm Global Industry Analysts. The market will be driven by rising income as the economy recovers after the recession. Other relevant factors to the market include consumer diversification, as there is a shift in target demographics away from very affluent consumers, and a change in lifestyles that means luxury goods are attainable to a wider population.
Luxury products include clothing, footwear, jewelry, handbags, wines, yachts, perfumes, watches and cosmetics. Luxury goods manufacturers meet consumer demand by focusing on brand, aesthetics, quality materials, superior craftsmanship and pricing to transform everyday objects into status symbols. Asia-Pacific is expected to record almost 16% annual growth in luxury goods between 2007 and 2015. Key Market Segments Regional Market Share Industry Leaders Market Outlook Leading Industry Associations More »
Understanding luxury consumption in China: Consumer perceptions of best-known brands. Volume 65, Issue 10, October 2012, Pages 1452–1460 Fashion Marketing and Consumption of Luxury Brands Edited By Eunju Ko and Carol M Megehee Abstract This study investigates the underlying motivations for luxury consumption among Chinese middle-class consumers by testing the relationships between psychological traits and attitudes toward the best-known luxury brands. Keywords Luxury consumption; Value consciousness; Susceptibility to normative influence; Need for uniqueness; China Copyright © 2011 Elsevier Inc.
Global-reach-china-luxury. Search results. Luxury fashion consumption in China: Factors affecting attitude and purchase intent. Abstract This study examined influencing factors that affect Chinese consumers’ attitude towards purchasing luxury fashion goods and purchase intent. Data was collected in three major cities in China (i.e., Beijing, Shanghai and Guangzhou). A total of 161 respondents were included. Using regression analyses, the results indicated that brand consciousness, social comparison and fashion innovativeness have significant impact on attitude towards purchasing luxury fashion goods among Chinese consumers. Keywords Luxury fashion goods; Chinese consumers; Attitude; Intent 1.
In relation to the ongoing global economic crisis, luxury brands face a shadowy prospect. As a developing country with one-fifth of the world population, China is considered the world’s largest consumer with a 100–150 million middle class oriented population (Falk, 2008). 2. 2.1. 2.2. Luxury-consumers-0804. Luxury Fashion Branding: Trends, Tactics, Techniques - Uché Okonkwo. 'Luxury is a necessity that begins where necessity ends' These words spoken by Gabrielle Coco Chanel in the early twentieth century remain as true as ever today. Luxury fashion has seeped into every sphere of our consumer society; it has become the norm to aspire towards owning products from exclusive brands like Vuitton, Gucci and Dior. This desire is further heightened by affordable, available fashion from brands like H&M and Zara who continuously offer luxury-style goods at lower prices.
Also, globalization and technological and communications advancement have made fashion even more accessible. Consumers can now shop at will on the Internet, access a wide variety of goods and exchange instant brand experiences. Consequently the average fashion consumer has become savvy, demanding and restless. To put it mildly, 'The luxury consumer and the luxury landscape have changed! ' What do these imply for luxury fashion brands? MyiLibrary.