What are the characteristics of the luxury industry
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Question

What are the characteristics of the luxury industry
that make it distinct from other industries?

TutorBin · Accepted Answer

Answer) The luxury brands world is very big, in terms of market value, cultural relevance, innovation & progress. Various factors make the luxury industry different from other industries such as high quality of materials and products, luxury, and well-reputed brand recognition. As people around the world become wealthier, they use to purchase more luxurious items. Luxury goods go through several production processes, which results in higher quality. On the other hand, normal products are made with lower quality that can be manufactured more quickly and with less effort. Luxury products are created with a unique production process as compared to regular products. As compared to normal products, these items are made with higher quality material and craftsmanship, which makes them last longer and more durable. Luxury products are manufactured in lesser quantities. The term luxury has made a unique identity in every person’s eye that it means valuable & good item. Another thing that makes Luxury products different from regular products is the marketing strategy followed by these companies. The market strategy of these brands makes people think/differentiate themselves from the rest of the world. Several brands deal in luxury items such as Gucci, Cartier, Chanel, Hermes, Rolex, LV, etc. The demand for luxury items depends on the income of society. As and when the income increases, the demand for luxury items tends to increase.

What are the characteristics of the luxury industry that make it distinct from other industries?

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