luxury goods
TRANSCRIPT
Plan
• Luxury good• Socioeconomic significance
• Market characteristics • Luxury brands • Market size
• conclusion
Market characteristics
• Some luxury products have been claimed to be examples of Veblen goods, with a positive price elasticity of demand. for example, making a perfume more expensive can increase its perceived value as a luxury good to such an extent that sales can go up, rather than down.
• Classic luxury goods include haute couture clothing, accessories, and luggage.
• Luxuries may be services.
Luxury brands
• A luxury brand or prestige brand is a brand for which a majority of its products are luxury goods.
• LVMH (Louis Vuitton Moet Hennessy) is the largest luxury good producer in the world
Market size
• The top ten markets for luxury goods account for 83 percent of the market :
The U.S. is the largest market for luxury goods
• others include Japan, Germany, Italy, France, UK, Canada, Spain, Switzerland, and Russia.