Site Loader
Rock Street, San Francisco

The word Luxury is derived from Latin word Luxuria means excess or extra of life. It is not easy to define luxury, it is the term whose meaning changes and shifts like the shape of a mountain in a driving mist. Luxuries are things which are beyond the necessary to life and efficiency, and hence they include many things, not only innocent but desirable. Luxury is the old as humankind “i.e. Kings & Royal Families”. The idea of a luxury brand is a special form of branding, and a cultural force behind fashion and an affluent consumption lifestyle is a relatively new concept. The luxury concept varies person to person, depending on which social class they belong to, and what social position or status is they have in the society.The term luxury is used regularly in our daily life which is referred to the products, services, or certain lifestyles. It also defines as a something inessential but conducive to pleasure and comfort. Today, the display of luxury goods indicates individuals’ power and achievements to others in society. The way people dress reflects their social status, position, self-esteem, social standing, and self-worth. In the luxury goods people wants quality and value, but its human psychology if the prices are lower they assume lower quality and value. If the prices are higher they assume higher quality and value.Luxury in fashion industry defines as silk, cloths, gold, diamond, accessories and other valuable stones. They are usually recognized as having exceptional quality, value, and aesthetic appeal. They are clearly identifiable through their slogan, logos, advertisements, brand name, and product design i.e. Armani, Rolex, Rado, Chanel, Louis Vuitton, Herme?s, and Moe?T & Chandon are some examples of most know luxury brands. Luxury products are growing in fame especially as the consumers’ buying behavior is becoming more symbolized. Luxury brands are often recognized as conspicuous consumption; it is the motivational process by which individual attempt to improve their social standing and position through conspicuous consumption of consumer products that confer or symbolize status for both the individual and surrounding others.The marketer pays close attention to their actual consumer, they make effort to learn consumer perception, tries to create the desire for the product, increase brand loyalty, and brand image in the mind of consumers. The luxuries advertisements are a showcase as symbols of happiness, quality, value, richness, uniqueness, and exclusivity. The advertisement is based on visual storytelling to bind with the consumer by creating an emotional relationship. The marketers use extensive and elegant language, feelings, and celebrities endorsements. The consumers try to achieve a sense of belonging to an affiliated group and accomplish self-expression through brand image consumption.In conclusion, Luxury brands convey unique sociocultural and individual meanings to their consumers. Advertisers and marketer are spending 75% of advertisement budget in print media, $12 billion worldwide are spent on advertising of luxury goods on television. Due to globalization, social trend, cultural trends, and external trends shaped luxury brand meanings. Marketers are trying to improve the luxury brand experience for their consumers, also finding the gaps which need to be full filled. Moreover, through continuous struggles, they are trying to improve brand image, so that they can appeal to consumers in a better way than their competitors are doing. The organization is also strengthening to their R&D, through continuous research, they can provide redefine product based on new design, enhance value, performance, value, and quality. Moreover, the rapid change in the consumer marketplace, there is an industry consensus that innovating with new products, services, marketing strategies and new ways to engage with the affluent customers.

Post Author: admin

x

Hi!
I'm Dora!

Would you like to get a custom essay? How about receiving a customized one?

Check it out