Luxury Brand Management

1. Introduction

Luxury sector is a sector where goods which are luxury, the goods which are in high demand and are increasing with the increase in the income. This is because the expenditure on the goods becomes a greater proportion at the time of the overall spending, also luxury goods in contrast with the necessity goods (Kapferer et al. 2017). This luxury sector is a constantly growing market which is located in the upper part of the scale, they focus on the products which are not that necessary rather pleasant and satisfying to process. The concept of materialism is always rejected by religion and it has always urged people that they should live with simplicity and moderation, accordingly a different phenomenon is revealed by the reality, inconsistent results have been found on materialism and religion. The functional value of the non-luxury brand is significantly lower than the luxury brand sector, for the women the luxury brands have traditionally been more important as compared to the men in the society. This is because women have more attraction and always a higher purchase intention for the luxury brand, in contrast to recent studies, prior studies pointed out that religion has a significant effect on luxury consumption. Since a long time religion has rejected the concept of materialism and urged people to live in moderation and simplicity. Somewhere, reality reveals a different phenomenon. As per Stringer, 2015 many of the pastors from some of the largest churches in the United States having a net worth of more than US$10million lives in mansions, we can take this as an example. Parallely, Indian spiritual gurus have assets of million dollars (Heine et al. 2018). This verifies the inconsistency between religious implications and teachings. The Greek lemma "loxos" also recalls the term luxury.

2. Literature Review

Fashion and luxury has evolved like never before since the 60s, in the beginning of the 20th century Charles Frederick morphed with the apparition of fashion designers launching their own business. The duty to translate the brand DNA during the tour time was in the 90s when the creative directors emerged, in the beginning of the 2000s the luxury group emerged and started growing extraordinarily. It is a kind of race where the reaching 10B will win this luxury brands are expanding all over the world and has become a tough competition now the luxury brands are in the becoming of hyper brands after Europe, the US and Japan and it has conquered the Chinese market as well and the Russian one are now reaching towards the Middle East (Kernstock et al. 2017). According to the studies the concept of materialism is being rejected by the religion as the religion urges people that they should be living with simplicity and moderation. Nobody should have any luxurious thinking as everybody should have a simple lifestyle according to the studies it is being found that reality reveals a different kind if phenomenon and this religion and materialism is having inconsistent results after it is being examined that the effect of religion on materialism and the attitude which is effective towards the luxury goods and also the effect of materialism that is mediating is effective towards luxury good still it is being considered that the consumption of the luxury good is not compatible with their religious beliefs. The youth customers who have high intrinsic religiosity possess an effective attitude towards the luxury goods. The result of this is that the consumers perceive materialism and luxury goods as two separate constructs as the concept of materialism is already rejected by the religious customers as an attachment to the worldly possessions, so that they maintain their emotional affection toward the luxury goods (Atwal and Williams, 2017). The driving desire and a deep understanding is what the success of the luxury brand is built on. The critical thing for the luxury industry is that it makes it relevant across the diverse spectrum of audience, as we all know that desire is highly emotive and so this highly emotive requires that the luxury brand should have a deep empathy and understanding for who are their customer and how they are identifying the view of the context. The generation is all into the digital world of borderless rather than this we can say that these generation has grown up with this so it is likely to have impacted with their acceptance with the non-binary gender identification the communication process of luxury brand for the people who are travelling should be borderless and aslo this is particularly very much important for the luxury brands to have a high proportion of consumer who are specially into travelling as the global travel market will grow only when there is growth of the middle class as we know that they are crucial for the business the luxury items which are being sold online are now in the grwoing state and to stay in the competition and also being competitive, the luxury brands only need to improve the online experince they offer their customers (Gutsatz and Heinie, 2018). By keeping this in their mind that one should investigate the effects of perceived ease of use, also perceived social and perceived intimacy one should value the customer's online buying intentions and consider the moderating effect of gender. Digital platforms should be developed by the managers that offers a reliable and true relationship in order to increase the perceived intimacy and intention of a male customer this is because as we know that the purchase of luxury item is mainly done by the women than the men as women are more interested in this luxury shopping as compared to the men. The global luxury goods consumption has exceeded $388bn in the past few years and some challenges are faced by the luxury brand recently as the industry is impacted by cultural disparities, increasing in the demand of the consumers and by stiff competition (Paul, 2019). The very often topics to be researched by the researcher are always about the luxury brand as the researchers always have to try to understand various kinds of complexity, value perception, consumer behaviour and culture. The luxury brand is strictly linked with the cultural, historical,

ethical, and religious background also the religion has been very decisive often neglected too and the advertising of the consumer behaviour towards the luxury goods. The researchers have found a few ideas on this issue and this issue is that according to the literature, finding indicates nuance and complexity in categorizing the meaning of luxury goods according to its own customers. According to a quantitative study based on an online survey which involved 395 participants and was conducted in the USA and a linear regression which was run to analyse the data. This was done to show that the result has some significant effects of the perceived ease of use and social value on buying intention, and no effect of the perceived intimacy on buying intention (Wang and Barnes, 2017). Moreover the gender moderates this link, suggesting that males are more concerned with their personal data. According to this in mind, it is being investigated that the effects of the perceived ease of use, perceived intimacy and perceived social value on consumers’ online buying intentions and also which consider the moderating effect of gender. By all this we understand how gender, religion, race, and size matters in a luxury sector as after everything the luxury item will be sold to people and when these people are more into the religion, gender, size, and race thing then it will affect the luxury industry without any kind of doubt. The gender moderation links with the suggestion that the male is most concerned as compared to the women that they are very much concerned with their personal data. This is all about the literature review on the luxury sector and by this review we came to know how the luxury sectors of the whole world are being affected.

3. Research Questions, Aim and Objectives

Questions

1. What has gender, religion, race and ethnicity has to do with Luxury Sector

2. How can one say that the luxury market is growing constantly?

3. How far has the luxury sector evolved

Aim and Objective

The main aim and objective of this study is to evaluate the inclusivity in the luxury sector such as Religion, gender, race and size.

4. Research Methodology

Something inessential but conductive to pleasure and comfort is known as luxury items according to the Free Dictionary, 2014 and then also great comfort, especially as provided by expensive and beautiful things”this also means luxury brand by the Cambridge Dictionaries in 2014 Accordingly, luxury industry in a kind of industry which is defined as where consumer perceived value about products and services and it plays greater role and the actual benefits offered by those products and services (Akbar et al. 2020). Not only this, the luxury industry is closely associated with intangible aspects of products and services which are being provided. In order to establish the luxury clothing brand, one has to make sure of a few things that there is a growing marketplace and ever growing demand for luxury clothes in the countries we wish to have our presence. As per the research analysis of the market it is said that there is a growing demand for luxury clothes both in the UK and worldwide. Also there is a common consensus that luxury brands suffered significant losses during and after recession and this led to a data which signifies that the business plans proves things opposite. It is said that demand and the growth of the marketplace for luxury clothes have been consistently rising for the last 6-5 years. Also there is a slight kind of shift of growth for the luxury marketplace to the emerging markets such as China, overall the snapshot for the luxury clothes worldwide tends to be growing at a significantly fast rate of around 7-8% for the next few years. The concept of materialism is always rejected by religion and it has always urged people that they should live with simplicity and moderation, accordingly a different phenomenon is revealed by the reality, inconsistent results have been found on materialism and religion. The term materialism is very important according to the aspect of the consumer behaviour and it is said that materialism was defined as the importance a consumer who attaches towards a worldly possessions. Its is said to have a great level of believing in providing the greatest source of satisfaction and dissatisfaction that to the highest level of materialism such possessions assume a central place in a life of an individual or the customer (Baumgarth, 2018). Unknowingly, Ong and Moschis in 2013 argued over materialism and said that materialism is not a consumer trait or value rather materialism is a word with a use as a symbol of social stratification. As we all know that the luxury market has more than 50% of the female customer and despite this fact that the functional value of luxury brands is usually not significantly lower than the luxury brand as compared to the non luxury brand, as the luxury brands can achieve more significant price premiums in the market over non-luxury brands because nowadays everybody including the males all love to follow the fashion trends. Also if we see this , in a majority of markets and product categories, the price of male luxury items is significantly less as compared to the women luxury things as the luxury market has more female customer so the production is mainly more for the women and also this is a strategy of the luxury sector that if the price of the male products are lower than the female the males will also get interested towards the luxury items as they will get good brands in a very affordable price and by this the luxury sector will gain male customers as well and gaining more no of customer will get them with way too much profit (Uggla, 2017). These are the differences which might result from a higher perceived symbolic and social value of such luxury brands that have traditionally been more important for women than for men. Experimental studies and one survey study in three product categories that are clothing, perfumes, and wristwatches in the Western culture show that, overall,more than 50% of women have a more positive attitude toward and a higher purchase intention of luxury brands versus non-luxury brands than men. Also for female consumers, all kinds of luxury brands provide them with more uniqueness, status and hedonic value as compared to the non-luxury brands. There are some Important implications for marketing theory and practice that can be derived. Marketers should use uniqueness claims in their advertising copy and differentiate in their product designs between male and female target groups so that the product becomes unique for its targeted group and after seeing that product the people who are present in the targeted group show interest in the buying of that product, if we talk about the size there are many luxury brand who are into plus size thing they have plus size mannequins in the sector and also provide dresses for the plus size models as we know that earlier it was a difficulty for the plus size to put good branded clothes only for the problem in the size they could not enjoy the brand value but now the luxury sector has plus size cloths as well and by this they are increasing their market size day by day (Uthlam, 2017). The critical thing for the luxury industry is that it makes it relevant across the diverse spectrum of audience, as we all know that desire is highly emotive and so this highly emotive requires that the luxury brand should have a deep empathy and understanding for who are their customer and how they are identifying the view of the context. The generation is all into the digital world of borderless rather than this we can say that these generation has grown up with this so it is likely to have impacted with their acceptance with the non-binary gender identification the communication process of luxury brand for the people who are travelling should be borderless and aslo this is particularly very much important for the luxury brands to have a high proportion of consumer who are specially into travelling as the global travel market will grow only when there is growth of the middle class as we know that they are crucial for the business the luxury items which are being sold online are now in the grwoing state and to stay in the competition and also being competitive, the luxury brands only need to improve the online experince they offer their customers. By keeping this in their mind that one should investigate the effects of perceived ease of use, also perceived social and perceived intimacy one should value the customer's online buying intentions and consider the moderating effect of gender. Digital platforms should be developed by the managers that offers a reliable and true relationship in order to increase the perceived intimacy and intention of a male customer this is because as we know that the purchase of luxury item is mainly done by the women than the men as women are more interested in this luxury shopping as compared to the men.

5. Research Ethics

There was a global survey which took place in 2018 by the Accenture Strategy of 30000 consumers in 35 countries which nearly indicates that two third of them find that the brands which are high in ethical values are attractive. This traditional approaches are in the improvement of a company's ethical positioning for an instance that by adopting a fair practise of labour things can be recycled and organise in a organic kind of material the problem is that the companies which are in the luxury market people often judge luxury items are waste it potentially damages the environment and also self indulgence, there are some more intriguing strategy that is to focus on authenticity and build recommendation from the recent request. This is conducted in more than 1900 customers as they wanted a different level of high end product for themselves and then it gives insight on how and why the luxury items can use authenticity to communicate their ethics.

6. Timescale

7. Conclusion

The purely depending on the take of the society is the definition of luxury and this luxury evolves with the changes in the civilization of the culture of the society. Although we all know that the standards of the luxury commodities can not be isolated from the society we live in and also there have been several disagreements on the entails of the luxury item and this disagreements came into this because of the versatility. As the luxury is linked or associated with expenses thus it is crucial to have a note on the things and each and every item which is put for sale. The character of having a lower ratio of functionality is often compared to situational utility as per the luxury brands, first it is being paid higher for the prestige and then later for the function that it performs. Therefore a luxury brands is not only present good brands also this luxury brand is equally involved in the function of providing its customer with some psychological satisfaction as well. This was all the research on the luxury items or sector that how religion, gender, race and size affects the luxury sector.

References

Akbar, K., Mahsud, M., Afzal, F., Cancan, M. and Riaz, I., 2020. Exploring drivers of luxury brand buying behavior: An empirical study. Journal of Statistics and Management Systems, pp.1-13.

Atwal, G. and Williams, A., 2017. Luxury brand marketing–the experience is everything!. In Advances in luxury brand management (pp. 43-57). Palgrave Macmillan, Cham.

Baumgarth, C., 2018. Brand management and the world of the arts: Collaboration, co-operation, co-creation, and inspiration. Journal of Product & Brand Management.

Gutsatz, M. and Heine, K., 2018. Luxury brand-building and development: new global challenges, new business models.

Heine, K., Atwal, G., Crener-Ricard, S. and Phan, M., 2018. Personality-driven luxury brand management. Journal of Brand Management, 25(5), pp.474-487.

Kapferer, J.N., Kernstock, J., Brexendorf, T.O. and Powell, S.M. eds., 2017. Advances in luxury brand management. Springer.

Kernstock, J., Brexendorf, T.O. and Powell, S.M., 2017. Introduction: Luxury brand management insights and opportunities. In Advances in luxury brand management (pp. 1-24). Palgrave Macmillan, Cham.

Paul, J., 2019. Masstige model and measure for brand management. European Management Journal, 37(3), pp.299-312.

Uggla, H., 2017. Luxury Brand Architecture Challenges. IUP Journal of Brand Management, 14(1).

Uggla, H., 2017. Post-Structural Luxury Brand Strategy: Implicit Luxury Brands. IUP Journal of Brand Management, 14(3).

Wang, C.L., He, J. and Barnes, B.R., 2017. Brand management and consumer experience in emerging markets: directions for future research. International Marketing Review.

Continue your exploration of Intervention Report on Teenage Pregnancy with our related content.