Impact of Financial Meltdown on Luxury Fashion Goods Market

. 17 4. Research Methodology…………………………………… 17-18 4.1 Research Philosophy………………………………….. 18-19 4.2 Data Collection……………………………………….. 19-20 4.3 Credibility and Verification…………………………… 20-21 5. Findings and Analysis…………………………………….. 22 5.1 Case Study……………………………………………… 22-23 5.1.1 Global Recession and Luxury Market…………… 24 5.1.2 Philip Rocou and his Strategies………………….. 25 5.2 Primary Research on Luxury Goods………………….. 26.-32 5.3 Primary Research on Online Selling ………………….. 32-36 6. Conclusion…………………………………………………. 36-37 7. References…………………………………………………… 37-40 8. Annexure………………………………………………. 41-43 Contents of figures and tables Table 1 representing impact on employees 28 Table 2 representing impact on product 29 Table 3 representing Behavioral Pattern of customers 29 Table 4 representing organizational impact 29 Table 5 representing post-recession effect in customer 30 Table 6 Representing Response of brand during economic turndown 30 Table 7 representing post-recession strategy of organization 30 Fig 1 representing effect of financial crisis on organization 31 Fig 2 representing effect of financial crisis on employee 31 Fig 3 representing interest level of people towards luxury brand 34 Fig4 representing frequency of purchase of luxury brand 34 Fig 5 representing opinion regarding benefits of online selling 35 Fig 6 representing satisfaction level in online shopping 35 Fig 7 representing online shopping as manufacturing tool 36 1….
The paper tells that during the last decade, the international economy has witnessed inflation, recession and other serious economic hazards. It had raised serious concerns for the future of world economy. The developing countries of the world were most affected in the economic turmoil. This also had an impact on the global fashion commodity industry. To counter the effect the industry players used new demands and reformed the luxury goods industry. Study of the performance of the key player in the market like Philippe Rousseau reflects the impact of the economy on the market for the luxury goods. In order to revive the market various strategies were developed by the marketing teams. The latest use was that of the online tools for the promotion and selling of the products. A new concept of online selling emerged in the market and the companies dealing with luxury goods were fast to reap benefits out of it. The concept of ecommerce was also hugely appreciated by the customers and the popularity of many businesses was back on track. Before the economic downturn the consumers of the world had become more fashion conscious and they started showing their interest towards the fashion goods. People belonging from the high society of the economy had spent considerably over the luxury fashion goods. But a change in behavior was noticed significantly. The nature of the industry was a driving factor in determining the level of impact it had by the economic turndown. The choice of factors for bringing out the industries out of trouble also varied significantly and it depended a lot on the customer profile.