Who Cares? Ryan Burvill Sean Martin Wu, (Janet) Xiao chen Thu Pham (Melissa) Greg Schadt Sanjeet Parmar
Who?
Buying Motives The Drive for Self-Actualization n Prestige n Pleasure n Enjoyment n Improving the quality of life n More Information: http: //www. researchandmarkets. com/reportinfo. asp? report_id=297178&t=d&cat_id=
Market Segment: Japanese market for luxury goods: Luxury goods manufacturers are focusing on the Japanese market: l Louis Vuitton l Gucci, l Hermes, l Burberry, l Versace, l Prada, and Chanel n In Japan alone Prada earned $3. 3 billion while worldwide profits fell 45%. n Louis Vuitton, earned approximately $1. 4 billion in sales for 2002. n More Information: http: //www. uwlax. edu/URC/JUR-online/PDF/2004/nguyen. pdf
Market Segment Cont. China has a massive increase in the purchase of luxury goods: § § § ü ü 2001 – 1% of worldwide luxury market 2006 – 12% of worldwide luxury market 2015 – 29% of worldwide luxury market (projected) 13% of China's population buys the highest quality brands 48 million American households control 66 percent of total consumer expenditures More Information: http: //www. cnn. com/2006/US/10/18/bin. luxury. overview/index. html http: //www. boston. com/business/articles/2006/03/21/chinas_hunger_for_luxury_goods_grows/
How?
How do retailers sell Luxury: Retailers use: § Customer service § Store environment § Attention to detail And emotional triggers: § Limited quantity of goods § Pricing § Appealing to consumers’ value system More Information: http: //www. businessweek. com/bwdaily/dnflash/nov 2005/nf 20051129_4460_db 016. htm
Why?
Reasons people buy: n. Form of life changing & exhilarating experiences n. To give/get unusual gifts n. Sense of satisfaction n. Once in a lifetime experience n. Societal need to escape from reality n. Like to walk out of a shop knowing they've overpaid More Information: http: //www. boston. com/business/articles/2006/03/21/chinas_hunger_for_luxury_goods_grows/
Why buy Luxury products: Luxury Products: Can help consumers manage stress § Customers a feeling of happiness and accomplishment § Consumers are essentially buying the story § Luxury satisfies an emotional need § More Information: http: //www. cnn. com/2006/US/10/18/bin. luxury. overview/index. html
New Luxury: New Luxury Items are: § § § perceived as high quality stylish without being prohibitively expensive. New luxury customers are § willing to spend an amount of money disproportionate to their income for a product they consider highly important For some people, luxury is a daily $4. 50 vanilla latte More Information: http: //opalroom. com/DP/OPAL/Buy-luxury-gifts-and-presents. htm
Types of Money: New money: More likely to spend frivolously § Tend to show off § Impulsive § Old Money: More conservative § Spend less on everyday goods § Make logical choices § More Information: Solomon R. Michael, Zaichkowsky Lynne Judith, Polegato Rosemary (2005) Consumer Behaviour, Toronto Canada, Pearson Prentice Hall, pp. 383 -397.
Luxury Market Groups: Luxury groups: § Functionality ü Enduring Value § Reward ü Demonstrate Success § Indulgence ü Extremely Lavish More Information: Solomon R. Michael, Zaichkowsky Lynne Judith, Polegato Rosemary (2005) Consumer Behaviour, Toronto Canada, Pearson Prentice Hall, pp. 383 -397.
What?
What are Luxury products: Classifying Luxury: n Luxury products depend on income l BMW V. S. Rolls Royce n Higher Incomes l l can afford more Luxury higher level Luxury n Lower incomes l l Still buy luxury but at lower levels Buy luxury less often More Information: http: //www. researchandmarkets. com/reportinfo. asp? report_id=297178&t=d&cat_id=
Thank you!
Sources: o o o o http: //www. researchandmarkets. com/reportinfo. asp? report_id=297178&t=d&cat_id= http: //www. uwlax. edu/URC/JUR-online/PDF/2004/nguyen. pdf http: //www. cnn. com/2006/US/10/18/bin. luxury. overview/index. html http: //www. boston. com/business/articles/2006/03/21/chinas_hunger_for_luxury_goods_ grows/ http: //www. businessweek. com/bwdaily/dnflash/nov 2005/nf 20051129_4460_db 016. html http: //www. boston. com/business/articles/2006/03/21/chinas_hunger_for_luxury_goods_ grows/ http: //www. cnn. com/2006/US/10/18/bin. luxury. overview/index. html Solomon R. Michael, Zaichkowsky Lynne Judith, Polegato Rosemary (2005) Consumer Behaviour, Toronto Canada, Pearson Prentice Hall, pp. 383 -397.
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