this is daily blogging is actually making me feel like I’ve learnt a lot.. can’t believe its almost a month now that I’ve been blogging daily with my insights about my course, my learning and my favorite keeping myself about the trends and upcoming trends in the industry. Not all of the readers know that in my high school I was a business student and I later opted for studying fashion.. not because I hate business but I love fashion.
So today I had a lecture which was leaning more towards the business side of fashion. especially how luxury market is now and how many consumers are there in the market and how we perceive it to be. Studying business I knew the emerging countries are BRIC (Brazil, Russia, India and China) but there is more to it! there are different luxury markets around the world, 130 million are emerging markets, 50m are in China, Chinese consumers account for every $1 in every $4 spent on luxury!! that was news to me! This is just the market, but how the luxury consumer behaves is actually influenced by market purchases in and outside of the country, visits the retail store to try, researches online to compare prices.. there are more than one reason for them to behave in such a way and buy stuff- as Maslow theory of needs is applied here, as the consumers wants Inner reward, social status, social success.
Now I will just put some of the facts which I learnt in my lecture today! Only 4% of the luxury sales happens online. 27% of the sales are influenced online, 50% research online before buying! wow!! I’m in that category for sure! 🙂
hope you guys liked this insight. 🙂
P.S sorry for no images