The "Luxury" Client and Expectations From a Psychological and Cultural Perspective

Introduction

In the contemporary society, most corporations have defined groups as well as segments of customers depending on their tastes, fashions, and preferences of various products and services. Moreover, in the luxury products industry, organizations have strived to push their efforts in producing products that satisfy the needs of "luxury" clients in the market. Today, the "luxury" client and his/her expectations on products are influenced by various cultural and psychological factors. The purpose of this study is to determine the factors that influence the "luxury" clients' purchase decision-making process and their expectations on luxury products analyzed from a psychological and cultural perspective. Moreover, the intended audience of this research entails persons producing various products in the luxury industry for the luxurious segment of customers. Additionally, this study will also benefit scholars searching for information about "luxury" customers and factors influencing their purchase process. Additionally, the "luxury" client and expectations is an emergent trend in the luxury industry that requires sufficient research to be adequately understood. Furthermore, understanding the trend will help investors in the luxury hospitality industry to understand the psychological and cultural influences affecting the "luxury" clients. Subsequently, this will enable such investors to maximize their profits from the "luxury" clients through creating products that satisfy the preferences, tastes, and fashions of such customers.

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Analysis

The Relevance of Learning the Trend

The twenty-first generation has been characterized by a phenomenon transformation in the roles of men and women in the society. Today, more men and women have a stable source of income than in the past, through formal or informal employment (Lamanna, Riedmann, & Stewart, 2014; Fine-Davis, 2016). Additionally, the economic position of numerous governments have significantly improved and millions of people have surplus income to cater for their secondary wants (Falola & Amponsah, 2012; OECD, 2013). Furthermore, among such wants is the preference for luxurious items, which are normally purchased for special occasions like weddings and birthdays among others. Also, some "luxury" clients purchase lavish products to fulfill their personal needs (Wiedmann & Hennigs, 2012; Scholz, 2014). In respect to this transformation, the global industry for luxurious products have immensely revolutionized and new products to cater to the needs of the luxurious clients are produced on a daily basis (Turconi, 2010). Moreover, the competition in the production of luxurious items like colognes, shoes, attires, vehicles to name but a few have also escalated over the last decade (NBC, 2018). The preferences and demands for luxurious items but clients have also become greatly differentiated and as such, the need to learn about the psychological and cultural influences of purchase decision making when acquiring luxury products.

Critical Evaluation of How the Trend Is Affecting the Industry

The increase in demand for luxurious items has elevated the number of startups that have been developed in the luxury industry around the world (Kapferer & Bastien, 2012). Moreover, large corporations dealing with luxurious products from around the world have established numerous subsidiaries to new locations as a strategy of promoting their overall market performance in the sales of luxurious products. Examples of such corporations in the luxury industry include LVMH Moet Hennessy-Louis Vuitton SA, Compagnie Financiere Richemont SA, The Estee Lauder Companies Inc. Luxottica Group SpA, The Swatch Group Ltd, as well as Kering SA (Asia One, 2016). Also, others include Chow Tai Fook Jewelry Group Ltd, L'Oreal Luxe and Ralph Lauren Corporation (Asia One, 2016). Subsequently, the development of such numerous entities has led to the growth of the internal luxury products industry. Also, the venture has made the luxury industry to be one of the most profitable sectors in the global economy. Ultimately as of 2018, the luxury industry is ranked to be a billion-dollar industry recognized by major global economies in the world like the United States and China (Scholz, 2014).

Emerging Opportunity Created By the Trend

The massive growth in the performance of the luxury products sector has created numerous opportunities for investors in the market. Nevertheless, traditionally, most of such opportunities entailed the development of physical luxury products that are unique in their creation and designed for "luxury" clients. However, today, the demand for luxury products has created an opportunity for the hospitality industry, in reference to creation luxurious services for "luxury" clients (Glion, 2017). Furthermore, the elevated market awareness that there is a large demand for luxurious services has led to an increase in the creation of luxuries service offering establishments in the hospitality sector such as five-star hotels (Lu, Berchoux, Marek, & Chen, 2017). However, the number of such establishments for luxurious services is remarkably low in number compared to entities producing physical luxurious products. As such, the increasing trend of "luxury" clients and their market expectations has created a unique opportunity for potential investors in the market. Also, this is in the establishment of startups in the luxurious hospitality industry in offering services to the global luxury market.

Recommendation

To provide a sufficient recommendation for the stated trend, it is essential to comprehend the psychological and cultural factors influencing the purchase decision of "luxury" clients. Additionally, in this case, the primary psychological factors influencing potential customers' to purchase luxury products include price, quality, extraordinary aspects, rarity, and aesthetics (Reis, 2015). Moreover, in this case, pricy products are likened to elegance by "luxury" clients. Furthermore, such products are of high quality and they also attract high prices, which is a major preference for luxury clients (Gbadamosi, Bathgate, & Nwankwo, 2013). Also, buyers of luxury items purchase products that appear to be extraordinary in terms of the elements or raw materials used to create such products (Hudders, Pandelaere, & Vyncke, 2013). Additionally, in reference to rarity, "luxury" clients are normally willing to pay more for rare products, which are perceived to be rare in their own right. Lastly, in reference to aesthetics, aspects like shape, smell, colors as well as graphical elements are often reflected in luxurious products (Joshi & Reis, 2015). In this case, the distinctiveness of such products is a major psychological influence of "luxury" clients' purchase decision.

Cultural factors are also great influences promoting people to purchase luxurious products in the market (Mosca, 2016; Wuhrer & Bilgin, 2014). In this case, cultural factors are associated with traditional values, personality traits, traditional cultures, as well as social and cultural synthesis when making purchase decisions on luxurious products. Additionally, such factors are essential when making decisions in the form of luxurious products to offer for sale to "luxurious" clients. Also, exchanging of expensive gifts in the Chinese culture is viewed to be a way of maintaining and building new friendship relationships. In a different context, in the Chinese cultural setting, some clients purchase luxurious items like jewelry to be accepted in specific social groupings (Xie, 2014; Prange, 2016). On the other hand, in Asian nations, clients purchase luxurious products for their family members during social occasions to show off their family status and affluence (Chadha & Husband, 2010). In light of these factors, it is essential for entrepreneurs in the luxury items industry to develop strategies that can complement the cultural considerations that influence "luxury" clients' purchase decisions.

Scentscaping is among the most effective strategies that should be used in the luxury hospitality industry to attract "luxury' clients (Schutte, 2016). Additionally, scentscaping entails the use of a variety of fragrances in different rooms so as to create serene environments that influence the moods of persons (Henshaw, 2013). Traditionally, the scentscaping strategy has been employed by the Feng Shui experts in the development of interior designs of domestic and commercial rooms. Additionally, its effectiveness in the marketing of commercial facilities has been considered a complement to other mild sensory stimulants like light, sound, color as well as surface texture. In this context, scentscaping should be used in the luxury hospitality industry as a welcoming signature for inviting "luxury' clients to commercial establishments (Butler, 2018). Additionally, scentscaping will be an easy marketing methodology for organizations because there is a wide range of natural scents and artificial fragrances in the market that marketers can use for their hospitality services' establishments. For instance, natural scents can be obtained from fresh flowers while artificial fragrances can be attained by purchasing designer colognes (Perfume, 2018; Vulser, 2014).

Moreover, such sources of scents are easy to obtain and replenish and they will effectively execute their intended role in attracting the "luxury" clients. Also, the intended audience for this marketing recommendation are investors and business owners of establishments in the hospitality industry. Additionally, such are the individuals that target "luxury" clients for their luxury services like spas, hotel accommodations and massage parlors among others. Moreover, the study of how to effectively use scentscaping is of paramount importance because it is a strategy whose effectiveness has been tested over the years. Nevertheless, with the continued invention of new scents and fragrances by global scent manufactures, there is a gap between new and lavish scents to be used for scentscaping in luxury establishments like hotels (Banymadhub, 2016). Also, the choice of luxurious scents for extravagant hospitality amenities has a potential of tapping a substantial amount of revenue from "luxury" clients. As such, it is an important strategy that should be researched on, to determine the best way it can be implemented for maximum yields from the "luxury" clients.

There are several ways that the scentscaping strategy can be implemented in establishments in the hospitality industry. First, investors can obtain exotic flowers that can be placed in the rooms of the hospitality establishments (Air-Scent International, 2016). Additionally, such flowers could be planted by the business owners in their own land for easier replenishing to the business rooms. Alternatively, an investor can obtain designer colognes or perfumes from renowned designers and use them to spray the garments inside the business rooms (Vrabel, 2013). For instance, housekeepers in the luxury hospitality businesses can spray the drapes of the rooms with designer perfumes. Moreover, in such a case, different scents can be done in different rooms using a variety of designer perfumes. Subsequently, this will promote the attainment of different moods by the t...