Publicly Listed Luxury Goods Companies: A Comparison Of Two Companies With Recommendations - Research Paper Example

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The main purpose of this study is to investigate publicly-listed luxury goods companies whereby two luxury goods companies were compared. The two luxury goods companies, Coach Inc. and Tiffany & Co. are well recognized and have built themselves a good reputation not only locally but also internationally…
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Publicly Listed Luxury Goods Companies: A Comparison Of Two Companies With Recommendations
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Download file to see previous pages This paper illustrates that majority of individuals around the world have at one time or another desired to or even owned luxury goods or products. There is also a recent hype all over the media suggesting that people are better of living a luxurious life, possessing luxury goods. Businesses in the 21st Century are aiming to be providers of luxury goods as a way of keeping up with the trends. If one does not own a luxury product then they are considered not to be ‘cool’. Despite economic hardships, majority of people are still in a position of affording luxury goods and services. Emergence of new wealthy clientele from developed and developing nations has made luxury to take on a number of new meanings. No longer does the term luxury solely refer to expensive products that poor and low income earners cannot afford. The term luxury was in the past referring to the consumption of goods or products that were not only expensive but were also rarely known and discreet. But that was before the recession. Once the recession ended, even the wealthiest individuals became poor. As a result of the economic shift the image of luxury has since then become understated. The term luxury no longer refers to conspicuous and excessive consumption but means goods or products with higher perceived value as well as increased practicality. A good/product/item that is not necessary for living but perceived to be highly desired within a given culture or society is known as a luxury good. (Silverstein & Fiske 2003). Luxury goods are also identified as positional goods as they tend to show that the owner has attained a certain status within society where he/she is now able to afford them (McCahery & Vermeulen 2010). They are commonly bought by individuals with more income and wealth. However, the existence of luxury goods is wholly dependent on income elasticity of demand, where if positive, means that they can exist, and vice versa (Egner 2009). This means that if the income is higher, people are in a better position of purchasing luxury goods. As earlier mentioned, many companies and organizations are starting to focus on becoming luxury goods companies as they have realized more profit is ...Download file to see next pagesRead More
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