"A Study of Pilot Analysis of the Consumer Buying Factors for Luxury Brands of Apparels and Accessories-Delhi NCR Region"
Abstract
Luxury retailing has grown leaps and bounds in the country in the last decade to become one of the most attractive industries for global brands to lure Indian HNI consumers. Luxury brands have been trying to make a position in the new ultra rich category of consumers through various marketing techniques and engagement methods. But the luxury buying is very different from other goods as they do not follow the universally used law of demand and are impacted by many other peculiar buying factors. As the market is very niche, it becomes important to understand the consumer buying behavior towards luxury brand so that marketers can develop their marketing mix elements to attract the target segment. For this purpose, a survey has been done first to understand the basic factors that govern luxury buying along with the most critical factors that may determine the future course of action for this kind of consumers. Also, the result from this study would open many areas for undertaking future researches on this exponentially growing segment.
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