Attitude of Young People of India Towards Luxury Brands

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“Attitude of Young people of India towards Luxury Brands”

Introduction:
A couple of generations ago, a typical purchase decision for the average Indian would be choosing between, say, clothes and electronic goods whenever they had a little cash to spare. Today, the customers’ dilemma involves making up their mind between Prada and Gucci, Merc and Lamborghini. Marie Antoinette would say, “If they can’t have bread, give them brands instead!” In a relatively short time span of 20 years, India has moved from pavement markets to swanky malls, from frugal minded consumer to who want it all and from a population largely obessed with celebrity gossip to one which yearns to gain knowledge. India is taking wing. It is not simple because India is set to become the fastest growing major economy in the world. The combination of a large young working population, rising income levels, overwhelming consumer optimism and increasingly urbanized lifestyle is driving consumption growth in India. The market potential of world’s second largest population has not gone unnoticed. International Luxury brands have India on the radar. As developed market continue to battle economic turmoil. India offers luxury brand owners unrivalled growth opportunities. The Indian luxury market is projected to reach USD 14.72 billion in 2015(CII and A.T.Kearny, 2011). It may represents only 1-2 percent of the global luxury market, but its market growth rate of more than 20 percent per annum, promise positive returns for luxury players. A flow of international brands from Giorgio Armani to Ferrari to Sofitel Hotel have entered the Indian market to claim a share of the luxury rupee. Many others are waiting, watching and preparing. This is not just about today’s market but a key strategic market of the future.  

Problem Definition:
* Young consumer attitudes are essential for the marketers to plan their strategy in reaching the target consumers. So in our study we have focused to segment young consumers according to attitude variables. Objectives:

* The aim of the study is to segment young consumers based on their three important beliefs parameters (confidence, trust, optimism) as we know beliefs is an important attitudes of consumer Literature review:

1. THE ROLE OF CONFIDENCE IN UNDERSTANDING AND PREDICTING BUYERS' ATTITUDES AND PURCHASE INTENTIONS * Peter D. Bennett and Gilbert D. Harrell
* Journal of Consumer Research
* Vol. 2, No. 2 (Sep., 1975), pp. 110-117
* Published by: The University of Chicago Press
* Article Stable URL: http://www.jstor.org/stable/2488752 This research examines the role of buyers confidence in the formation of attitudes and purchase intention. It supports current buyer behavior theory which postulates a positive relationship between overall confidence in a brand and intention to purchase the brand. It also examine buyers confidence in their own ability to judge attributes of brands.

2. NEED FOR UNIQUENESS AND CONSUMPTION BEHAVIOUR FOR LUXURY BRANDS AMONGST INDIAN YOUTH * Authors: Meenakshi Handa, Arpita Khare
* JournalInternational Journal of Indian Culture and Business Management * Publisher : Inderscience Publishers
* ISSN:1753-0806 (Print),1753-0814 (Online)
* IssueVolume 3, Number 5/2010
* Pages489-502
The purpose of this research was to examine the Indian youth's need for uniqueness (NFU) and their attitudes towards luxury brand as an expression of individuality. A primary research was conducted amongst Indian University students to ascertain their NFU and perception of luxury brands. It was apparent that while the NFU is not very high amongst the Indian youth, luxury brands do symbolize status and individuality to them and serve a value-expressive function. As the Indian social system is witnessing a transition from traditional family driven values to more of western and individual-centric values, NFU and expression of...
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