Things to Look for in Luxury Brands to Determine Their Value
Our market today is flooded with luxury fashions and accessories that are carrying a wide number of brands using campaigns and promotions that are strong. Researchers have found out that a certain country of origin that could be foreign to an area could carry a prestigious connotation, and that the luxury brands in this country are spending a big chunk of their financial budget just to build the image of their brands.
Brands can be noted to create cues for their consumers, and in turn, help the consumers to decide which brand would put them in a certain level of luxury with the others. Plus, the cues developed by these brands would have an impact on the level of consumption of their products in the market since there is a wider understanding about the brand.
Luxury consumption has brought a lot of interest among marketing scholars, especially there is little knowledge on how exactly consumer expectation can be optimized and controlled, and thus came up with management controlled factors like brand origin and brand image.
To come up with answers on how consumer expectations can be maximized using these management controlled factors, questions like the effects of brand origin and brand image as branding cues on the purchase intention of the consumers, and if these will have the same effect to the developing and emerging markets.
The answers to the above questions will then help scholars and management to know if it is worth it or not to budget finance and develop these wide range of luxury brands. Thus, by answering these questions, a company would be able to decide the how to standardize and make adaptations of these luxury brands in the intended market.
With the above goal in mind, there are studies conducted in some brand country origins that are structured quantitative survey.
Results from researches under the purchase intentions of luxury brands showed that consumers would rely more on the cues of the brand origin because of the nature of the market and competition. Thus there is an increasing information and exposure to the global luxury products by these mass markets since they get information from brand origin.
The next influencing factor is the brand image which according to research findings has a significant connection between the luxury brand and the personal influences. The study further implies that individuals would show a higher self-brand connection if the brand image is associated with the social group of the people. Thus, the importance of brand building has been proven again to have an impact through these brand cues.