critical essay identifying the key factors underpinning the luxury fashion market
The luxury goods industry is one of the unique industries due to the fact that it strictly relies on promotion and marketing in a bid to sell its products to a specified group of individuals in the society.
As there is a clear distinction between the rich and the poor in a typical society, the market is also separated into two; goods of higher quality and retail at an abnormal price that are only affordable to the rich and the regular goods that can be bought by a normal person.
The luxury industry is one that is well guarded and it is usually very difficult for an individual to find information on these if at all he or she is not a regular customer (Nguyen, 2013). The industry thus is very much fascinating and the products themselves do represent prestige and status.
Luxury is something that is deeply rooted in human nature and its history dates back to many centuries ago. For instance, the ancient tombs whose occupants were buried together with their most precious jewellery and symbols of powers is a good example that does depict luxury as a lifestyle that is deeply rooted in human beings.
And even though the sector has been there for centuries, it has still continued to grow over the years. The current luxury market is estimated to be worth $200 billion for the traditional and $1 trillion for modern luxury.
