Asia Luxury Market Research Advocacy Strategy

Asia Luxury Market Research Advocacy Strategy
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Asia Luxury Market Research Advocacy Strategy
Statement of purpose
The global luxury industry is experiencing tremendous growth. The transformation is no longer limited to Europe and the West since it has entered the Asian markets. Emerging Asian luxury markets are viable (Donzé & Fujioka, 2015). Research on the Asian luxury market focuses on China because of its large market size while ignoring other important markets like Japan, India, and South Korea. Some researchers mistakenly consider the Chinese to represent the entire Asian market. Therefore, this work seeks to cover an overview of the published work on luxury marketing strategies to understand the Asian luxury market better.
Theoretical Framework
Defining the luxury market
Luxury goods denote expensive and pleasant products but are unnecessary (Wang, 2022). Often, a level of social status is associated with individuals' possession of such products. L focusing on inclusivity. Luxury marketing attempts to get such products to particular clients who may want to possess luxury products. According to Cristini and others (2017), such marketing highlights both the tangible and intangible value of the goods. Ko, Costello, and Taylor (2019) believe that luxury brands' definition must emphasize attributes like prestigious image, emotional resonance, and high quality. These qualities should be considered when marketing products to the upper class in the Asian market.
Consumption of luxurious products
Luxury consumption in Asia has increased because of the increase in millionaire consumers. The increase in wealth means that more clients can purchase expensive products. Asian countries are fast-growing, which has seen luxurious brands take advantage of the region's potential group of luxury markets. More academic focus on the Asian luxury market has majored on China (e.g Liu, Perry & Gadzinski, 2019; Bonetti, Perry & Fernie, 2017 and Yu & Hu, 2020; Gao, Norton, Zhang & To, 2009). Such a narrow focus has provided less information on the Asian market since it excludes important luxury markets like Japan, India, and South Korea.
The 4Ps theory
The research will rely on the four dimensions of the 4Ps theory; Products, Place, Price, and Promotion. The theory will be instrumental in demonstrating a set of marketing tools luxury brands can utilize to pursue marketing goals in the Asian markets.
Research questions
The research delves into the most appropriate marketing strategies for the Asian luxury markets by addressing the following research questions:
1. What are luxury brands' most appropriate marketing strategies for the Asian markets?
2. How are luxury consumers differentiated in the Asian markets?
3. How can brands use the 4Ps to capture the Asian luxury markets effectively?
Literature review
The idea of luxury products is new but has been evolving over the centuries. The 19th century was instrumental in bringing a deeper understanding of the importance of customization, hence meeting the needs of the special category of luxurious consumers (Berthon, Pitt, Parent & Berthon, 2009). Globalization and technological ...