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How can luxury brands adapt to Generation Y and their luxury consumption? A study of the luxury perceptions of Generation Y

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How can luxury brands adapt to Generation Y and their luxury consumption? A study of the luxury perceptions of Generation Y

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QUOTES “Looking at the historical background of luxury brands, they were composed for the elite and the upper class of the society. Due to effectual historical events and tremendous developments throughout decades, the 21st century is experiencing an upswing in the expenditure of luxury brands. Today, luxury consumption has become more prevalent in the common society.“ “Overall, the perception of luxury has become more individual and experience orientated. The evolving Generation Y is seeking for pleasure and self-esteem in luxury products [and focuses] less on social status and prestige and more on their individual values and personal needs.” “The luxury industry encompasses three important segments that are driving luxury consumption. The most dominant segments are cars, followed by the personal luxury goods market and luxury hospitality. For the purpose of this research, the framework has been limited to the personal luxury goods segment, including leather accessories, apparel, hard luxury, perfumes and cosmetics. The luxury industry has changed and luxury products have become more accessible to bigger groups of people, notably for younger generations of the middle class who have earlier access to a good income.” RESEARCH QUESTION How can luxury brands adapt to Generation Y and their luxury consumption? SUB QUESTION How is luxury defined? How has the luxury industry developed over the past decades? What are the characteristics of Generation Y? How does Generation Y perceive luxury? How has the luxury fashion consumption of Generation Y developed?

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OrganisatieHogeschool van Amsterdam
AfdelingMedia, Creatie en Informatie
Jaar2017
TypeBachelorscriptie
TaalEngels

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