Posted: February 16th, 2022
Reflective Essay on Luxury Industry
Reflective Essay on Luxury Industry
Table of Contents
Introduction
The luxury goods industry is the one that will have a massive impact in the upcoming year 2022 and so on. There will be a decline of 18% in luxury goods sales. The Chinese are the main target customers buying luxury items in the market. 18 to 49 groups purchase 65% of luxury items in the last 18 months, and 74% are 25 to 29. The Luxury industry has a huge market worldwide where I think not only CHINA but other people from countries like the UK, US, FRANCE, GERMANY, ITALY, SPAIN are also some of the major buyers in the market (Arrigo, 2018). I will be discussing luxury goods, luxury homewares, luxury connoisseurs and collectors and luxury and beauty fragrances. I think this is luxury goodwill also at the time are so far expensive which falls in a unique category. Consumers with a taste of unique niche products will be looking forward to buying the product. A luxury item is for the rich consumers, and also an amazing product is for the rich and niche of the society. In this context, the researcher has drawn a brief reflection. Following the different lecture notes on different types of products from the luxury industry, the researcher has written its complete details like how they operate. In that market, they work, their target customers, the strategies the Industry is following, the current trends of the market, and the Industry’s plan to sustain in the long-term in the competitive market.
Lecture -1
The luxury goods industry’s leading buyer in CHINA. Followed by several countries but compared to China I think they are more on the lesser side such as ITALY with 33%, SPAIN is as much the same with 33%., The US with 31%, FRANCE with 28%, in the UK it is 23% and GERMANY with 21% (Rodrigues and Rodrigues, 2019). There was a decline in the Industry, with Covid 19 being the main factor behind this. Consumers from China started to buy homemade products, but online purchases were taking place in the country. Still, the other countries have seen a significant increase in purchasing luxury goods online. The luxury goods market has also grown.
Consumers have bought luxury goods online though they could not go outside their house during Covid 19. Though luxury goods are for the rich or niche consumers, we can also see the middle class buying luxury goods. The percentage is lesser. Luxury goods are priced high and often justified by a very high level of craftsmanship. The luxury goods are marked to be priced very high in the market where it is said to be kept out of reach from the masses. What counts as luxury goods may be a high-end market for others. Luxury goods are supposed to be a symbol of high status. Luxury goods are sometimes said to be fashion leaders. They lead from the front, and other small fashion worlds follow them in this course. A company which is one the leaders in Industries whose clothes, handbags, ready to wear footwear, accessories, makeup, fragrance and home decor are not bought by the normal people. Unless specifically stated otherwise, the sales figures and luxury goods market sizes are quoted, excluding the VA. All consumers spending data are mentioned, including VAT, unless specified otherwise. I think that luxury goods are more part of the niche society where everyone cannot make an effort. The plan is that more and more facilities should be there for consumers to reach out for their choice of products in this segment is required.
Lecture 2
The retail Industry has taken a bad hit due to the Covid 19, where sales have dropped down all over the world where retail stores were closed for the time being. Then there were huge changes that were only found in the retail stores now started to be found on online platforms, and the companies also launched more improved apps. Before the appearance of Coronavirus or the so-called Covid-19, the luxury industry that deals with many items or products and services like the hotel industry with luxury holiday packages, luxury products like watches, homewares, electronic goods and other products used to be sold mostly offline and in the retail stores. People used to believe buying them offline more than buying them online due to security issues, refund policy, and so many other aspects such as quality, quantity, price, etc. But after the appearance of Covid-19, things have changed. The sales were again back in 2021 when the online purchases took centre stage. According to details, the global homeware market was valued at $ 39.77 billion in 2020and was projected to grow 3% across 2021 to hit $41.1 billion. Between 2018 and 2023, the market is supposed to grow globally $193 billion (Techinavio) of the leading homeware appliances were back in business (Ramadanet al. 2018). The renewed interest in home decor has seen an increase in recent years where the consumers who are forced to stay inside their homes were willing to spend more on home decors so they can live in comfort while staying more and more inside the house. The luxury brand is now also in profit for the renewed interest of the customers. A company with several home decor products gave the consumers what they wanted for their homes and other places to make the site attractive. The Premium and luxury branches are exploring the potentials of home decor to reach new audiences and promote traditional modes of craftsmanship. Consumers are willing to buy Home decor products with a high price tag because they want good sustainable products that will decorate the home beautifully. I think the future of the places to live will be much smaller, so it will be necessary for manufacturers to come with exclusive products to small decor apartments.
Lecture 3
The Connoisseurs and collectors have also had a good market globally. Consumers from all over the world bought art goods, and the collector has collected lots at this time. I think that the niche consumers of this product like diamonds and an expensive of art is only bought by the rich people of the society. I believe that consumers are and will always be there to buy these products. The auction is a stage where the rich people come together to purchase and fulfil this kind of need. I think it is the consumers need which bring them to this kind of beauty and bye them. It is very difficult for consumers to get this valuable product for themselves or their loved ones. I plan that the government should encourage more and more auctions in this field so that consumers looking to buy this kind of niche product can get a chance. I also think that companies related to this Industry should come forward and open offices in different countries and serve the consumers. Consumers in other parts of the world are looking for diamonds, paintings and treasures, which are also sold nowadays for profit. In this category, unique products are much more in demand, so there is a need to innovate products that the consumers will buy for themselves.
Lecture 4
Beauty and fragrances are the most important part of fashion. The luxury word has been created in the last centuries due to Fragrance and Beauty. This Industry has become the lifestyle of any country. The external beauty & fragrance have become the internal part of day-to-day life. Women were more into the beauty & fragrance part at a time, but now men have come up and into this part. Manufacturers are bringing in new concepts to increase their sales in the market, and they are also innovating new ways to market their products in the global market. Women tend to travel a lot, so the packaging for the products has been changed so that the cosmetics and fragrances are kept properly while they are travelling.
Moreover, consumers are more interested in skin-friendly products which will not harm the skin on any products. Consumers want skin-friendly products, and the manufacturers are willing to provide them with skin-friendly products. The cost of these products is higher, but as long as the skin stays perfect, the consumers are willing to pay a hefty amount on it. Thus, I think the products’ requirement is so high that there will be no cause of effect in revenue on beauty and fragrances shortly. I think the outcome of the product will always remain in profit for the Industry. I plan to keep innovating because the consumers always search for good products because of the beauty and scent.
Conclusion
In the end, the difference is better with gender, age or income groups, and it is for higher levels. The positive relationship between purchasing luxury goods and creating uniqueness is a symbol of higher status and culture. This also means that most the people do not want similar products for themselves or for their loved ones. This is to maintain status for them in the society where they are called rich and powerful. The luxury products are only for the society’s rich and niche consumers where unique products matter for an individual to show off or to fulfill their dreams by buying the product they want to buy. Though in the lockdown the buying for a product had come down but after that online platform has catered to this kind of consumers very well. Also after the lockdown consumers have come out to buy their luxury products from their favorite manufacturers around the world.
References
Arrigo, E., 2018. Social media marketing in luxury brands: A systematic literature review and implications for management research. Management Research Review.
Ramadan, Z., Farah, M.F. and Dukenjian, A., 2018. Typology of social media followers: the case of luxury brands. Marketing Intelligence & Planning.
Rodrigues, C. and Rodrigues, P., 2019. Brand love matters to Millennials: the relevance of mystery, sensuality and intimacy to neo-luxury brands. Journal of Product & Brand Management.
Bibliography
Bernat, S.E., 2022. Capitalizing on Social Tensions: Societal, Cultural, and Economic Implications of the Global Luxury Industry.
Gunasekara, V., 2020. (Un) packing Baggage: A Reflection on the ‘Battle Over Ideas’ and Labour Hierarchies in Collaborative North-South Research. The European Journal of Development Research, 32, pp.503-513.
Seo, Y. and Buchanan-Oliver, M., 2015. Luxury branding: the Industry, trends, and future conceptualisations. Asia Pacific Journal of Marketing and Logistics.
Velasco, C., 2018. This Book is Valuable: An Anthology of Essays on Design and the Perception of Value in Luxury Fashion Objects.
Wiedmann, K.P., Labenz, F., Haase, J. and Hennigs, N., 2018. The power of experiential marketing: exploring the causal relationships among multisensory marketing, brand experience, customer perceived value and brand strength. Journal of Brand Management, 25(2), pp.101-118.
Pentina, I., Guilloux, V. and Micu, A.C., 2018. Exploring social media engagement behaviors in the context of luxury brands. Journal of Advertising, 47(1), pp.55-69.
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