MARKETING IN LUXURY FASHION INDUSTRY: CONTEMPORARY METHODS OF CUSTOMER ATTRACTION
MARKETING IN LUXURY FASHION INDUSTRY:
CONTEMPORARY METHODS OF CUSTOMER ATTRACTION
By Ivanova Evgeniya
Moscow 2013
CONTENTS
1.1.Getting to know luxury 5
1.2.The global market of luxury goods 9
1.3.Methods of customer attraction 11
2.1.Burberry 19
2.2.Gucci 21
2.3.LVMH 24
Introduction
What exactly do we mean by " luxury"? Most of us are able to recognize a luxury product, but we are unable to define the specific characteristics that contribute to the concept of luxury. This is because our perception of luxury is individual, it depends on our individual real-life experiences. We each value a different aspect of what we call luxury. It may be to do with rarity , class, quality or comfort.
Why do wear the best suit (dress) when going for an important meeting or interview? Why do we make sure that we do not use a cheap perfume when going on a date? The aspect of self-indulgence is intertwined with the socially directed motives when it comes to luxury.
The concept of luxury has been present in various forms since the beginning of civilization. Its role was just as important in ancient western and eastern empires as it is in modern societies. With the clear differences between social classes in earlier civilizations, the consumption of luxury was limited to the elite classes. It also meant the definition of luxury was fairly clear. Whatever the poor cannot have and the elite can was identified as luxury.
The meaning of luxury and the sorts of customers that buy luxury have continually been evolving, but never as dramatically as in the past 20 years. With more potential customers , the luxury sector is today healthier than ever - increasing at around three times the rate of worldwide wealth.
The luxury goods industry is unique in that it is an industry that relies strictly on marketing and promotion to sell products to a specified group of people. It is
CONTEMPORARY METHODS OF CUSTOMER ATTRACTION
By Ivanova Evgeniya
Moscow 2013
CONTENTS
1.1.Getting to know luxury 5
1.2.The global market of luxury goods 9
1.3.Methods of customer attraction 11
2.1.Burberry 19
2.2.Gucci 21
2.3.LVMH 24
Introduction
What exactly do we mean by " luxury"? Most of us are able to recognize a luxury product, but we are unable to define the specific characteristics that contribute to the concept of luxury. This is because our perception of luxury is individual, it depends on our individual real-life experiences. We each value a different aspect of what we call luxury. It may be to do with rarity , class, quality or comfort.
Why do wear the best suit (dress) when going for an important meeting or interview? Why do we make sure that we do not use a cheap perfume when going on a date? The aspect of self-indulgence is intertwined with the socially directed motives when it comes to luxury.
The concept of luxury has been present in various forms since the beginning of civilization. Its role was just as important in ancient western and eastern empires as it is in modern societies. With the clear differences between social classes in earlier civilizations, the consumption of luxury was limited to the elite classes. It also meant the definition of luxury was fairly clear. Whatever the poor cannot have and the elite can was identified as luxury.
The meaning of luxury and the sorts of customers that buy luxury have continually been evolving, but never as dramatically as in the past 20 years. With more potential customers , the luxury sector is today healthier than ever - increasing at around three times the rate of worldwide wealth.
The luxury goods industry is unique in that it is an industry that relies strictly on marketing and promotion to sell products to a specified group of people. It is
References: 1. “Luxury Brand Management: A world of privilege”, Michel Chevalier, Gerald Mazzalovo 2. “Let Them Eat Cake: Marketing Luxury to the Masses – as well as the classes”, Pamela Danziger 3. “The Luxury Strategy”, Jean-Noel Kapferer and Vincent Bastien 4. http://www.brandchannel.com/images/papers/297_Luxury_Branding_India.pdf 5. http://www.brandchannel.com/images/papers/533_8Ps_OF_LUXURY_BRANDING.pdf 6. http://www.uwlax.edu/urc/jur-online/PDF/2004/nguyen.pdf