Tuesday, August 27, 2019

The behaviour of the young towards luxury products Essay

The behaviour of the young towards luxury products - Essay Example Since youth coming from rich families can easily afford costly items of luxury, gradually, a competitive attitude grows among people to acquire most famous and acclaimed items like perfumes, watches, goggles etc. Rather than collecting items for showing their economic worth, youth coming from middle class families are more inclined towards obtaining the items which, apart from being serviceable as symbol of status, should be able to pay them back the price paid for them by their proper utilization. The article (Neelakantan,1999) describing American youth writes â€Å"Changing luxury spending patterns like this arent unusual among todays new affluent shoppers who didnt inherit their wealth and didnt necessarily grow up privileged. Many have made their money in technology, through entrepreneurship or because of sheer talent in the sports and entertainment fields. And while this new crowd is probably spending more, it is taking the conspicuous out of consumption--showing less, with more style.† Edwin Colyer (2005,That’s rich, redefining luxury brands) writes â€Å"However you want to define luxury, though, one thing is certain: it is now commonplace and affordable. Disposable income has risen dramatically over the past 30 years and there is more money to spend on "extras." Luxury purchases are for celebrating an occasion, self reward or to show off status.† â€Å"According to the Census Bureau, there are currently 25.2 million teens, ages 13-18, in the U.S. Their purchasing power is substantial: If you add part-time job earnings, allowance and the average amount of their parent’s money they spend every year, teens comprise a $195 billion market. Over a third of teens hold part-time jobs, working 18 hours a week, on average, and earning $483 per month.† The role of spontaneous liking or disliking towards luxury, though not

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