Luxury Fashion Brands in the International Market
Dr. John Lunn
The fashion industry is an interesting market to research because it combines desirability and brand recognition with rarity. Recently, countries like America and Europe have been faced with recessions and Asian countries have not been as affected. Therefore, it was interesting to research how current economic times have affected the luxury market and consumer behavior/attitude towards luxury, non-necessary, goods. Data was compiled from several luxury fashion brands including: Gucci, Bottega Veneta, Yves Saint Laurent, Burberry, Dior, Prada, Armani, Louis Vuitton, and Salvatore Ferragamo. Sales revenue data was compared with percent growth GDP per region and percent high net worth individuals per region. We found a positive relationship in Asia, a strong correlation with European data, and no statistically significant relationship in the Americas. The differences in relationship can be reasoned by changes in market share or social differences that are discussed slightly in this paper.
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