Factors affecting luxury marketing in europe

It involved managers in sales’ companies of luxury goods, 183 high-income earning individuals and insiders of the luxury industry. The test included individuals’ accessibility to the internet and the perception of scarcity. The results indicated that there was minimal effect to the perception of customers on scarcity with the accessibility of luxury goods online (Kluge and Fassnacht 2015, p. Further, there was no effect to the desirability of the brand with this perception. Goods that had high or low involvement in the luxury business remained constant irrespective of their explicit displays online or in stores. p), the market value of Western Europe in 2017 was €248 billion. In Eastern Europe, the market value for luxury goods was €30 billion in 2017. The leading locations for luxury retail at the time were Paris (France), London (UK) and Milan (Italy).

Additionally, analysis of the purchasing pattern of consumers in France and the UK indicated that most customers preferred purchasing luxury items in store as compared to purchasing them online (Statista. com, 2019). According to the research, the concept of exclusiveness attached to luxury goods does not fit at the internet (a commonplace) in today’s world. Brands preference to remain in the dark from mass internet was a contradiction to the ease of accessibility and free display that online sources provide. The study involved managers in sales’ companies of luxury goods, 183 high-income earning individuals and insiders of the luxury industry. The test included individuals’ accessibility to the internet and the perception of scarcity. The results indicated that there was minimal effect on the perception of customers on scarcity with the accessibility of luxury goods online (Kluge and Fassnacht 2015, p.

Dynamism is product centred, and it aims to remind the clients of the products they viewed. These marketing strategies are highly applicable to the European market. In the fashion industry, the motive of consumption and behavior of purchasers is a common determiner for marketing. In research by Wu, Chaney, Chen, Nguyen and Melewar (2015), the fashion luxury industry had a high level of involvement (LOM). European as Asian consumers took in commentaries from the media and motivations from female celebrities to make purchases. 2015, p. Individuals preferred not to look at the social status conferred by brands as opposed to their prominence. It is not the status of the individual that attracted a consumer in Taiwan, but the prominence of the brand that caused the motivation.

This understanding is different from that of India, as the prominent people bought prominent brands. According to Wu et al. The measures that determine brand marketing in the European market are awareness of the brand, the dream of ownership and purchase capacity. According to Dubois and Laurent (1993) as of 1991, about 97% of the interviewed European consumers had knowledge of one of the 30 international brands under research. Of those dreaming of ownership, 89% dreamt of owning one product while 68% had bought one brand (See Appendix 1). Further, the sampled data answered questions that helped to identify the market base of the Euro-consumers. The factors are essential for luxury marketers as it defines the channels of communication. Income The more wealthy economies such as Germany had a stronger purchasing power as compared to others like Italy.

There is a significant impact of the income level of Euro-consumers and their ability to purchase luxury goods. In richer countries like Germany the lower rate of purchasing of luxuriant goods did not emanate from low income but from low interest (Cohen, 2010). Luxury goods marketers in European countries have to first develop an interest for the goods before bringing it to the market. Occupation There is a direct association between the level and status of occupation with the purchasing power of luxury goods. This understanding reflects in the advertising of certain contemporary brands like Gucci to rural towns in Germany. Civil status In regards to civil status, married couples have a stronger tendency to purchase luxury goods as compared to singles, divorced or widowed people (Frey, 2018).

Conclusion This research has investigated the factors that promote luxury marketing in Europe with a focus on both retail and corporate industries. Luxury brands support the worth of individuals as well as their societal standing. European countries thrive on the idea of luxury goods, as they are home to manufacturers of exotic cars, fashion labels and other consumerisms. and Laurent, G. Is there a Euro consumer for luxury goods?.  ACR European Advances. Finn, A. 5 Luxury Marketing Strategies that Drive High-End Sales https://www. , Pederzoli, D. , Neulinger, A. , Dave, K. , Aiello, G. , Donvito, R. , Doherty, A. M. and Doyle, S. A. Flagship stores as a market entry method: the perspective of luxury fashion retailing. com. Luxury goods in Europe. Statistics and facts.