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Marketing Undergraduate Honors Theses Marketing

5-2016

Evaluating the Perception of Luxury Brands inToday's Marketplace and the Impact of the DigitalAge on these BrandsMary M. TurnerUniversity of Arkansas, Fayetteville

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Recommended CitationTurner, Mary M., "Evaluating the Perception of Luxury Brands in Today's Marketplace and the Impact of the Digital Age on theseBrands" (2016). Marketing Undergraduate Honors Theses. 27.http://scholarworks.uark.edu/mktguht/27

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EvaluatingthePerceptionofLuxuryBrandsinToday’sMarketplaceandtheImpactoftheDigitalAgeontheseBrandsAnhonorsthesissubmittedinpartialfulfillmentoftherequirementsforthedegree

BachelorofScienceinBusinessAdministration

By

MaryMarjorieTurnerSamM.WaltonHonorsCollegeofBusiness

Fayetteville,ArkansasMarketing,2016

May2016UniversityofArkansas

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Abstract“Inspiteoftheglobalrecession,luxuryseemstobeeverywhere.Luxuryisatermthatisroutinelyusedinoureverydaylife:apromiseofdecadenceandadreamofanexclusivelifestyle,akeycomponentofmarketingmanagementandataglineincommercialsandadvertisingcampaigns…However,whatdoesluxuryreallymean?Theonlyconsensusonthemeaningofluxuryisthatthereislittleconsensus”(Hennigsetal.3).Foranindustrythatoncepresenteditselfassoexclusiveanddefinitive,itishardtobelievethereissuchuncertaintyindefiningthismarket.Muchofthisambiguitycanbecontributedtotheimpactofglobalizationandconglomerationthatpreviouslyimpactedtheeconomy,aswellastrendsinbrandandproductextensions.Regardlessofhoworwhythisindustryevolved,adefinitiveconsensuscanbemadethattheluxurybrandindustryisdifferentthanitoncewas.However,asonecanimagine,theunderstandingofconsumers’perceptionsregardingluxurybrandsiskeyforcreatingappropriatestrategies.Consumers’varyingperceptionstowardsluxurybrandscreatesmanyquestionsinregardstowhattraitortraitsreallydefineabrandas“luxury”.Isittheprice,thequality,thebrand’shistoryorsomeotherindicatorthatidentifiesabrandasaluxuriousonetoconsumers?Furthermore,theretendstobehypocrisyinconsumers’perceptionstowardsluxurybrands.Inregardstoconsumers’attitudestowardstheconceptofluxury,TheJournalofBusiness&EconomicsResearchclaims“theyareambivalentacrossandwithinconsumers,asconsumerbehaviorisinconsistentwithself-reportedattitudes,asconsumerscan’tunderstandtheirowncontradictions”(Stegemann61).Inadditiontomarketers’struggletounderstandwhatconsumersperceiveasaluxurybrand,theimpactoftechnologyandthedigitalagehasonlyenhancedthesubjectmatter.Luxurybrandsthatoncepridedthemselvesonpremiercustomerserviceandprovidingasortof“white–glove”experiencefortheircustomers,mustbeflexibleandacceptingintheirmarketingstrategiesorfacethefearofabandonment.Theconsumeroftoday’sworldnotonlyviewsluxurybrandsdifferentlybutalsoshopsdifferently.Instantgratificationisaconceptthathasbecomeprevalentinconsumersbuyinghabitsandmustbenotedbymarketers.AstheEuropeanFinancialReviewrecognizes“Luxuryiseverywhere”,andthefactofthematteristhattheseluxurybrandsmustcometotermswithtoday’sworldofE-commerce(Hennigs2).Itisnecessarytounderstandhowconsumersviewluxurybrandsaswellastheirroutinepurchasehabits,becausetheseperceptionsandpreferenceswillbeessentialinestablishingmarketingstrategiesthatensureloyalcustomers.Thishonorsthesisisapprovedforrecommendation.FacultyAdvisor: SecondReader:JohnW.Cole Dr.MollyRapertInstructor AssociateProfessorDepartmentofMarketing DepartmentofMarketing **signature** **signature**

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AcknowledgementsIwishtoacknowledgethefacultyandstaffoftheUniversityofArkansas.Inaddition,IwouldalsoliketogratefullyextendmyappreciationtothefacultyandstaffoftherespectedSamM.WaltonCollegeofBusiness.ItisthroughtheirdedicationandcommitmenttoteachingthatIhavebeenabletoexcelacademicallythesepast4years.Inparticular,Iwouldliketoexpressmysinceregratitudetomythesisdirector,JohnCole,aswellasmyaccompanyingadvisor,Dr.MollyRapert.Theyhaveofferedtheirvaluablesuggestionsandconstructiveguidancethroughoutthisprocess.Notonlyhavetheysupportedmeinthisendeavor,butalsotheirleadershipstylesandsincerepassiontowardsteachinghaveinfluencedmemorethantheywilleverknow.Theydisplayatruecompassionfortheircareersandtheirapproachablenaturehasimpactedmeindefinitely.Iamgenuinelythankfulfortheirsupportandencouragement,andstronglybelievethattheyhavecontributedtomysuccessatthisuniversity.

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IntroductionLuxurybrandsundoubtedlyplayapivotalroleintoday’smarketplace,andthemarketingstrategiesforthesebrandsarecontinuouslychangingwiththegrowthoftechnology.Althoughitisimperativethatthesebrandsareflexibleintheirways,theconstantadaptationsbroughtonbythedigitalagehavemanybrandsquestioningtheappropriateapproach.Familynamesandlonghistoriesareassociatedwithmanyofthesebrands,whichhasthemfacingthefearthatevolvingstrategiescouldpossiblydegradethevalueoftheirbrandnames.However,thesechangesareinevitableduetothenatureoftoday’sconsumer.Theconsumeroftoday’sworldisnotthesameconsumerthatexistedwhenmanyofthesebrandnamesevolved.This“newconsumer”livesinaworldwhereinformationisaccessiblewiththetouchofabuttonandexceptionalcustomerservicecanhavevariousmeanings.Whenevaluatingtheperceptionofluxurybrandsandtheimpactofthedigitalageonthem,itisnecessarytoexaminethetruemeaningofa“luxurybrand”.Theperceptionofluxurybrandswidelyvariesdependingontherespondentandhasbeenextensivelyresearched.TheJournalofBusiness&EconomicsResearchgoesasfarastosaythat“theconceptofluxuryiscomplex,asitissubjectiveandprimarilybuiltonconsumerperceptions,asthemeaningofluxuryisdeterminedbypersonalandinterpersonalmotives”(Stegemann59).Therefore,theelusivedefinitionofluxurybrandscreatesaninterestingscenariotoexplore;whilesomeconsumersviewtheworldofluxuryproductsasonethatdemandsrespectforthequality,time,andaestheticsinvolved,othersviewthisworldasexcessiveandimplausible.Furthermore,theuncertaintyassociatedwiththedefinitionofaluxurybrandscreatesanargumentforhypocrisyandconfusion.Forexample,thegeneralpopulationmighthearthename“RollsRoyce”or“Gucci”andimmediatelythinknegativelyaboutthosebrandsorthepeoplethatwillspendmoneyonthoseproducts,butisthatassumptionfairwhenapproximately“1in4adultAmericansownaniPhone”(Elmer-DeWitt1).Whyisitthatsomebrandsnamesconnatethisnegativeattitudefromconsumersyetowninga$600mobiledeviceiscompletelyjustifiable?Throughampleresearchanddatacollection,Iwanttodiscoverwhatpeopledefinealuxurybrandasandwhyperceptionsdiffersodrastically.Isitindicatorssuchasthepriceoftheproduct,thehistoryofthebrand,ortheexclusivityofbeingcapabletopurchasetheitemthatleadconsumerstoidentifyabrandasluxurious?Furthermore,Iwanttodiscoverhowtechnologyande-commercehascreatedadifferenttypeofconsumer,andhowmarketersmustbeabletoquicklyadaptinordertoensurefinancialstability.Thepurposeofmyresearchis(1)tobetterunderstandtheperceptionofluxurybrandsintoday’smarketplace,(2)toanalyzetheluxuryconsumeroftoday’sdigitalworldandthechangeinconsumerbehavior,(3)andtoanalyzetheflexibilitythatisimperativeforluxurybrandstoacceptregardingfutureappropriatemarketingstrategies.Thisanalysiscanbeusedtorecognizetheoverallroleofluxurybrandsintodays’digitaleraandhowunderstandingthecurrentconsumerisnecessarytodeterminetheaccuratemarketingstrategiesforthesebrands.

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Theme1:ThePerceptionofLuxuryBrandsinToday’sMarketUponreviewingcreditedonlinesourcesandpublishedliterature,Icollectedavastamountofinformationfromavarietyofsourcesinordertodetermineluxurybrandsoverallroleinthemarketplace.Whendoingso,Ideterminedthatitwasalsonecessarytoelaborateontheambiguityassociatedwiththeworldofluxurybrandsandthedifferentconnotationsassociatedwiththeconcept.Theworldofluxurybrandsisnotsomethingnew;infact,manyluxurybrandshavebeenaroundforover100yearsandembodyFrenchrootsandalonglineoffamilytradition.Theluxuryindustrywasestablished“withitsfocusonartandaesthetics”butdrasticallychangedduetotheeffectsofglobalizationandmarketconditions(Stegemann59).Inordertocompletelyunderstandtheindustry,thewordluxurymustbeevaluated.“TheoriginoftheworldluxuryisderivedfromtheLatinwords“luxus”and“luxuria”.Accordingtodictionaries,luxurycompareswithextravagance,opulenceandrankness.Thewordluxuryshouldhaveapositivevalueofsplendortoit.However,ittakesonthenegativemeaningofdecadencewhenusedinassociationwith‘private’and‘excess’,andputintoasocialcontext”(Stegemann59).Itisevidentthatpriceandexclusivityarecommonlyassociatedwithluxurygoods,whichtendstoresultintheautomaticcreationofspecificgroups,thosewiththeproductandthosewithout.Itistheneasytoseewhymanyluxurybrandsacquirethisnegativeappearancebyyouraverageconsumerwhoisunabletopurchasetheseproducts.However,inmyinitialresearch,Ibegantoquestiononwhatbasisconsumerscriticizecertainluxurybrandsandnotothersandnoticedsomehypocrisythroughoutthedifferentsources.Idobelievesomeofthisnegativityanduncertaintyresultsfromthefactthat“bytradition,individualsconsumeluxurygoodsbecauseoftheirdesiretodifferentiatethemselves”(Stegemann60).Inanearliertimeperiod,socialclasseswereseparatedanddefinedbywhatluxuryproductstheycouldownorconsume.Yet,Ithinkitisimportanttounderstandthat“inthe80s,luxurygoodsthatusedtobelongtotheupperclassbecamevisible,recognizable,andaccessibletothepublic(Stegemann60).Theluxurygoodsindustryhadsignificantgrowthandtheentireclienteleexpanded.Withthisgrowth,the“newconsumersopposedthetraditionalostentatiousconsumptionofluxurybrands,andweremoreoccasionalandselective,andcarefullyevaluatethevalueofabrand”(Stegemann60).Thisnewclienteleandexpansionnotonlychangedtheluxurymarketfromthebusinesssideofthings,butitalsocreatedsomewhatofa“greyarea”fordefiningluxuryproducts.Manyconsumersseetheluxurymarketinsuchanegativelight,butthecontinuousgrowthofthismarketiswherethefocusshouldlie.Itisnodoubtthattheluxurybrandindustryoncerepresentedanexclusiveclientele,butIthinktheiroverallpresenceintoday’smarketplaceisnoteworthy.Furthermore,Ibelievethatconsumersshouldnotonlyappreciateanygrowththatpositivelyimpactstheeconomy,butIalsobelievetheyshouldevaluatetheirbuyinghabitsbeforemaking

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negativeassumptionsaboutluxurybrands.OnceagainIwillmakeacasewhereIquestionwhyitisacceptableforamaletopurchasea$300signedfootballjersey,butafemale’spurchaseofarecognizeddesigner,sayaPradabagisignorant.Isn’tthefemalegoingtogetdailyuseoutofthepursebutreallyhowoftencanthemalewherehisfootballjersey?Peopleshouldfocustheirattentiononthe“unprecedentedgrowthoftheluxurysectorfromavalueofUS$20billionin1985toitscurrent$180billionworth”andwhatthismeansforthefuture(Okonkwo287).Peoplecanholdnegativeopinionsaboutluxurybrandsandtheirconsumers,butclearlythisindustryisnotgoinganywhereandisn’tanyeconomicalgrowthapositiveimpact?GranbyMarketingstatesthat“luxurybrandsareknownfortheirquality,serviceandstylewithproducts”butregardlessofthemanytextbookdefinitions,Ifoundmyselfcontinuallyrecognizinguncertaintyamongsourceswhendefiningabrandasluxuriousornot(GranbyMarketing).Furthermore,Ibelievethattoproperlymarkettotoday’sconsumer,understandingiftheconsumerperceivesyourproductasluxuriousornotisessential.Withthebeforementioneddiscussionasmotivation,IdecidedthatIwouldconductmyownresearchandtrytogathercollege-agedstudentsperceptionsonluxurybrands.Thecollege-ageddemographic,mostlyconsistingofmillennials,havenotonlygrownupinthedigitalagewhereinformationisavailablewithinseconds,buttheyarealsoapproachingthejobworldandholdagreatdealofpurchasingpower.Theme2:TheLuxuryConsumerofToday’sDigitalWorldWhenevaluatingtheroleofluxurybrandsintoday’smarketplace,theimpactofthedigitalageandtechnologyisparamount.ItissafetosaythattechnologyandE-commercehaschangedalmosteverybusinessindustry,buttheeffectoftheseontheworldofluxurybrandshasbeenveryunique.Consumerbehaviorhaschangeddrastically,withtheaverageshopperbecomingmoretechnologicallycapableandtimebeingofupmostimportance.McKinseyGroupgoesasfarastosaythat“threeoutoffourluxuryshoppersownasmartphoneandabouthalfownatablet”(Dauriz,Remy,andSandri).However,forthelongesttimeintheworldofluxurybrands,theshoppingexperiencehasalwaysbeenthekeyinestablishingcustomersatisfactionandretention.“Itusedtobethataluxurybuyingexperienceinvolveddressingupandgoingintoahigh-endboutiquetoconsultwithasalespersononwhattobuyandenjoyingaglassofchampagnewhileitwasbeingcarefullywrappedupforyou”(Adams).Althoughthisluxurybuyingexperiencehasnotcompletelyvanished,ithasdefinitelyevolvedandisrarelythesinglesourceforthepurchasedecision.Anotherkeyelementtorecognizeintoday’sfast-pacedworldisthat“peoplewithlargeamountsofdisposableincomeoftenhavelowamountsofdisposabletime.Beingabletoshopontheirscheduleandontheirterms(possiblyintheirunderwear)[turns]outtobemoreappealingthanhavingtoleaveone’shomeorofficetobuysomething”(Adams).Luxurybrandsoncebuilttheirentiremarketingstrategyonprovidingexceptionalcustomerserviceandasuperbshoppingexperience;manytimestheseaspectswereasimportanttoconsumersastheproducttheywereselling.Althoughthe

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digitalagehasimpactedconsumersineveryindustry,thestrugglearisesbecauseofthelongtraditionofserviceassociatedwiththeluxurymarket.Formanyyears“thepervasivebeliefwasthatluxuryshoppers,withtheirdiscriminatingtasteandpreferenceforhigh-pricedgoods,wouldn’tbuyexpensivethingsonline;theywouldalwaysoptforthepersonalizedcustomerserviceandtactileshoppingexperiencethatmonobrandbrick-and-mortarstoresprovide”(Dauriz,Remy,andSandri).However,thisbeliefhaschangedandtechnologyhasnotonlycreatedanewwaytopurchaseluxurygoodsforconsumers,butithasalsobecomeasignificantsourceofinformationforconsumers.TheMcKinseyCompanyelaboratesonthisbyexplaining,“E-commerceisonlyoneaspectofthedigitalopportunity.Ourresearchfoundthat40percentofluxurypurchasesareinsomewayinfluencedbyconsumers’digitalexperience-forexample,throughonlineresearchofanitemthatissubsequentlyboughtoffline,orsocial-media“buzz”thatleadstoanin-storepurchase”(Dauriz,Remy,andSandri).Thisstatisticaloneportrayshowtheconsumeroftoday’sworldistechsavvyandinformationdrivenandtheprioritiesthatonceweresoimportanttotheluxuryconsumerhaveshifted.Furthermore,animportantaspectoftheluxuryconsumertomentionisthecommonmisidentificationthatisassociatedwiththistargetedgroup.Thisphenomenonfurtherstrengthensmypointabouttheelusivenessofthewordluxuryandshowsthesignificanceofunderstandingtheluxuryconsumeroftoday’sworld.GranbyMarketingelaboratesbysaying,“Askalmostanyonetodescribewhattheybelievetobealuxuryconsumerandtheywillprobablysayamiddle-agedaffluentfemalewithalargenetworth-wrong!Infact,itsthismisidentificationfromluxurybrandsthatcoststhe50%oftheirtopcustomersannually”(GranbyMarketing).Manyluxurybrandstargetthis“trueluxe”customerwhoonlypurchasesluxurybrandswithoutregardstoprice;“however,therealityis,luxurybrandsarekept-a-floatby‘Momentsofwealth’customerswhosavetoaffordspecificitemsand‘dressedforthepart’consumerswhopurchaseluxuryitemstomaintaintheappearanceofsomeonewholivesaluxurylifestylebutcannotbea‘Trueluxe’consumer(GranbyMarketing).Itisimperativethatluxurybrandsunderstandtheircustomerbaseanddonottakeforgrantedthese“momentofwealth”or“dressedforthepart”customers.Inaddition,thetechnologyoftodaymakesitincreasinglyeasyforcompetitiontooutperformoneanother.Thisreasoniswhytheserviceofferedbyluxurybrandsisstillextremelyrelevant;thewayexceptionalserviceisprovidedmighthavechanged,nonethelessitisstillofupmostimportance.JazFrederickelaboratesonjusthowthemeaningofservicehasshifted;“Insteadofdrivingtoaphysicalstore,luxuryshoppersenjoytheconvenienceofhavinganitemdeliveredtotheirdoorstepwithinafewshortbusinessdays.Additionally,purchasingfromauthenticbrandsitesgivesshopperpeaceofmindknowingthey’rebuyinglegitimateitemsfromthebranditselfwithouthavingtoworryaboutreceivingcounterfeitgoods.(Frederick).Thisfindingshowstherelevanceofunderstandingconsumers’perceptionsofwhatqualityserviceisintoday’sage.Inmyownresearch,Iwanttounderstandthetopservicequalitiesthatconsumer’slookforine-commercepurchases,andIwanttodiscovertheirroutinepathtopurchase.Ibelieve

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thatcollege-agedemographicswillproveextremelyrelevant;Granbymarketingstrengthensthisbystatingthat“thedigitalizationofluxuryisrapidlyevolvingasmillennialsandyoungerconsumerbecomemoreaffluent;andwithmillennialsaccountingforapredicted30%ofretailsalesin2020.Therefore,thedigitalexperienceshouldnotbeover-lookedastheyoungerconsumergroupscontinuetoseektechnology-drivenproductsandexperienceswhichrequiresluxuryretailerstodeliverconsistent,personalized,high-engagementinteractionsateverytouchpointonthecustomerjourney”(GranbyMarketing).Settingthefoundationofmyresearchwithunderstandingtheperceptionofluxurybrandsintoday’smarketplaceandcontinuingbylookingathowtechnologyhasimpactedtheluxuryconsumerandtheirpathtopurchase,Isoughttounderstandwhatthismeansforcreatingtheappropriatemarketingstrategiesforluxurybrandsinthefuture.Theme3:StrategicFlexibilityinMarketingLuxuryBrandsInaccordancetomydelineationofluxurybrand’sstrongpresenceintoday’smarketplaceandthedigitalage’ssignificanteffectsonconsumers,Inowwanttoexaminewhatthismeansforluxurybrandswhendevisingappropriatemarketingstrategiesforthefuture.Aspreviouslymentioned,theluxurybrandmarkethasexperiencedremarkablegrowthandresearchersdonotseethegrowthhalting.However,Ifinditinterestingthatmanyluxurybrandsarestillhesitantintheiracceptanceofastrongonlinepresence.PFSWebacknowledges,“eventhoughthedemographicofaffluentfamiliescontinuestogrowworldwide,theworld’stopluxurybrandsonlyprovideE-commercesitestoapproximately45%ofleadingmarkets”(Frederick).Thishesitantacceptancecanbeexplainedbythefactthat“somebrandsfearthatanonlinestorewouldtarnishtheirexclusivebrandimage,makingthemless“luxurious”toshoppers,orgreatlytakeawayfromin-storesalesandvaluedpersonalservice”(Frederick).AlthoughIunderstandthereasoning,itisnowthatImakeanargumentthatluxurybrandsmustbeflexibleintheiracceptanceofthedigitalageandunderstandthattheyarenotonlydealingwithdifferentclientelebutalsotechsavvyconsumers.Withoutbeingabletoadjusttotheimpactofthedigitalage,luxurybrandswillsuffergreatly.TimAndersonfromTheGuardianstatesitdirectandtothepoint,“Theriseofdigitalmarketingischangingthewayluxurybrandsengagewithcustomers,andtraditionalcompaniesmustembracewhatisnowpossibleintoday’sconnectedandmobileworldorbeleftbehind”(Anderson).TheJournalofBusinessandEconomicsexplainsthat“Foryearstheluxurygoodsindustryenjoyeditsexclusivepositioninthemarketandafairlystablemarketenvironment.Howeversupplyanddemandpatternsforthemarketforluxurybrandshavechangedconsiderablyduetoincreasedcompetitionandcounterfeitedluxurygoods”(Stegemann59).Asmentionedbythesecreditedsources,theexpansionofluxurybrandsintoglobalmarketsandthedigitalcreatedanunavoidablechangeforthisindustry;Ibelievethatacceptanceofthisneweraiskeyforthelongevityofluxurybrands.

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Inadditiontopreviouslymentionedfearsregardingreducedserviceandatarnishedbrandnameuponacceptanceofthedigitalera,discussionhasaroseaboutthesubstantialamountofmoneyinvolved.TimAndersonfromTheGuardianelaboratesonsomeofthequestionsthatarosewhenanaudiencewasinvitedtojoinindustryexperts“todebatetherisksandcreativeopportunitiesforluxurybrandsenabledbydigitaltechnology”(Anderson).Anumberofaudiencememberscontinuedtoquestionwhytheyshouldinvestindigitaladvertisingwhenthe“thereturnoninvestment(ROI)isnotasbigwithdigital?”Thepanelrespondedbystating“Youshouldlookatreturnoninteractionratherthanreturnoninvestment”.Furthermore,“oneofthebenefitsofdigitalmediaisthatitgeneratesdata,enablinganalyticsthatwerepreviouslyimpossible.Itismoremeasurablethananyotherformofmediawedo,anditisnotjustabouthugereachnumbers,itisaboutcreatingengagement,understandingourcustomers’journeyandthendeliveringrelevantcontentalongtheway”(Anderson).ThisstatementcompletelyconfirmsmystrongfeelingsandpointthatIamtryingtoprove.Thereisnothingluxurybrandscandotochangethedigitalworldoftodayorconsumersbehaviors;therefore,theymustacceptthenewwaysandfindwhatstrategyworksbestforthem.AlthoughIunderstandthatitisnecessaryforbrandstounderstandthefinancialconsequencesofsuchastrongdigitalpresence,theconsumersthattheyneedtofocustheireffortsonarethosewhohavegrownupinthisdigitalera.Furthermore,Ibelievemyresearchwillhelpstrengthenwhatthesecreditedsourceshavestatedaboutthereturnoninteractionbeingtheimportantelementtofocuson.Surveyresponsesfrommillennialsareidealforensuringtrustworthyanswersregardingshoppinghabitsandmarketingtacticsofthefuture.Furthermore,Iwantedtoextendtherelevanceofthisissuebyprovidingstatisticsandacknowledgingsomebrandsthathavealreadyseenthebenefitsofacceptingthenewdigitalways.Avarietyofsourceshavemadeclaimsaboutthevalueofunderstandtheluxurysector,statingcommentssuchas“Inall,mostforecastpointstoagloballuxurymegamarketjustwaitingtobetappedinto”and“Digitalspendinginluxuryhasreachedhistoriclevels,thecorequestioniswhetherbrandsaregettingthebestoutofit”(Frederick;Angelic).AlthoughIunderstandluxurybrandsfearsofcompromisingtheircorevalues,Ibelievetheimportantaspectforthesebrandstofocusonisthatthereishugegrowthintheirindustryandproperlyconnectingwiththeirconsumersisofpivotalimportance.AForbesarticledescribesanoteworthyexampleofTheGucci’sbrandunderstandingandacceptingtheimpactofthedigitalworldontheirclientele.“AfeelingofdisgustfellonthefacesofluxurybrandexecutiveswhentheysawtheirgoodssoldviaonlineauctionsideeBayorAmazon-arguablytheworld’slargesshoppingmall.Thathoweverwasinthebeginning,andluxurybrandsarefeelingfriendliertoplaceslikeeBayandAmazonbecausesalesnumbersprovetheirfearstobewithoutmerit.GucciforexamplehasmadeAmazon.comtheirofficialauthorizedonlineretailer”(Adams).ThisbrandunderstandsthebenefitsthatAmazoncanprovidetheirshopperssuchas2dayshippingandaccessibilitytoalltypesofproducts;Guccitookadvantageofthisforumandunderstandsthat“intheendconsumersarelookingforaneasywaytogetthethingstheywant”(Adams).AlthoughGucciunderstandsthebenefitsofusinga

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third-partyretailer,theluxurybrandexperiencemustberecognizedateverystageofthepurchaseprocess.Granbymarketingclaims“theexpectedandrequiredcustomerserviceismuchhigherfromaluxuryretailer;fromin-storecustomerservicetoaftercaresupportluxurybrandsneedtoliveuptoexpectationswhenitcomestocustomerservice”(GranbyMarketing).Thisclaimdisplaystheimportanceofhowthedigitalagehascreatedanomnichannelapproachtosales.WhetherthecustomerisbuyingtheGuccipurseinstoreornot,theserviceandexperienceofthepurchasemustbecarriedoutinallchannels.Regardlessoftheluxuryproductbeingsold,brandsmustrecognizethatstrategychangeisnecessaryforsuccess.Inmyreviewoftheliterature,Idiscussedthevariousviewpointstowardsluxurybrandsintoday’smarketplace.Ialsoexpressedtheimpactofthedigitalworldontheluxurybrandconsumer,suggestingthatthisconsumerisnotthesameastheconsumerthatexistedwhenmanyofthesebrandsoriginated.Icontinuedbyintroducingtheimportanceofluxurybrandsinunderstandingthetechsavvyconsumeroftodayandhowthesebrands’marketingstrategiesmustevolve.Basedontheinformationgatheredandpersonalresponses,Iconductedasurveythatfurtheracknowledgeshowunderstandingluxurybrandsandtheirconsumersandacceptingthedigitalrevolutionisimperativetocreatingappropriatemarketingstrategies.Furthermore,theresponsesfromcollege-agedstudents,mostlymillennials,willprovideinterestinginsightandperhapsrelevantcomparisonsduetotheeffectsofworldeventssuchastheemergenceoftechnologyandthegrowthoftheluxurysectoronthisgeneration.ResearchMethodsInpursuanceofsuccessfullyanalyzingtheaforementionedthemes,myresearchincorporatedacomprehensivereviewofsecondaryliteratureaswellasaprimaryresearchsurvey.Ibeganmyresearchbysearchingforcrediblediscussionregardingperceptionsonluxurybrandsandfoundthatthistopichasbeengreatlydiscussedsinceluxurybrandsoriginated.Myresearchrevealedthattherehasalwaysbeenadifferenceofopinionamongconsumers’attitudestowardstheluxurymarket,andthatevenindividuals’psychologicalmotivesplayaroleinthisdiscussion.However,Iwantedtopersonallydiscoverpeople’sinitialthoughtstowardsthisparticularmarketsegmentincurrenttimesandseeiftherewerespecificcharacteristicsaboutproductsandbrandsthatmadeconsumersperceivethemeasluxurious.Inregardstomysecondtheme,thereisnodenyingthatconsumerhabitsandshoppingmethodshavedrasticallyevolvedduetothedigitalworld.Researchexplicitlyrevealedthatthereisnodoubtanewconsumerintoday’sworld;however,thesearchforidentifyingluxuryconsumersseemedmoreelusive.Furthermore,seekingtoestablishtheexactwantsandneedsoftheseconsumersprovedtobeaninterestingquestion.Idecidedthatsurveyingcollegestudentdemographicwouldprovideauniqueperspectiveonperceptionsofluxurybrandsandwouldupholdsecondarydataregardingthecurrentshoppinghabits.Thisparticulardemographichasalsogrownupconcurrentwiththeriseoftechnologyaswell

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astheenormousexpansionoftheluxurymarket.Inadditiontosurveyingthecollegestudentdemographic,Ibelieveditwouldbeusefultohaveresultsfromolderdemographicsthatwereaccustomedtotraditionalshoppingmethodsandknewaworldwithouttechnology.Finally,Iwantedtofurtherexamineandprovetheimperativenessofluxurybrandsacceptancetowardsthedigitalage,andtheirneedforflexibilitywithintheirmarketingstrategies.Thus,Icreatedasurveytoaddresseachofmythemes;overall,Iwantedmysurveytoanswerifandmorespecificallywhatcertainaspectsinfluencedindividuals’perceptionstowardsluxuryproducts.Furthermore,Ihopeditwouldrevealessentialinformationthatbrandscoulduseinordertocreateappropriatemarketingstrategiesthatwouldensuretheirfuturesuccess.Whenanalyzingtheresultsgatheredinmysurvey,theresponsesnotonlyprovedbeneficialinsupportingmysecondaryresearchbutalsoprovidedinterestingandnewfindings.Iorganizedmyprimaryresultsaswellasmysecondaryfindingsinordertoproperlysupportmydifferentthemes.Throughthesemethods,Iwilldivulgemyfindingsandprovideinsightfulrecommendations.

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• 91%collegestudents

• Seniors-32%• Juniors-22%• Sophomores-19%• Freshman-21%• GradStudent-1%

=totalof239respondents

• 36%male• 64%female

DemographicsChart1

• 91%18-24yearolds• 9%25+yearolds

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ResearchResults:Theme1Results:ThePerceptionofLuxuryBrandsinToday’sMarketThereisnodisputebetweenresearchersthattheluxurymarketsectorhasexperiencedrapidgrowthsincethe1990s.Thisexpansionhasbeenonsetby“globalization,wealth-creationopportunities,newmarketsegments,digitalcommunications,internationaltravelandcultureconvergence,andhasledtoaseriesofbusinesschallengesthatluxurypractitionershaveneverknown”(Okonkwo285).Whenanindustryexperiencessuchanexpansion,itisevidentthatnotonlytheclientelebasewillexpand,inthiscaseresultinginlessexclusivity,butalsotheentiremarkets’appearanceisfacedwithopportunitiestotransform.However,whenconductingmysecondaryresearchandevenconversingwithaccreditedpeers,Irealizedthereisstillanelusiveunderstandingwhendefiningthismarket.Theretendstobeinconsistencyinindividuals’attitudesandfeelingstowardsthemarket.Inmypersonalresearch,Iwantedtounderstandpeople’sinitialthoughtstowardstheluxuryindustryandevaluatetheirfeelingstowardsspecificbrands.Whencollectingthisdata,Ihopedtogainabetterinsightonindividual’s,particularlymillennials,perceptionstowardstheluxurymarketandrecognizespecificconsistenciesorinconsistenciesamongrespondentswhenidentifyingaproductasluxurious.(1) Initialresponsesontheterm“luxurybrand”ThefirsttwoquestionsIaskedduringmysurveywereinregardstopeople’sinitialthoughtswhenhearingorseeingtheterm“luxurybrand”.Thefirstquestionaskedrespondents“What3wordsfirstcometomindwhenyouheartheterm“luxurybrand”?Thesecondquestionwas“what3brandsfirstcometomindwhenyouheartheterm“luxurybrand”?Althoughsimplisticinresponse,Iwantedtogatherageneralconsensusonpeople’sinitialthoughtsanddetermineifthereweresimilaritiesamongrespondents.Ialsowantedtoseeiftherewereanynoteworthyoutliersoruniqueresponsesthatwouldproveworthytomyresearch.

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MostFrequentResponsesforDescribingLuxuryBrandsChart2

Fromtheabovecharts,wecandrawsomekeyconclusions:

• Theword“expensive”wasassociatedwithrespondentsinitialthoughtsontheterm“luxurybrand”70%ofthetime

• 31%ofrespondentsincludedRolexasoneofthefirst3brandstocometomindwhenhearingtheterm“luxurybrand”

• 13%ofresponsesincludedtheword“rich”intheiranswerswithregardstothefirstwordstocometomindwhenhearingtheterm“luxurybrand”

Althoughnotshownintheabovecharts,otherinterestingtakeawaysweregatheredfromthepreviouslymentionedquestions:

• Responsessuchas“entitled”,“egotistical”,“modern”,“snob”,“rich”,“new”,“leather”,“silk”,and“cars”wererecordedbyrespondents

• TheApplebrandwasmentionedamultitudeoftimeswhenrespondentsreferredtoluxurybrands

70%

37%

20%13%

Expensive Quality Nice Rich

What3wordsfirstcometomindwhenyouheartheterm"luxurybrand"?

31%27%

22% 20%

Rolex Mercedes LouisVuitton

Chanel

What3brands,irstcometomindwhenyouheartheterm"luxurybrand"?

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(2) GeneralQualitiesforIdentificationofLuxuryProductsInordertogainanunderstandingofwhatqualitiesconsumersrecognizewhendistinguishingaproductasa“luxuryitem”ornot,Iaskedacoupleofquestionsassociatedwithproductfeatures.ThefirstquestionIaskedwasforrespondentsto“pleaserankinorder(1=highest,6=lowest)whichqualitiesyoubelievearethebestindicatorsforidentifyingaproduct/brand/serviceasa“luxurygood”.Thequalitieslistedforthequestionwere:quality,price,historyofbrand,serviceexperience,exclusiveness,anddegreetowhichtheproductiscustomized.Representedbelowareresultsshowingwhichproductattributesconsumerslistedasthebestindicatorsforidentification. GeneralQualitiesforIdentificationofLuxuryProducts Pleaserankinorder(1=highest,6=lowest)whichqualitiesyoubelievearethe bestindicatorsforidentifyingaproduct/brand/serviceasa“luxurygood”:

Chart3 KeyPointsofInterest:

• 44%ofrespondentsbelievethatqualityisthebestindicatorforidentifyingaproduct/brand/serviceasa“luxurygood”

o Thequalityoftheproductgreatlyexceededallotherattributesasbeingthebestindicatorforidentification

• 24%ofrespondentsbelievethatpriceisthebestindicatorforidentifyingaproduct/brand/serviceasa“luxurygood”

• Thefewestamountofrespondents,only3%,believedthattheserviceexperiencewasthebestindicatorforidentifyingaproduct/brand/serviceasa“luxurygood”

44%

24%

16%

13%

5%

3%

0% 20% 40% 60% 80% 100%

Quality

Price

Exclusiveness

HistoryofBrand

DegreetowhichProductisCustomized

ServiceExperience

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ThenextquestionIaskedwasrelatedtothepreviousone,askingrespondents“Arethereindicators,otherthantheoneslistedinthepreviousquestion,thatwouldidentifyaproduct/brand/serviceasa“luxurygood”toyou?Ifso,pleasestatethembelow.Ifnot,simplystate“N/A”.Describedbelowaresomeoftheresponsesreceived:

“uniqueness….theabilityfortheconsumertofeel

emotiontowardstheproduct…..appearance….locationofpurchase-ex.Departmentstore,highendboutique,flagship

store…..popularforitscategory...rare…limitedavailability…minimumlocationstogetthem

at…..rarity…easeofproducing/acquiringproduct”(3) ConsiderationsofBrands&PreviousPurchasesForthenextsetofquestions,Iwantedtofirstseehowoftentherespondentsinmysurveyconsideredthemselvesconsumersofluxurybrands.Furthermore,Iwantedtoevaluatetheirperceptionsonparticularbrandsandproductsandthenseewhichofthoseproductstheyhavepreviouslypurchased.MygoalinaskingthesequestionswastoseeifIcouldidentifyhoworwhyconsumersrankcertainproductsasluxuriousandthentrytoevaluatewhetherornottherewereinconsistenciesamongconsumerresponses.ThefirstquestionIaskedrespondentsstated,“Pleaseindicatewhichofthefollowingyouconsidertobealuxurybrand/product/service(checkallthatapply).Thesecondquestionstated,“Pleaseindicatewhichofthefollowingyouhavepreviouslypurchased(checkallthatapply).Belowaregraphsdepicting(1)thepercentageofrespondentsthatconsidereachbrandoritemasaluxurybrand,and(2)thepercentageofrespondentsthathavepurchasedthosesameitems.

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ConsiderationsofBrands (1)Pleaseindicatewhichofthefollowingyouconsidertobealuxury brand/product/service(checkallthatapply).

Chart4

PreviousPurchases(2)Pleaseindicatewhichofthefollowingyouhavepreviouslypurchased(checkallthatapply).

Chart5KeyPointsofInterest:

• 29%ofrespondentsconsideranAppleiPhonetobealuxuryproduct• 87%ofrespondentshavepreviouslypurchasedanAppleiPhone• Only12%ofrespondentsconsiderStarbuck’scoffeetobealuxuryitem• 89%ofrespondentshavepreviouslypurchasedaStarbuck’scoffee

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ConclusionsaboutTheme1Results:Basedonmyanalysisofrespondents’initialthoughtstowardstheterm“luxurybrand”,Iwasabletoconcludethatthemajority,70%tobeexact,directlyassociatetheword“expensive”withthisphrase.Inregardstothissamequestion,Ifounditinterestingthatthe4thmostfrequentwordamongrespondentswas“rich”.Inaddition,condescendingwordssuchas“entitled”andegotistical”wererecorded.Ibelievethattheseresponsesproveinterestingtomyresearchbecauseitshowshowindividuals’focusimmediatelyshiftsfromdescribingluxurybrands,andinsteaddescribingpersonalcharacteristics.Moreimportantly,Ithinktheseresponsesshowssomeindicationofwheretheinconsistenciesinattitudesandperceptionsarisewithregardstowardstheluxurymarket.Itismybeliefthatindividualsoftenincorporatetheirpersonalfeelingstowardsindividualswhoownluxuryproductswiththeiroverallfeelingstowardstheindustry.Furthermore,inmyanalysisofthebestindicatorsforidentifyingluxuryproducts,Ifoundsomeinterestingstatistics.44%ofrespondentsbelievethatqualityisthebestindicatorforidentifyingaproduct/brand/serviceasaluxurygood,followedbypriceandthenexclusiveness.Theopen-endedquestionprovedrelevantduetothecontradictionsinresponses.Forexample,onerespondentlisted“popularforitscategory”asawordthatwouldidentifyaproduct/brand/serviceasaluxurygood.Yetotherrespondentsprovidedanswersjustoppositethanthat,statingthewords“rare”and“rarity”forappropriateindicators.Thedifferenceinopinionportrayedbytheseremarkssupportsmycasefortheuncertaintyassociatedwiththisindustry.Whenevaluatingrespondents’personalconsiderationstowardscertainbrandsandpurchasehistory,significantresultsarose.Respondentswereaskediftheyconsideredthemselvestobeaconsumerofluxurybrandsorservicesandifsowhatpercentageofthetime.Amongthe239respondents,therewasacombinedaverageof30%ofthetime.Whenaskedaboutspecificbrandsandproducts,only29%ofrespondentsconsideranAppleiPhonetobealuxuryproduct.However,43%ofpeopleconsiderColeHaanpennyloafersaluxuryitem.ThesestatisticsarewhereIwillprovethathypocrisyisprofoundlydisplayedamongconsumers.Asseenearlier,70%ofindividualsimmediatelyassociateexpensivewiththe“luxuryindustry”,sowhyisa$400-$600AppleiPhoneseenaslessluxuriousthana$100pennyloafer?Inthiscase,IbelieveitisthepopularityoftheiPhoneandindividuals’needforacceptanceamongsocietythattakesprecedenceoverthepriceissue.Anotherexampleprovesrelevantwithregardstoonly12%ofconsumersconsideringaStarbuck’scoffeetobealuxuryitem,yet93%ofpeopleviewingaGuccipurseasluxurious.InnowayamIinferringthataGuccipurseinnotaluxuriousitem;however,IbelieveanexamplescenarioneedstobeconsideredwithregardstolowpercentageofpeoplewhoconsideraStarbuck’scoffeeasaluxuryitem.Forinstance,aconsumerpurchases$5Starbuck’scoffeeeveryday,Monday-Friday,resultinginroughly$25spentweeklyand$100spentmonthly,and$1000+annually.Inthistime,thatsameconsumercouldhavepurchasedaGuccipurseforlessthantheyspentoncoffeeandownanitemthatisguaranteedtolastalifetime,incomparisontoa

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productthatisconsumedinamatterofminutes.However,individuals’needsforinstantgratificationaswellastheirinabilitytoseetheimpactsoftheirdailyspendingdisguisetheseoccurrences.Alsonoteworthy,89%and87%ofrespondentsansweredthattheyhadpurchasedStarbuck’scoffeeandanAppleiPhone,makingitsafetosaythatalmostalloftherespondentscouldbeidentifiedasconsumersofluxurybrands.Thepreviouslymentionedstatisticsanddescribedscenariosfurtherprovetheinconsistenciesbetweentheperceptionsofluxurybrandsamongconsumers. Theme2Results-TheLuxuryConsumerofToday’sDigitalWorld:Whenevaluatingluxurybrandsintoday’smarketplaceandtheimpactofthedigitalageonthesebrands,theconsumermustbeanalyzed.Regardlessofwhatmarketisbeingevaluated,thereisnoconflictamongresearchersthatthereisinfactanewconsumertobediscussed.Accordingtoaglobalmanagement-consultingfirm,“Manyluxurybrands-ineffortstoengageandinfluencecustomersineverystageofthe“customerdecisionjourney”arepartneringwithmulti-brandretailersonline”(Dauriz,Remy,andSandri).Theluxuryconsumerthatwasonceeasilyrecognizablebymarketersasonewhowasabsorbedwithenjoyingtheentireshoppingexperienceandpremiercustomerservicenolongerexists.Itisevidentthatthedigitalworldcontinuestorapidlyadvanceandisthenquicklyfollowedbychangesinconsumerbehavior.Therefore,thenewconsumerofthedigitalworldaswellasthenewmeaningoftheluxuryshoppingexperiencemustbeunderstood.Forthistheme,Iwantedtoevaluateindividuals,particularlymillennials,routinepathtopurchasestartingwiththeinitialformofadvertisingcontactandthenseeingtheirpreferredresearchtactics.Whencollectingthisdata,Iwantedtogainabaselineunderstandingofwhatkeyfactorsleadtocustomersatisfactionandrecognizewhatismostimportantformarketerstounderstandaboutthepresentdayluxuryconsumer.(1) ImpactofTechnology&SocialMediaonConsumersInordertoachieveanunderstandingofthestrongpresenceoftechnologyandsocialmediaincurrentconsumers’lives,Iaskedaseriesofdifferentquestions.Ifirstaskedrespondentsiftheyownedasmartphone,meaningonethattypicallyhasInternetaccess,andreceived“yes”from100%oftherespondents.Mynextquestionaskedconsumers(1)“whichofthefollowingsocialnetworkingsitesdoyoucurrentlyhaveanaccountwith?”Followingthatquestion,Iaskedconsumers(2)howmanytimesperdaytheyaccessanyoralloftheirsocialmediaaccounts?Thegraphsbelowdepicttheresults:

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ImpactofTechnology&SocialMediaonConsumers (1)Whichofthefollowingsocialnetworkingsitesdoyoucurrentlyhavean accountwith?(Checkallthatapply):***Noneoftheabovewasanoption

Chart6

(2)Howmanytimesperdaydoyouaccessanyorallofyoursocialmediaaccounts?(24=averageofonceperhour)…ifyoudonotaccessdaily,please

choose(N/A). Chart7

KeyPointsofInterest:

• 75%ofallrespondentshaveatleastoneorallofthefollowingaccounts(Facebook,Instagram,Twitter,Snapchat)

• Norespondentschosethe“noneoftheabove”optionindicatingthatall239respondentshaveoneofthesocialmediaaccountslisted

3%

2%

3%

4%

4% 6%

3%

2% 4%

1%

13%

1%

8%

1%

2%

8%

2%

2% 4%

0%

8%

1%

0%

0%

18%

0%

10%

20%

30%

N/A 1 2 3 4 5 6 7 8 9 10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

22

• 18%ofrespondentsindicatedthattheyaccessedanyoralloftheirsocialmediaaccountsatleastonceperhour(highestpercentagewas18%)

• only3%ofparticipantsselectedthattheydonotaccessanyoralloftheirsocialmediaaccountsdaily

(2)PathtoPurchaseHabitsAfterrecognizingtheoverallpresenceoftechnologyandsocialmediaamongconsumers,Iwantedtogatherdataregardingpathtopurchasehabits.Resultsfrommysurveyaswellassecondaryresearchprovedthattechnologyisawayoflifeamongshoppersintoday’sworld,butIwantedtoevaluatehowinfluentialitwasintheoverallpurchasepath.ThefirstquestionIposedaskedrespondentstorankfromhighesttolowesttheformofadvertisementthatinfluencedtheirpurchasedecisionsmostfrequently.Ithenaskedconsumerstoindicatehowfrequentlytheyencounterthefollowingshoppinghabits/activities,rangingfromstronglydisagreetostronglyagree(5),andtherearetwoquestionsassociatedwiththisplatform.Thepiechartdepictstheadvertisingmediumsthatinfluenceconsumerspurchasehabitsmostfrequently.Thesecondchartdepictstheaverageresponsetoeachstatement. PathtoPurchaseHabits Whatformofadvertisementinfluencesyourpurchasedecisionsmost frequently?(pleaserankfromhighesttolowest…1=highest,7=lowest)

Chart8

SocialMedia(Instagram,Facebook,Pinterest,Snapchat)34%

TelevisionCommercials

5%

MagazineAdvertisements

(online)6%Magazine

Advertisements(print)3%

Billboards1%

RadioCommercials

1%

WordofMouth(friends,peers)

50%

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(2)Pleaseindicatehowfrequentlyyouencounterthefollowingshoppinghabits/activities:(1)stronglydisagree,(2)somewhatdisagree,(3)neitheragreenordisagree,(4)somewhatagree,(5)stronglyagree

Chart9

KeyPointsofInterest:• Themajorityofparticipantsagreedthattheywereinfluencedormadeawareby

someformofsocialmediaoronlineadvertisementaboutproductsbeforepurchasingthem

o 79%eithersomewhatagreedorstronglyagreedwiththisstatement• Accordingtothegraph,mostconsumersagreedorstronglyagreedwiththe

statement“Whenpurchasingaproduct,IresearchtheproductonlinebeforeIpurchaseit”;itreceivedameanresponseof4.06.Tobeexact,acombined82%ofrespondentsagreedorstronglyagreetothisstatementsowecaninferthatmorethan¾ofconsumersresearchproductsonlinebeforepurchasing.

(3)PreferredShoppingMethods

Afterobtainingtheresultsoftheimpactoftechnologyonconsumersaswellrecognizingtheadvertisementmediumsthatinfluenceconsumersmostfrequently,Iwantedtofocusmorespecificallyonconsumers’preferredshoppingmethods.OnequestionIaskedrespondentswas“Whenpurchasingaproductorservice,pleasemovethemarkettoindicatehowfrequently(%ofthetime)youusethespecifiedshoppingmethods(0=neverusemethod,100=alwaysusemethod).Theinstoreshoppingmethodreceivedanaveragefrequencyof64.8%,whereastheonlineshoppingmethodreceivedanaveragefrequencyof43.4%.ThenextquestionIaskedconsumerswaswhetherthey

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foundtheonlineshoppingexperiencetobemoreconvenientthantraditionalshoppingexperience?Thepiechartbelowdepictstheresults. PreferredShoppingMethods Doyouconsidertheonlineshoppingexperiencetobemoreconvenientthanthe

traditionalshoppingexperience?

Chart10

KeyFindings:

• Asnotedabove,theinstoreshoppingmethodisusedmorefrequentlythantheonlineshoppingmethod

o However,78.3%ofconsumersconsidertheonlineshoppingexperiencetobemoreconvenient

ConclusionsaboutTheme2Results:Myoverallmissioninthissectionofmyresearchwastoestablishthepredominanteffectoftechnologyonconsumers’everydaylifeandevaluatethecommonshoppinghabits.Consideringmillennialsholdagreatdealofthefuturepurchasingpower,Ibelieveditwasessentialtoanalyzetheirbehavior.Iultimatelywantedtoidentifythesenewconsumers’behaviorbecauseIbelieveitisfundamentalforconstructingaccurateluxurybrandmarketingstrategies.Firstandforemost,Ibelievemysurveyresultsprovedpivotalinsupportingthestrongpresenceoftechnologyandsocialmediaintoday’sworld.With100%ofrespondentsowningasmartphone,95%havingaFacebookaccount,and18%ofthosecheckingoneoralloftheirsocialmediaaccountsonceperhour,thesestatisticsleavenoroomtodenythemomentouspresenceofthedigital

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world.Inmyhopestounderstandthepurchasepathtoconsumers,Ifoundthatwordofmouthinfluencesconsumers50%ofthetimefollowedbysomeformofsocialmediaadvertisement34%ofthetime.Theimportantaspecttorealizeaboutthesestatisticsisthatsocialmediaadvertisementoutweighsallotherformsoftraditionaladvertisingbysignificantfigures.Alsoitisimportanttorealizethatintoday’sdigitalworld,wordofmouthisnotconfinedtojustconversingwithfriendsinperson,ratheritincludesconversingwithfriendsviaFacebook,Instagram,Snapchat,etc.So,itisarguablethatconsumerscouldbeinfluencedbyadvertisementsviatechnologyasmuchas84%ofthetime,whichaffirmsmypreviousresults.Italsomustbenotedthat82%ofrespondentssaidtheyresearchproductsonlinebeforetheypurchaseit,andanastounding78.3%saidtheyconsidertheonlineshoppingexperiencemoreconvenient.Furthermore,agraphthatwaspreviouslyexplainedinmyTheme1resultsandcanbefoundonpage16,provedextremelyrelevantforthisanalysis.Whenidentifyingaproduct/brand/serviceasa“luxurygood”,amere3%believedthattheserviceexperiencewasthebestindicator.Thisstatisticisshockingforanindustrythatwasatonepointconsumedaroundofferinganexceptionalshoppingexperiencefortheircustomers.Ibelievetheresultsrepresentedabovespeakforthemselvesregardingthenewconsumerthathasemergedintoday’sworld.Theme3Results:StrategicFlexibilityinMarketingLuxuryBrandsUponresearchingluxurybrandsstrongpresenceintoday’smarketplaceandprovingtheimpactofthedigitalageonconsumers,Iwantedtodiscoverwhatthismeansforthemarketingofluxurybrands.Formanyindustriesitwasevidentthattheymustcreateastrongdigitalpresenceinordertoretaintheircustomerbase,buttheluxuryindustryfacedmoreofachallenge.Manybrandsfearedwhatastrongdigitalpresencewoulddototheirimageandexclusivity,whileothersclaimedthatluxuryconsumerscaredtoomuchaboutengaginginapremiershoppingexperiencetoeverpurchaseproductsonline.Whenanalyzingasignificantamountofsecondaryresearch,Ifoundthatmanyluxurybrandswerestilluncertainaboutwhatmarketingapproachestotakeinthisera.Throughmyprimaryresearch,Iwantedtoidentifytheimportanceofluxurybrandsinacceptingthechangesinthemarketplaceandproviderelevantstatisticstowhyadigitalpresenceisnecessaryforprosperity.Thetopicofthenewdigitalconsumerthatwaspreviouslydiscussedintheme2overlapswiththisthemebecauseitisimperativeformarketerstorealizethisconsumers’presenceinordertoimplementthebestmarketingstrategies.Luxurybrandsmustacknowledgethattheirentireindustryhaschangedfromwhatitoncewas,andtheymustfindthebestwaystoaccommodatetheircurrentclientele.IwantedtocontinuemyresearchbygatheringsomepersonalaspectsfromrespondentsthatIbelievedwouldproverelevantinshowingtheimportanceofadigitalpresenceforluxurybrands.Whencollectingandanalyzingresults,Isoughttounderstandwhattheidealshoppingexperiencewasforconsumersandwhatfactorsweresignificantwhenpurchasingluxuryproducts.

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(1)ConsumerPurchasingDecisionsAspreviouslymentioned,theme2andtheme3areconnectedbecausetheconsumermustbeunderstoodinordertomarketabrandproperly.However,inanalyzingtheresultsfrommysurvey,IhavebrokendownresponsesinawaythatIfeelbestfitseachtheme.Withthatbeingsaid,thenextsetofquestionswillinvolveconsumer-purchasingdecisions;however,Ibelievethesequestionsaremoreappropriateforprovingtheflexibilitythatisobligatoryforluxurybrandmarketers.Ibeganbyaskingrespondentstorankaseriesofstatementsaccordingtohowstronglytheyagreed(5)ordisagreed(1).Thegraphbelowdepictstheresults,displayingthemeanresponsetothe3statements. Consumer-PurchasingDecisions Pleaseindicatehowfrequentlythefollowingshoppinghabits/activities:

Stronglydisagree(1),somewhatdisagree(2),neitheragreenordisagree(3),somewhatagree(4),stronglyagree(5)

Chart11

KeyFindings:

• Themajorityofrespondentsprefertophysicallypurchaseanamebrandproductinstore

• Accordingtothegraph,themajorityofrespondents,29.7%tobeexact,disagreewiththestatement,Whenpurchasinga“namebrand”productonline,IwillONLYpurchaseitfromtheauthorizedwebsite

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• Themajorityofrespondentseitheragreed(36.9%)orstronglyagreed(36.0%)withthestatement,“Whenpurchasinga“namebrand”productonline,Isearchforthebestdealandpurchaseitfromthatsource”.Fromthiswecaninferthatnearly¾ofconsumerssearchforthebestdeal.

ThenextquestionIaskedrespondentswastorankthekeyfactorsthatlead/wouldleadtocustomersatisfactionwhenpurchasingaluxuryproductonline,with1=highest,4=lowest).Withmytargetagegroupbeingmillennials,agenerationthathasgrownupwithtechnology,Ifeltthattheirresponseswouldprovebeneficial.Theresultsofthisgraphisdepictedbelow:

CustomerSatisfactionFactors Whenpurchasingaluxuryproductonline,pleaserankthekeyfactorsthat lead/wouldleadtocustomersatisfaction(1=highest,4=lowest):

Chart12

KeyFindings:

• 76%ofrespondentsplace“productquality”asthenumber1factorforcustomersatisfaction

• Basedontheresults,only5%ofrespondentsplace“easyaccesstocustomerservice”asthenumber1factorforcustomersatisfaction

Atthispointofmyresearch,IhadafewotherquestionsthatIbelievecouldproveusefultomyresearch.Firstoff,IwantedtoknowhowmanyoftherespondentscurrentlyhadanAmazonaccount,andiftheydid,whetherornottheyhadAmazonPrime.ThelastquestionIposedstated,“Inthefuture,wouldyouconsiderpurchasingeitherofthefollowingproductsonline?”Thefollowinggraphsdisplaytheresults:

76%

11% 16% 5%0%

10%

20%

30%

40%

50%

60%

70%

80%

productquality deliversinthecorrect]me/place

websitefunc]onality(ex:easytonavigate

website)

easyaccesstocustomerservice

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AmazonAccountsDoyouhaveanAmazonaccount? Chart13a

Ifyesisselected!DoyouhaveanAmazonprimeaccount?

Chart13b

FuturePurchaseBehavior Inthefuture,wouldyouconsiderpurchasingeitherofthefollowingproducts online?

Chart14

29

KeyPoints:• 81%ofrespondentscurrentlyhaveanAmazonaccount,and61%ofthose

individualshaveanAmazonPrimeaccount• Amere12%ofrespondentswouldconsiderpurchasingaweddingringonlinein

thefuture,andonly15%wouldconsiderpurchasinganautomobile• ¾ofrespondentsclaimthattheywouldnotconsiderpurchasingeithera

weddingringoranautomobileonlineinthefuture

ConclusionsaboutTheme3Results:Thepredominantgoalofthissectionwastogaininsightonwhattheimpactofthedigitalagehasdoneforluxurybrands’marketingstrategies.Asdiscussed,Iknewtheconsumerhadevolvedintheirshoppinghabits,butIwantedtoexaminewhatthismeantfromamarketingstandpoint.Ibelievedthattargetingmillennialswouldbeadvantageousbecausethisgenerationgrewupinthedigitalworld,buthasalsobeenexposedtothetraditionalluxuryshoppingexperience.Whenanalyzingmysurvey,theresponsestothesequestionsprovedveryinteresting.Thequestionsinvolvingconsumer-purchasingdecisionssuggestedthatthemajorityofrespondentswouldprefertophysicalphysicallypurchasealuxuryproductinstore.Anotherkeyfindingwasthatthemajorityofrespondentsdisagreedwiththestatementthataddressedonlypurchasingluxurybrandproductsonlinefromtheauthorizedretailer;furthermore,almost75%ofrespondentsagreedorstronglyagreedthattheywouldsearchforthebestdealonlineandpurchaseitfromthatsource.Statisticsalsoprovedthat76%ofrespondentsbelievedthatproductqualitywouldbethemostimportantfactoringuaranteeingcustomersatisfactionwhenpurchasingluxuryproductsonline.Themoreshockingstatisticfromthisquestionwasthatamere5%ofconsumersselected“easyaccesstocustomerservice”asthetopfactor.Thisstatisticprovidesextremelypertinentbecauseitrevealsthatwhenpurchasingonline,consumersarenolongerasfocusedontheserviceprovidedbythebrands,ratherthattheyarefocusedonreceivingaproductworththepricetheyarepayingforit.Iconcludedthisthemewithafewpersonalquestionsfortherespondents.Uponanalysis,Ibelievetheresponsessupportmypointabouttheluxurymarketneedingtotakeanomni-channelapproach.Aconsiderable81%ofrespondentsstatedthattheyhaveanAmazonaccountand61%ofthosehaveAmazonPrimeaccounts.Thesefindingsaloneshowthatalmostalloftherespondentshaveboughtorresearchedproductsonlineatsomepoint,andthemajorityofthoseindividualscareaboutfastserviceandfreedeliveries,asthosearebenefitsassociatedwithAmazonPrimeaccounts.Whenaskingconsumerswhethertheywouldconsiderpurchasingaweddingringoracaronlineinthefuture,77%respondedbysayingtheywouldpurchaseneither.Ibelievethesefindingsrevealthatluxurybrandsmustcontinuetoprovideexceptionalcustomerserviceinstores,asmanyconsumersareadamantaboutbuyingcertainproductsthere.Furthermore,Ibelievetheresponsesconfirmedmysecondaryresearchwhichsuggested

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thatluxurybrands’digitalpresenceisnotjustforthepurposeofsalesanddistribution,ratheritisforinformingandengagingcustomers.Limitations:Onemajorlimitationofthisstudywastheunanticipatedlengthofthesurvey.Therewasafairlysubstantialamountofrespondentswhobeganthesurveybutdidnotcompleteit,whichIbelieveisduetothenumberofquestionsadministered.Inthebriefdescribingthesurvey,Istatedthatthesurveyshouldonlytake5-10minutes.IbelievethatImighthaveunderestimatedthetimeexpectationsofthissurveyduetomyfamiliaritywiththequestions.Inthefuture,Iwouldperhapsadministerthesurveytoindividualswhohadneverseenthequestionsbeforeandseehowlongittakesthemtoreadthroughthequestionsandformulateresponses.Thismethodwouldthenallowmetobetterinformindividualsaboutthetimeneededtotakethesurveyandhopefullywoulddecreasethedropoutrate,allowingformoreauthenticdatatobegathered.Anotherlimitationofthisstudywastheformatofthequestionsadministeredtosurveyrespondents.IbelieveIshouldhaveconsideredmorecloselyhowIwouldbeanalyzingthedataandwhatresultsIwouldwanttobedocumentingwithregardstomyresearch.Forinstance,Iaskedmanyquestionsthataskedrespondentstoindicatehowfrequentlytheyencounteredspecificshoppinghabits,onascaleof1-5with1being“stronglydisagree”and5being“stronglyagree”.However,onthisscale,Iincludedaneutralresponseof“neitheragreenordisagree”.Uponreexamination,Iwouldhavenotincludedthisoptionbecauseitgaveindividualsaquickandeasyoutletanddidnotprovidethemostaccurateresponses.IbelieveifIwouldhavestructuredthequestionsmoreprecisely,respondentswouldhavebeenmorespecificintheirresponsesandthedatawouldhavebeenlessobscure.Ibelievethesechangescouldhavememoreconvincedinmyfindingsaswellasmoreassertiveinmyrecommendations.RecommendationsandConclusions:Initially,Isetouttodiscovertheimpactthatthedigitalagehashadonluxurybrands.Beforeevenbeginningresearch,Iwasawarethattechnologyhadsignificantlyaffectedconsumer-shoppinghabitsineverymarketplaceandeveryindustry.Beingamillennialmyself,Ihavegrownupinaworldwhereinformationisavailablewithinsecondsandtechnologyisapartofeverydaylife.However,thispointiswhenIbegantowonderjusthowmuchtechnologymusthaveimpactedanindustrythatwasbuiltaroundprovidingconsumerswithalavishshoppingexperienceandofferingexclusiveproducts.OnceIbeganresearchingthisspecifictopic,Idiscoveredamultitudeofaspectsabouttheentireluxuryindustryitself.Ibecameawareoftheconsiderablepresenceoftheluxurymarketintheoveralleconomy,andnoticedthatperceptionsvariedgreatlywhendefiningthismarket.ItwasatthispointthatIrealizedinordertosuccessfullyunderstandtheimpactofthedigitalageontheluxuryindustry,Imustevaluatethedifferentperceptionsassociatedwithluxurybrands.Uponresearchingmore,I

31

recognizedaproblemwithintheluxuryindustrywithbrandsstrugglingtoacceptwhatthedigitalworldmeansfortheirmarketingstrategies.Throughoutmyresearch,Ibelievedthatbyinterpretingconsumers’perceptionsonluxurybrandsandassessingshoppinghabits,Icouldthendeterminewhatthedigitalagereallymeansforthemarketingofthesebrands.Itwasapparentthroughmycompilationofsecondaryresearchaswellasprimaryresearchthatluxurybrandshavebeenandcontinuetobeperceivedincontrastingways.Whenconductingmyownresearch,itwasrevealedthatindividualsnotonlyperceivethesebrandsdifferently,butthatsomerecognizetheminaverypositivemannerandothersamorecondescendingmanner.Wordssuchas“rich”and“egotistical”wereusedtodescribedluxurybrands.Oneaspectwasagreedupon,andthatwasthatthemajorityofrespondentsassociatedtheword“expensive”whenhearingthetermluxurybrand.Themajorityofrespondentsalsoagreedthatqualityisthebestindicatorforidentifyingaluxuryitem.Whenaskinganopen-endedquestiononmysurveyregardingindicatorsforidentifyingluxuryproducts,Ireceivedmanycontradictingresponses.Somerespondentsidentifiedluxuryproductsasonesthatarerareandunique,whereasothersidentifiedthemaspopularandknown.Othercontradictingresultsemergedwhenrespondentswereaskedtoidentifywhichbrandsorproductstheyconsideredtobeluxuryitems.OnlyaslightamountofrespondentsidentifiedAppleiPhones,aproductrangingfrom$400-$600asluxuryitems,yet70%ofrespondentsimmediatelyassociatedthetermexpensivewithluxurybrands.ItismyconsensusthatthepopularityoftheAppleiPhoneenablesindividualstodisregardthepriceassociatedwiththeitemandthereforenotviewitasaluxuryitemorbrand.Theinconsistenciesthatarosewithresponsesfrommysurveyconfirmedmyprevioussecondaryresearchabouttheelusivemeaningofluxurybrands.Inconclusion,Ibelievethatperceptionstowardstheluxurymarketaremoreinfluencedbyindividuals’feelingstowardsothersthatconsumetheseproductsratherthantheproductitself.Ialsothinkthatthestatisticsprovethatconsumerscontinuetocontradictthemselveswhenidentifyingluxurybrands.Mysecondthemedealtwithanalyzingtheluxuryconsumeroftoday’sdigitalworld.Itisapparentthatregardlessofindividuals’ageorgeneration,everyone’sshoppinghabitshaveevolvedinsomeway.Formarketersofluxurybrands,itisofextremeimportancethattheconsumeroftoday’sworldisacceptedandtargetedcorrectly.However,inorderforluxurybrandstoproperlymarkettheirbrands,theirconsumersmustbeanalyzed.Fortheluxuryindustry,theimpactoftechnologyhasarguablyhadoneofthegreatestimpactsonchangeinconsumerbehaviorduetotheshoppingexperiencebeingsuchapivotalpartofthepast.Aspreviouslymentionedintheresultssectionoftheme2,100%ofrespondentsownamobiledevice,95%haveaFacebookaccount,and97%checkalloroneofthoseaccountsonadailybasis.Thesestatisticsinthemselvesprovetheroleoftechnologyinconsumers’currentdailylives.Furthermore,socialmediaprovedtobethe2ndlargestadvertisingsourcetorespondentsfallingbehindwordofmouth.Anotherconvincingstatistictotheimpactofthedigitalageisthatcloseto80%

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ofrespondentsagreedtoresearchingaproductonlinebeforepurchasingit.Furthermore,amajorityofconsumersadmittedthattheybelievetheonlineshoppingexperiencetobemoreconvenient.Theseresultssuggestthatthecurrentconsumeroftodayistech-savvy,influencedbysomeformofdigitaladvertising,andbelievesonlineshoppingtobeabeneficialmethod.Theanalysisofthecurrentconsumerinmysecondthemeispivotalinexplainingwhyluxurybrandsmustmakechangesintheirmarketingstrategies.Fortheme3,Iwantedtoprovewhyluxurybrandsmustbeflexibleintheirwaysandacceptthechangesthathaveoccurredwithintheindustry.Ibeganthisresearchbyevaluatingconsumerpurchasedecisions,anddiscoveredthatthemajorityofrespondentswouldstillprefertopurchasealuxurybrandproductin-store.Furthermore,mysurveyrevealedthatthemajorityofconsumerswouldsearchforthebestdealwhenpurchasinganamebrandproductonline,andarenotconcernedwithpurchasingitfromtheauthorizedwebsite.However,whenpurchasingaluxuryproductonline,respondentsdisclosedthatproductqualityisthekeyfactorforcustomersatisfaction.Otherresultsdivulgedthefactthat81%ofrespondentscurrentlyhaveanAmazonaccount,andthemajorityofthosehaveAmazonprime.ItwasthroughmyanalysisofsecondaryresearchthatIdiscoveredtheimportanceofluxurybrand’sacceptancetowardsthedigitalworld;however,itisthroughmyprimaryresearchthatIamnowabletoproviderecommendationsforthemarketersofthisindustry.AsIdiscussedthroughoutmyresearch,consumers’perceptionsofluxurybrandsareconflictingandunpredictable.Ibelievetheseinconsistencieshaveexistedsincethebeginningofthisindustryandwillcontinuetoexistforavarietyofreasons.Nonetheless,Ibelievetheimportantaspecttofocusonisthatluxurybrandspresenceintoday’smarketplacecontinuestoexpand.Itismyrecommendationthatmarketersoftheluxuryindustryfirstcomprehendthenewconsumerofthedigitalworld,andthenrecognizetheimportanceofacceptingthedigitalways.Ibelievethatluxurybrandscanprovetheirvalueandworthinuniquewaysandimplementinganomni-channelmarketingstrategyisimportantforsuccess.Forexample,mysurveyindicatedthreeimportantresultsforthisscenario:First,productqualityisthekeyforcustomersatisfaction.Second,respondentsstatedthattheybelievetheonlineshoppingmethodtobemoreconvenient.Third,theyrespondedbysayingthattheywouldsearchforthebestdealandorderfromthatsourcewhenpurchasingaluxuryproductonline.OnesuggestionIwillpresentisthatluxurybrandsuse3rdpartyretailers,muchliketheGucciexamplepreviouslydescribed,inordertosatisfycustomers’wantsandneeds.Notonlywilltheyprofit,buttheycanalsoprovethemselvesasaluxuriousbrandbygivingtheclientexactlywhattheywantandwhentheywantit.Anotherrecommendationdealswithluxurybrandsthatarehesitantonacceptingadigitalapproachduetothehighexpenseandlowreturnoninvestment.However,Iwanttoproposethefactthatmysurveyrevealedthatamajorityofconsumersaremadeawareofproductsorbrandsbysocialmedia,andalsoamajorityofconsumersresearchproductsonlinebeforebuying.

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Thesestatementsprovethatastrongdigitalpresencecannotbemeasuredjustbysalesfiguresbutrathershouldbemeasuredbytheinteractionandengagementtheyprovideforconsumers.Intoday’sworlditisnolongerjustaboutprovidingqualityinpersoncustomerservicebutalsoaboutproperlyappealingtotheirconsumersonline.ThisstatementcanbeconfirmedbythemarketingdirectorofJaguarLandRoverLauraSchwabwhenshestates,“Theimplicationformotoringbrandsisthatwinningthatdealershipvisitrequiresengagingfirstwiththecustomeronline,andensuringthatcompellingdigitalcontentisavailable”(Anderson).Whetherconsumersaresimplythetargetsofdigitaladvertisementsortheyareavidonlineshoppers,thefactofthematteristhatthedigitalworldofshoppingisheretostayandluxurybrandsneedtowelcomeit.InnowayamIsuggestingthateveryluxurybrandfollowtheseexactrecommendations,ratherIamimplyingthatthedigitalworld’spresencemustbeacceptedandappropriatemarketingstrategiesmustbeimplementedtoensurelong-termbrandsuccess.

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