Fashion and Luxury Goods Essay Example | Topics and Well Written Essays - 2250 words

Fashion and Luxury Goods - Essay ExampleThe essay Fashion and Luxury Goods discovers the characteristics of Luxury goods and means. Luxury goods ar those goods with a characteristic of being quite uncommon in the consumers preference due to affordability of the product. This means that goods would be luxurious when they have low call for than the release of the commodity. This makes the product to be r atomic number 18 and superior in the view of the consumers sight. Due to its rare characteristics in the markets, these products become high priced and they are thus often non bought by every one with the desire to purchase the product. Generally, such goods would have demand increases in to several folds as results of the increases in incomes. This is contrary to the normal foreshorten of goods and services purchases whereby the normal necessity products, the demand increases is not so signifi gitt in comparisons with the relative income increments. The makes the particular prod ucts to have varied demand transition which occurs with the kinetics occasion in the purchasing powers of the consumers. So, the major characteristic of luxury goods is that it has to change abnormally with the peoples incomes. The change of income of most people with low income makes the demand for the goods to change. For goods which are luxurious portrays a high income elasticity of demand. This implies that such goods are goods which are superior to the others. However, this should not be assumed to be the cases in the nowadayss world. The superiority is based on considerable factors.... Such goods in their business and economic world they must therefore to be hardly. Their scarcity can be created both in the natural ways and in the artificial methods. For instances, certain products from the mining industry are much useful in the fashion and luxury industry. This includes goods like gold and diamond products. These are products in most country because the mines resources are not available in those states. This means that such products are scarce which makes them to most people to be unavailable in the natural manner. Furthermore, through manufacturing company operations, a company may decide to produce a particular product in quantities according to their ability of production but these products fails t be adequate to satisfy the demands of such a product. Normally, when goods are scarce and demand of products is high, then the prices of goods and services goods up. However, in the cases of luxury goods, there is scarcity of the products and also the demand is low, hence our normally expectation is that the prices should below, which is not the situation. It is well find that another characteristic for these goods is that their prices remain to be high even when the demand is low.Goods that are purchased by consumer are based on certain reasons. These are normally from the motivation which he may get from the products or from the sellers. This is wide ly varied depending on the many factors which are considered between the consumers and the products. This is because we have got wide varieties if goods which are kind of considered differently by the consumers in the luxury industries. There are those