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Luxury market research sounds a lot easier than it is, and while general market research utilizes many well tried and tested techniques, most of these do not apply to wealthy consumers and the products they purchase. When you are researching a luxury market there is often little point in carrying a survey of the general population, because the results will be wrongly weighted.
That is because luxury products are not generally the domain of ordinary people, and those that regularly participate in online or even offline market surveys are not the consumers that will normally purchase luxury products. Sure, they will buy the occasional one or two - maybe as an anniversary present or for a special occasion, but not generally [...]
Usually high quality leather products have always been most popular with women that like to show off the hottest leather gifts to their friends. However lately, the zeal for men's leather products for example leather wallets, jackets, and handbags has positively improved.
In the earlier period, women had always acclaimed having luxury leather products like shoes, fine belts or stylish handbags hanging over their shoulder although men in contrast were less demanding. The longing for men's leather accessories in the long-ago was never very high although freshly, even men are taking more attention in style and here is the most recent trend of leather products being treated as a fashionable accomplice. In point of fact, men's leather products for example wallets in addition to belts are enjoying the accomplishment because of the reason that its increased accessibility across most extravagance stores [...]
Definition of Luxury Market?
Professor Bernard Dubois defined luxury as a 'specific tier' in terms of price of any service or product type, but this is not been generally accepted and there have been many other attempts to define 'luxury' - none of them realistic or accepted. It is probably best not to try to define a term that is non-definable because it is relative to the group trying to define it.
To somebody that normally travels coach, a Business Class seat is luxury. To others, a First Class seat is commonplace. So luxury cannot be defined other than in relation to individuals. The American Affluence Research Center (AARC) has defined the luxury market as consisting of the wealthiest 1% of American households. This is an attempt to place a figure on a relative quantity, and you can use that if you wish [...]
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