The idea that a woman would spend her last to achieve wealth is a concern and is a wonderful topic to find out where it stems from. The social impact of the luxury accessory industry has become the latest trend in that women are focusing more on the accessories than on the apparel. It is easier to spot a luxury brand from a distance than figure out what brand of slacks a woman is wearing.
EMERGING ADULTS
Emerging adulthood consists of ages 17-28. This is the time in an emerging adult’s life where they are searching for their identity, balancing adult roles, freedom, and social responsibilities. This is the time where the adult are own their on and the duties associated with adulthood falls solely with them. This age group is Generation Y. Retailers appeal to them by creating perceptive marketing tools and most are trendsetters
Emerging adulthood consists of ages 17-28. This is the time in an emerging adult’s life where they are searching for their identity, balancing adult roles, freedom, and social responsibilities. This is the time where the adult are own their on and the duties associated with adulthood falls solely with them. This age group is Generation Y. Retailers appeal to them by creating perceptive marketing tools and most are trendsetters
For the Emerging adult, there is a need to socialize. As a person ages, the social scene is more prevalent in their relationships as they rely on their peers for approval for certain issues. There is always to desire to become apart of the trends
An emerging adult’s transition into adulthood also constitutes employment. During the ages from birth to up to age 17 that would be considered the school experience, where the child does not have to worry about money (most don’t) and juggling work and school. By age 16-17, this begins the part-time working at retail stores and fast food establishments.
PERCEPTION OF VALUE BY OTHERS
Designer of Prada believe women should not focus on the accessory but on the apparel as wearing, a garment requires more thought and shows the wearer as daring. The accessory industry is lucrative because most of the time, the cost of the product is not as expensive as the clothing.
The trend today is dressing casual and spending less on the apparel and spending more on the accessories. High in fashion only represent 10% of America’s $80 billion industry. The large stores are now acquiring name brand accessory designers such as Kate Spade, by Neiman Marcus Group for $33 million. Her company designs handbags as well as other accessories .
SOCIAL CLASS
To understand why consumers love the luxury accessories, you have to understand the social structure. There is the Upper-upper, which total about 1%, Lower-Upper (2%), and the Upper-Middle-(12%). The upper-upper’s income is inherited wealth, trust funds, and real estate. Their household income is over $200,000.00 with total assets being $3 million and more. The Lower-Upper have attained wealth through their profession or industry. Their income ranges from $1000, 000 to $199,999 with their assets at $ 1 million. The upper-middle includes professionals, corporate executives, and individuals who are self-employed. Their household income is from $75,000-$99,999 with assets at $665,000.00.
Luxury Accessories are products that only about 5% of American households are able afford, but not limited to purchasing. There are less upper-upper people than upper-lower and middle class. Many lower classes purchase luxury accessories as well. There is a large growth of luxury accessory purchases from the upper middle and middle classes today. This is because everyone wants to feel a sense of wealth whether their assets say they fit into the luxury social class or not. This brings out a point, how far will consumers go just to appear to fit into the luxury social class ?
PERCEIVED SOCIAL VALUES
With the accessory industry being a hot industry now, the idea of if I cannot afford to buy it, I can rent it has been born. The company BagBorrowSteal.com is the rave of the online retailer world. It is a online company that lends luxury accessories to women. The items include handbags, jewelry, belts, sunglasses, and more. Customers can actually rent the items such as a Louis Vuitton Palermo PM Tote for as low as $49.00 per week or $145.00 a month for members and $75.00 a week or $191 a month for non-members.
The company began in 2004 and since has over 250,000 customers offering them over 3,000 luxury accessories to choose from with over 100 designers. Such designers are Gucci, Louis Vuitton, Prada, Fendi, Tory Burch, and more (PR Newswire Association). Even though the person is carrying the bag, they did not buy the bag and they have to return it. The company does offer customers the opportunity to purchase a luxury bag.
There is a reason consumers purchase certain products, according to Paula Danziger, there are 14 justifiers as to the purchase of products.
Why do you purchase certain items?
Quality of Life___ Emotional Satisfaction___
Pleasure___ Replacing Existing Items___
To Beautify Home___ Planned Purchase___
Education___ Stress Relief___
Relaxation___ Hobby___
Entertainment___ Gift for sell___
Impulse buying___ Status___
PERCEPTION OF VALUE BY OTHERS
Designer of Prada believe women should not focus on the accessory but on the apparel as wearing, a garment requires more thought and shows the wearer as daring. The accessory industry is lucrative because most of the time, the cost of the product is not as expensive as the clothing.
The trend today is dressing casual and spending less on the apparel and spending more on the accessories. High in fashion only represent 10% of America’s $80 billion industry. The large stores are now acquiring name brand accessory designers such as Kate Spade, by Neiman Marcus Group for $33 million. Her company designs handbags as well as other accessories .
SOCIAL CLASS
To understand why consumers love the luxury accessories, you have to understand the social structure. There is the Upper-upper, which total about 1%, Lower-Upper (2%), and the Upper-Middle-(12%). The upper-upper’s income is inherited wealth, trust funds, and real estate. Their household income is over $200,000.00 with total assets being $3 million and more. The Lower-Upper have attained wealth through their profession or industry. Their income ranges from $1000, 000 to $199,999 with their assets at $ 1 million. The upper-middle includes professionals, corporate executives, and individuals who are self-employed. Their household income is from $75,000-$99,999 with assets at $665,000.00.
Luxury Accessories are products that only about 5% of American households are able afford, but not limited to purchasing. There are less upper-upper people than upper-lower and middle class. Many lower classes purchase luxury accessories as well. There is a large growth of luxury accessory purchases from the upper middle and middle classes today. This is because everyone wants to feel a sense of wealth whether their assets say they fit into the luxury social class or not. This brings out a point, how far will consumers go just to appear to fit into the luxury social class ?
PERCEIVED SOCIAL VALUES
With the accessory industry being a hot industry now, the idea of if I cannot afford to buy it, I can rent it has been born. The company BagBorrowSteal.com is the rave of the online retailer world. It is a online company that lends luxury accessories to women. The items include handbags, jewelry, belts, sunglasses, and more. Customers can actually rent the items such as a Louis Vuitton Palermo PM Tote for as low as $49.00 per week or $145.00 a month for members and $75.00 a week or $191 a month for non-members.
The company began in 2004 and since has over 250,000 customers offering them over 3,000 luxury accessories to choose from with over 100 designers. Such designers are Gucci, Louis Vuitton, Prada, Fendi, Tory Burch, and more (PR Newswire Association). Even though the person is carrying the bag, they did not buy the bag and they have to return it. The company does offer customers the opportunity to purchase a luxury bag.
There is a reason consumers purchase certain products, according to Paula Danziger, there are 14 justifiers as to the purchase of products.
Why do you purchase certain items?
Quality of Life___ Emotional Satisfaction___
Pleasure___ Replacing Existing Items___
To Beautify Home___ Planned Purchase___
Education___ Stress Relief___
Relaxation___ Hobby___
Entertainment___ Gift for sell___
Impulse buying___ Status___
By Kamese
This blog is an excert from a thesis on the social impact luxury accessory designer brands have on emergin American consumers
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