Literature Review on Relationship Between Gender and Luxury Brand

Question: Discuss about theLiterature Review on Relationship Between Gender and Luxury Brand. Answer: Introduction A literature review is prepared with the use of secondary sources such as books, journals, and research articles. The section of literature review emphasizes on identifying the relationship between gender and luxury brand. Review of Sources Luxury fashion labels have been continuously breaking the traditions, bending the rules of gendered dressing through innovative designs and marketing tactics(Amatulli et al. 2017). Apparently, women tend to have the positive attitude towards branded and luxury products as compared to men. In most of the markets and product categories, the price for female products is significantly higher as compared to their male counterparts. However, on the other hand, there is a direct relationship between age of women and awareness of luxury products. Most of the people use luxury products so as to show the status symbol(Sun, D'Alessandro Johnson 2016). Therefore, branded and luxury products are typically brought at the marketplace for only those people who have the ability to afford it. Moving on the interest of male in branded products, luxury items are considered as perceptual(Young Combs 2016). Hence, men consider it as a disposable income that is clubbed with psychographic and demographic influences and at the same time, it also drives discretionary spending. Luxury industries are overtaking the market place, and this also leads to significant transformation. For instance- in last few years Indian luxury industry has witnessed much more success because of the richness of the families(Chakraborty Sheppard 2016). It is also identified that India is transforming into a larger market especially for luxury goods. Furthermore, according to historical perspective, the market has witnessed the vigorous growth of around 20% in the year 2009 which reached up to USD 5.75 billion in the year 2010(Gil et al. 2017). Afterwards, in the year 2012, luxury products have grown more to 29% which reached to USD 2 billion. Thus, it is evident that luxury industries are growing because of the increasing trend of using luxury products among people. In Indian market as well, women tend to have such purchase behavior in which chief consideration is given towards luxury and branded products(Taylor, Costello Ko 2016). The scenario of luxury market has been changing since luxury products display functional utility. This is the reason which drives people to purchase branded items on greater extent. There is a direct relationship between age and luxury products which attracts customers towards diverse products and services(Sjostrom, Corsi Lockshin 2016). Currently, youngsters are the targeted customers for luxury products and services. Youngsters are highly conscious about their status and appearance; henceforth they prefer to use luxury products. Luxury products not only include apparels, but also it comprises all fashionable accessories. Male and female both use a variety of products and according to the necessities; fashionable outlets bring innovation and creativity to the products(Young Combs 2016). In luxury market, women tend to have a preference of using branded handbags not because of quality perspective, but also due to quality aspect. Luxury products are highly in demand, and people have diverse motives of consuming the same types of items. However, on the other hand, men seem to use luxury products more in apparels and footwear because of the lifecycle of the products(El Hazzouri, Main Shabgard 2016). People have a common perception that branded products have a longer lifespan; hence this has become one of the major reasons for using luxury items. This factor greatly influences the demand for luxury and branded products in both male and female segments. Research done by Srinivasan and et al. (2015), defines the role of women perception towards luxury and branded products. The most common example can be quoted here is a use of branded handbags. Women between the age of 25-45 are highly concerned about their status symbol especially because of social life(Srinivasan Srivastava 2015). Apparently, luxury brand companies are targeting women by comprehending the factors that drive customers to buy branded products and items. However, here it can be said that men and women both have different opinion and perception about branded products. Purchase behavior of women keeps on changing on the frequent basis which drives branded companies to facilitate innovation and creativity in products and services(Lado et al. 2016). Branded companies focus more on meeting the needs and demands of customers; therefore this requires greater emphasis on quality and creative products. Brands do not compromise with quality, and this is the core reason which helps branded companies to persuade a large number of customers(Armitage Sekhon 2017). Quality is the main factor that changes the perception of people and which also facilitates word of mouth publicity among people. Use of luxury products is more common in youngsters because they keep themselves aware of latest trend coming in the market place. As compared to women, men are becoming much conscious about their appearance which drives them to purchase luxury items. Moreover, comparatively men shop less than to women; hence due to one-time shopping, they prefer to get only quality items. Peer pressure is yet another factor that significantly changes the need of people, and it also enhances demand for luxury items. This happens chiefly in women; hence they tend to depict their preference in branded products only. For instance- social life of women drives them to showcase more about their accessories and apparels(Gil et al. 2017). Contrary to this, most often women who are unable to purchase branded products, also save money to purchase branded items. Supporting the fact, it can also be said that men also prefer to use branded products when they are much concerned about physical appearance. Alongside, due to peer pressure, their opinion about branded products changes and as a result, it leads to purchasing of the final product(Sun, D'Alessandro Johnson 2016). Nonetheless, physical attractiveness enhances demand for luxury brands; hence luxury consumers can be differentiated by their attitudes towards luxury items. However, here it can be stated that luxury consumption is different with that to luxury affection and most often people purchase luxury products because of affection towards that product(Chakraborty Sheppard 2016). Aside from clothing context, it is also analyzed that women also possess a positive attitude towards luxury brands as compared to men considering the product categories of perfumes and wrist watches. However, yet now results are inconsistent especially while comparing attitude towards luxury and non-luxury products. Henceforth, it can be argued that as per the category of products, the perception of men and women changes towards luxury items(Yang et al. 2016). However, it can also be contended that international brands have been trying to acquire the attention of local customers; hence multiple brands are coming in the domestic market. To support the above discussion, it can be articulated that luxury is the unusual intellectual or emotional pleasure that is derived from some specific product(Lado et al. 2016). People usually enjoy the most expensive items because of their comfort and satisfaction level, and this makes them habitual as well to use the same sort of product on a consistent basis(El Hazzouri, Main Shabgard 2016). Brand gives an identity to the consumers; hence they get more attention from others. This is one of the prime reasons that lead men and women to go for luxury items. Luxury products are the ones who have the higher ratio of price quality. In addition to the same, luxury goods are more in demand because consumer feels more valued. Innovation is more common in luxury products which aid retailers to grab the attention of a maximum number of customers(Shin, Eastman Mothersbaugh 2017). Buying habits of consumers changes frequently and according to brand awareness, people prefer more to purchase luxury goods. However, income is one of the common forces that drive and encourages people to enhance the spending on luxury items. Majority of people find a positive relationship between branded products and customer satisfaction; therefore this proposition helps marketers to emphasize on luxury items. By gender difference, retailers come up with different variants in luxury product categories(Taylor, Costello Ko 2016). In addition to the same, it is also analyzed that rapid transformation in fashionable items changes the perception of customers and this continuously increases the worth of luxury products. Moreover, luxury retail has been a fascinating journey from a socio-economic perspective, and it drives the interest of global customers as well. Profoundly, branded products are more in demand because retailers advertise the items on greater extent which generates more demand(Sandhu Paim 2016). Nowadays, as compared to local products, customers prefer to purchase luxury items because that enhances the degree of satisfaction. Contrary to this, it can be contended that luxury is more about the experience rather than financial value. The need for personal gratification and aspirations has encouraged people to make life better and easy. Therefore, for the purpose of improving living standard, people are emphasizing more on use of exclusive products(Amatulli et al. 2017). Apparently, consumers use branded products because they want to be recognized. If a brand can fulfill such need, customers find the change successful. Specifying about men, it is ascertained that variety in branded items drives them more towards luxury goods and at the same time it also amends their social status. Consumer buying behaviors are based on satisfying needs, and this also brings substantial benefits to the end users(Shin, Eastman Mothersbaugh 2017). People have more disposable income as compared to an earlier generation; hence they give huge preference to their needs and aspirations through experience. However, along with young and older people, kids are also attracted towards branded products because of a complete change in the lifestyle. As per the current scenario, the purchasing power of women is increased which is a good sign for the luxury market(Bae Koo 2017). On the other hand, it is also ascertained that those who need to have consideration towards status but cannot afford true luxury products use loud counterfeits to satisfy the need for luxury products. Wealthy customer use luxury products are categorizing by occupation, personality, and cultural values. People have a perception that use of luxury products gives a symbol that customers are more likely to focus on valuable experience(Taylor, Costello Ko 2016). Apart from this, women also invest more on expensive food which greatly depicts their habits. Here, it can be argued that previous literature shows all such reasons for which customer prefer to use luxury products; however, no such studies have been yet prepared which demonstrates demographic variables(Lado et al. 2016). From several studies, it has been observed that branded products motivate the customers more towards huge spending on apparels, footwear, and other luxury items. Occupation also has a direct relationship with the use of luxury brands as that only determine reasons for which people spend in luxury items(Roux, Tafani Vigneron 2017). According to several researchers, gender is one of the most populous forms of segmentation that is being used by marketers especially at the time of bringing any new product to the market place. In the realm of consumer behavior, it is very much difficult to analyze if men are more conscious about luxury life. Men and women both are impulsive in living luxury life; therefore considering this aspect, marketers are investing more in luxury items(Amatulli et al. 2017). There are ample of reasons for which people like luxury life and all such reasons not only change their mindset; but also help them to promote the products to other customers. Other study here supports that categories of products define who is more (men or women) consistent in managing luxury life(Bae Koo 2017). Therefore an example can be quoted here. As compared to women, men feel the need of luxury cars and accessories, and this drives them to purchase such products respectively. To contradict the above discussion, it can be said that that there is no such significant difference between men and women in respect of affection for luxury products. Hence, considering this aspect marketers do not focus on any specific gender as they know that both are more inclined towards status consumption(Lado et al. 2016). Therefore, on the basis of entire discussion, it is evident that there exists direct relationship between luxury product categories and gender. References Amatulli, C, Costabile, M, De Angelis, M Guido, G 2017, Introduction: Sustainability in Luxury Branding. In Sustainable Luxury Brands , Palgrave Macmillan UK, London. Armitage, RJ Sekhon, Y 2017, Luxury Products and Services and the Sustainable Value Chain: Six Management Lessons from Gucci. In Sustainable Management of Luxury , Springer Singapore, Singapore. Bae, J Koo, DM 2017, 'THE EFFECT OF GENDER DIFFERENCE ON LUXURY CONSUMPTION', In 2017 Global Fashion Management Conference at Vienna, pp. 289-289. 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