Luxury

Instructions

Analyze Data from the results, please. Same as the last oneSurvey results: https://www.surveymonkey.com/stories/SM-VWYT22FV/This is my Abstract: The concept of luxury is very complex and varies from person to person. The word Luxury is subjective and primarily built on consumer perceptions as it is determined by personal and interpersonal motive. The questions are, What is consider luxury brands?, Why people are willing to spend money on overpriced luxury brands? Is it because of the idea that you are what you buy? This stereotype plays a significant role, especially in the Millenial generation.  Through our my survey and data collection, I would like to discover the true meaning behind luxury brands as why many people would prefer to purchase luxury brands over non-brand items. I also want to analyze the appropriate marketing strategies behind luxury branding. This analysis will be able to determine the consumer philosophies behind these brands.

Answer

Currently, most organizations are tailoring their products and services to meet the growing demand for luxurious products and services. The survey which involved a total of 22 participants generated great insights that can be used by most organizations to improve their service delivery. Out of the 22, approximately 60% were female. All the participants were 18 years and above. This strategy was important as most individuals above 18 years are likely to be earning and making independent purchasing decisions. Average Household Income is one of the determinants that can be used to identify individuals that are likely to spend money on luxury products. From the survey, 50% of the participants reported that their household income falls between $50, 000 and $199, 999 while the other 50% have a h...
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