Posted: February 16th, 2022
Reflective Essay on Luxury Industry
Table of Contents
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.
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.
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.
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.
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.
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.
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.
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.
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
There is a very low likelihood that you won’t like the paper.
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!
Place an order in 3 easy steps. Takes less than 5 mins.