What Motivates People to buy & Values that Influence People to Consume Luxury Products

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Define:

Luxury Product
An item that is not needed to live, but is deemed as highly-desired within a culture or society and is associated with wealth and prestige. These items often have a well known ‘name’ and are typically more costly than products that have the same functions, but may not be of the same high-end quality and/or have the same ‘name’.

Examples are not limited to, but include things like cars, clothing, purses, jewellery, watches and high quality food.

Luxury Value
Financial Value $
Functional Value
Individual Value
Social Value
To Buy, Or Not To Buy…

Questionaire Results
We will focus on consumers’ perception and motivation specifically related to the consumption of luxury products.
“Measuring Consumers’ Luxury Value Perception”
Variety of reasons that consumers buy luxury brands.
Satisfy multiple facets of the human psyche, that are directly correlated to the consumer’s individual, social, functional and/or financial values.

When individuals are supposed to be rational creatures, why do they choose to spend more money on luxury brands that have no more perceived usefulness than their cheaper counterparts?

Model Seeks to Explain:
Related to a consumer being driven by their emotional needs
pleasure is a strong motivational factor
consumer’s hedonic drive will play a role in their decision

Suggest that humans find enjoyment and increased value in the task itself when it comes to hedonic value, as opposed to the wholeness they feel from mere task completion.

Young consumers make up more than 45% of the luxury goods purchases
Luxury goods are an increasing market and have continued to grow 15% each year
Marketers need to be aware of luxury goods in order to be successful

– Focuses on the product in terms of dollars and cents
– High prices are expected with luxury products, and they rarely go on sale.
– Most people have a Luxury Relationship Perception.
– Buying something for financial value uses a very concrete, reason-based analysis.

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Consumers asks themselves three questions…

1. What is the functional use of this luxury product for me?
2. What funds do I have available?
3. What is the long-term worth?

The company and market determine what the luxury product price will be.

– Consumers with primary goal of increasing their social status
– Consider how they will appear to others, as opposed to what practical use the item will serve in their own life, status, power, affiliation…
– Strengthen status by buying things they cannot afford, and/or settle for a knock-off or counterfeit brand to show prestige, wealth, status

Media plays a very influential role on consumers’ and their desire to be like the successful, beautiful, and famous people they see and hear, in order to have greater social acceptance.

Questions?

– benefit and utilities that drive the consumer to desire high-end products.
– quality, uniqueness, physical performance, attributes, usability, reliability, and durability of the product.
– brand names of luxury products are very well known and greatly influence their perceived value.
– people who purchase a luxury product for functional value- desire a basic benefit and practical use.
– buying is rationale and task related.

Conclusion
The conclusion we at Global Wealth Trade have made decades ago is that yes, it is indeed possible to buy quality merchandise from a non-designer, no-brand name. However, it is a gamble to do so, because reputation is everything in determining how likely the product you purchase will truly be worth the cost you paid for it. When it comes to famous designer luxury goods, such as high fashion garments, accessories, handbags, shoes, watches, jewelry, etc., who, regardless of how much one has to spend, wants to waste both their time and money in taking a chance on brands that are not known to satisfy?
Thus, people are willing to pay more for a known designer’s products, because, they can be reasonably sure that they are buying something that will be astonishingly well designed and crafted to WOW and to last, perhaps so long as to be given away as heirlooms. This is the level of quality that FERI designer luxury goods offers its discerning clientele. Global Wealth Trade is the marketing arm of FERI and has come up with one of the highest rated global MLM’s on earth today. GWT has created more millionaires, worldwide, faster than just about any other network marketing company.
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Regardless of why people buy designer luxury goods, the fact remains that luxury goods are an increasing market and have continued to grow 15% each year. WHY NOT take advantage of this and dramatically raise your income as well as your status? Quit playing with dull and lifeless programs that won’t ever get you the wealth you deserve and the status that may indeed frighten and excite you at the same time. BE BOLD. One does not become fabulous by hiding behind their computer in their pajamas every day. Take action, like the most successful people on earth do, and click this link, right now. Thank you for having what it takes to rise to the top.

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