Global Luxury Market

Through globalization of the luxury brands, today, not all are treated equal, and some brands are given new levels of importance, depending on the countries point of view (POV). To clearly understand what is considered luxury from a global perspective, I have created this assignment to challenge you as a class. Through this assignment, you will have a chance to share different countries’ POV on the ‘luxury’ market. Please note to conduct this research, you need to explore what each country values and have the insight to back your findings.

We are facing a new model of growth as the existing luxury market matures. The splintering of the market is driven by the cultural diversity of the high-net worth market. Their needs are different and their approaches to fulfilling those differ too. More People, New Skills – The ability to recruit and retain the right people lies at heart of sustainable success. In a changing market, we are seeing new skills enter, skills essential in the luxury industry up to speed with other high margin organizations such as Apple. Heading towards 2020, the luxury market will see an influx of skills from outside the luxury sector arriving to accelerate development.

~Seymour Sloan

Trends That Will Shape The Luxury Market

DUE: Your group will be presenting this in a Power Point in the class October 29th. Your hard copy of your report is due the same day.

ASSIGNMENT:

Reports must also be uploaded to Moodle by October 29th before 6 pm, and your report must be handed to me on arrival to class. If you are late by 15 minutes, your report will be marked down. No late assignments will be accepted. The report must have a cover page, table of contents, introduction, and references. Note: All work must be cited. This report is based on facts more than opinion. Additionally, the following must be included:

· Select a country [only two groups can select the same county]

· Profile the luxury market within the country you selected. All research must be cited in APA format; 3-4 pgs

· Clearly define the word ‘luxury’ with all the attributes that we have used in class [see handout of luxury and premium luxury]. By identifying the word, it will help when presenting to the class to avoid confusion.

· Build a character profile of the luxury customer in the country. Within the luxury market, you selected to define the Values, Cohort Groups, and Interests of the luxury consumer. Another stat that would be interesting is looking into how many millionaires/billionaires are in the country you selected.

· Share in detail about the luxury consumer through a character-building description about a fictitious character in the country you selected that would be your target market. You are telling us about their lifestyle and interests. Think about the decision process that the luxury consumers go through in making purchases.

Character building description focus on the Psychographics Macintosh HD :Users:bendoniw:Desktop:target-market-psychographics.jpg

Macintosh HD :Users:bendoniw:Desktop:psychographic-segmentation.jpg

· Define the ‘Key Influencers’ of the country you selected [e.g. Celebrities]

· What two luxury brands originate from the country you selected? 2-3 pgs.

· You are welcome to mix market segments but they must all fall under the luxury definition you have provided above. The Market Segments Include: Apparel, Automotive, Homes, Yachts, Jets, Beauty, Hospitality, Jewelry, Spirits, and Travel.Global Luxury Market
Global Luxury Market
Through globalization of the luxury brands, today, not all are treated equal, and some brands are given new levels of importance, depending on the countries point of view (POV). To clearly understand what is considered luxury from a global perspective, I have created this assignment to challenge you as a class. Through this assignment, you will have a chance to share different countries POV on the ˜luxury market. Please note to conduct this research, you need to explore what each country values and have the insight to back your findings.
We are facing a new model of growth as the existing luxury market matures. The splintering of the market is driven by the cultural diversity of the high-net worth market. Their needs are different and their approaches to fulfilling those differ too. More People, New Skills : The ability to recruit and retain the right people lies at the heart of sustainable success. In a changing market, we are seeing new skills enter, skills essential in the luxury industry up to speed with other high margin organizations such as Apple. Heading towards 2020, the luxury market will see an influx of skills from outside the luxury sector arriving to accelerate development.