Essay On Luxury Consumers

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Luxury Goods Consumption “During the last few years, the luxury market has sustained constant growth. In spite of the September 11 attacks and other events disruptive to global trade, the luxury market has grown from $20 billion in 1985 to $68 billion in 2000”(The Economist, 2002). Nowadays, more and more people know about famous brand products and are interested in luxury goods. The conception of luxury has exited since long time ago; Edward Twitchell Hall Jr, a famous American anthropologist said: “Luxury is things you have that I think you shouldn’t have.” In other words not everyone can afford luxury products that include expensive famous brand accessories such as watches, shoes, bags, clothes, cars and furniture. There are three factors that cause people to buy luxury goods: increasing wealth; social status, and brand effect. Following the fast economic development the number of millionaires in the world increased rapidly. In 2004, there were 8.3 million millionaires in the world. The market research reporters predicted that in 2006 there would have over 27 million consumer...

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