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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Unit 1 Discussion 1

Unit 1 Discussion 1

Q From your reading and general knowledge of the luxury sector, we can observe that there is a great deal of attention paid to the stories, sometimes accurate other times fantasy, associated with prominent brands. Do you think these stories have a commercial purpose? Do they exist to give us the history of how a brand came to be? Perhaps the apparent need for a story is related to why we purchase luxury products and services...why do you think people purchase luxury products... what do you think?

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The purchase of luxury products are generally considered for hedonic consumption which refers to the consumption that made for satisfying personal ego or luxurious preferences, such as a high end car, or an expensive perfume, watch and shoes. Since the luxurious products are brought out of certain desire, fascination thus an emotional attachment exists with that particular product. The high-end brands utilize this particular element in their branding strategy so that they can evoke the emotional aspects of the patrons and make them feel they are being a part of a legacy, class and high stature.