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A Low-Priced Alternative Fashion Shoe and an Expensive Branded Item - Research Paper Example

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This paper discusses the result of a survey conducted with respondents to gain their opinion about the two commonly and widely accepted designer shoe products. Most of their answers were substantial to the analysis and in fact, they helped to further justify the result of cross-price elasticity…
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A Low-Priced Alternative Fashion Shoe and an Expensive Branded Item
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Download file to see previous pages The sales volume of two different shoes from two different shops is through looking at consumers’ income. In economics, the income effect is pertaining to the effect of price change and consumers’ real income on the number of products demanded (McConnell & Brue 1993, p. 403). This means that as the price of Gucci or Deichmann increases, consumers will consider their budget or income and ultimately will end up buying the product they can afford. However, a major factor being held constant over here is the availability of credit in the economy, which is found to be low, accounts for a preference to buy the cheaper good despite the person earning a high income. In Table 1, 30% of the respondents have a monthly income of € 7,000 and over. About 70% of respondents have a monthly income under € 7,000. Moreover, 62% of the respondents having income under € 7,000 will be willing to pay for Deichmann and only 8% of them are willing to buy Gucci. Consequently as observed in Table 1, 18% of the respondents in the sample (or rather, 60% of the people with income € 7,000 & over) are willing to buy Gucci. This also suggests that despite having an income of more than € 7,000, the remaining 40% of the people belonging to the same income group are still willing to buy Deichmann. Table 2 classifies the sample units were surveyed according to their ages. It is found that 48% of the respondents surveyed were of aged between 21 and 30 years. As presented in Table 1, most of those who are willing to purchase Deichmann are the people earning below € 7,000 per month. ...Download file to see next pagesRead More
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