Luxury market is here to stay!

Introduction
Living with luxury has become the style statement and necessity for the urban population in most of the developed countries like U.K. and U.S., as well as developing countries like India. Due to the craze of consuming luxury goods and leading the luxurious lifestyle, todays generation is also known as New Luxury generation. The average expenditure spend on the luxury items has seen a boom in urban markets. The retailers are encashing themselves to this fashion trend. The main element of this trend is to spend more on luxury items. Luxury items give people opportunity of show off their assets to others. People generally access the economic status of others on the basis of the luxury goods possessed by them like shoes, accessories, jewelry, watches, electronic items, etc. All things owned other than necessity are categorized in the segment of luxury items. Certain concepts related to luxury are as follows:

1) To be exclusive or individualistic?
Earlier luxury was about exclusivity of the things possessed, but according to a recent survey it was found that it is not important that to experience the feel of luxury exclusive products are not essential. Having money or spending more is not necessarily luxury. It is more a personal and individualistic concept and experience. For example a person wearing only branded clothes could be the luxury, but for another having good fitted and high quality clothes which need not be branded could be luxury. The main thing is to be able to express ones thinking and point of view from their possessions. Retailers have got the pulse of todays democratic consumer, so the main concentration is to make the customers feel special and important, making them feel that they are an important asset to the company without imbibing the feel of arrogance.

2) Better quality is part of luxury products
It is essential factor that the luxury items stand out from their ordinary counter things. They are definitely above the average ratings. Generally the luxurious items are expected to have better quality, good workmanship, fine details and good visual appeal. But it is not mandatory to spend more or heavily for such things. These things are certainly with price tag higher than ordinary things but need not be too expensive to make a hole in the consumers pocket. For example a pure leather blazer is luxury as they are of good quality and high durability, but do cost a little more than fake leather blazers.

3) Bargaining provides shopping satisfaction to luxury consumers
It is consumer psychology that, if they purchase anything of superior quality at fewer prices or in discount, it provides them the thrill and satisfaction of purchasing the best product for best bargain price. Shoppers are always eager to buy the best product for the best possible less price. For example- buying a branded shirt from the companys showroom for high price can be less gratifying then buying the same thing for low price during sale or factory outlet of the company.

The luxury shoppers always welcome the event of buying the product desired through best possible bargaining. Thus this also proves that spending too much for certain product is not always mandatory.

4) Feel of luxury is more important than spending much money
The consumer of today does not believe that luxury is just the material possession or having the expensive and branded things. The essence is the feeling of luxury. The products or services which make ones life easier, satisfactory, fulfill the wants and are pleasant are considered luxury. To experience this feeling it is not necessary to spent large amount of money. For the generation of 21st century more importance is given to the luxury of life which they get from family and friends. More importance is given to the ultimate feel of luxurious living, thus leaving the concept of luxury through only materialistic things far behind.

5) Old is gone, new concept for luxury is the in thing
The concept of luxury has changed from earlier times. Till 20th century luxury meant possessing consumer products which are of superior quality, high price and social status attached to the particular goods. The items which have got maximum mileage in this trendset are garments, jewelry, footwear, cosmetics and footwear. But in todays time possessing luxury items in terms of price or market value is a pass. The key focus is on experiencing the luxury not just to show off. For example- wearing an expensive designer outfit may not be luxury for a teenage girl, but wearing the outfit that is very trendy and stylish despite of low price tag can be luxury for her. The present generation does not believe in hypocrisy of status quo or luxury that is authorative type. The traditional importance associated with luxury goods have blurred instead emphasizes is on the qualities of the product.

6) Luxury is never stagnant, it is continuously changing
Once an item which was earlier luxury for a consumer, could become an ordinary thing in future and their move forward to other things which they consider a product of luxury. Thus luxury is something which is not stagnant and evolves continuous. Once the customer gets the taste of luxury cannot step back from that standard the only way is to increase the level and their concept of luxury. However the buying of such thing is not out of the pocket but according to their affording capacity. For example- a girl who has got habituated to wearing designer sunglasses would never go back to non-branded sunglasses, instead if her pocket permits would opt for higher brand sunglasses.

7) Branding gives the quality assurance
It is not important that buying branded products is the only indication of luxury shopping. However brand is never the deciding factor for the ultimate buying decision. The quality, workmanship and product quality assurance associated with a particular brand influences the buying behavior of the customer.

The main motive behind brand shopping is the quality assurance given by the brands. For example- The trousers of Allen Solly gives its buyer guarantee of the garment quality to its customers. Branding is the medium of delivering the quality messages which is of importance to the customers doing luxury shopping.

Conclusion
Thus the luxury market is a very fast growing segment of consumer market. Every individual purchases products they consider a luxury according to their spending capacity. The concept of luxury varies in the various income group of people. For medium class population its different from the highly affluent class of people.