Research Questions and Objectives Report 2022

Running Head: RESEARCH QUESTIONS AND OBJECTIVES
RESEARCH QUESTIONS AND OBJECTIVES
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1RESEARCH QUESTIONS AND OBJECTIVES
Topic: Perception towards luxury brands of millennial- a case study of fashion brand
industry.
Industry information
The global luxury fashion market is growing at a rapid pace with an expected spike of
$1.5 trillion by 2025. The statistics of Danziger (2019) showed that the millennial are playing
pertinent role in the development of increasing luxury fashion market. The report also claimed
that the millennials are spending 32% in the luxury fashion market which is also forecasted to
touch the point of 50% within 2025 (Fromm 2018). The size of the luxury market have reached
$1 billion and the personal luxury goods market is worth of $660 billion. Therefore, it is essential
to carry out an investigation into the perception and attitude of the millennials to opt for the
luxury fashion brand market.
Research rationale
According to the research of de la Ballina and de la Ballina (2019) millennials are
considered to be important generation group in the consumer market who have the potential to
influence the luxury fashion market extensively. It is important to note that the behaviour and
attitude of the millennials are considered to be pertinent aspect that can help to understand the
reason for proneness of the millennials towards the luxury fashion brands. The concept of
materialism and demand for uniqueness are identified as the driving factors for the changing
nature of the millennials. Moreover, it is pertinent to note that the brand consciousness and social
media are also important aspects that can have enough impact over the purchasing decision
making of the millennials and their growing interests towards buying luxury fashion products.