Perception of Luxury Brands by Millennials: Research Questions

This assignment outlines research questions and objectives for a study on millennials' perception of luxury fashion brands. It explores the luxury market's growth, driven by millennials, and examines factors influencing their purchasing decisions. The research investigates the behavioral factors, motivational drivers, and the impact of social media and cross-cultural influences on millennials' interest in luxury fashion items. The objectives aim to identify behavioral traits, analyze industry growth factors, understand motivational influences, assess attitude's role, evaluate cross-cultural importance, and analyze social media's impact on millennials' purchasing decisions. The research intends to provide comprehensive insights into millennial consumer behavior within the luxury fashion sector, contributing to a deeper understanding of their preferences and market dynamics. This study is a part of a larger research project, and this section focuses on formulating precise and insightful research questions and objectives to guide the study.

Running Head: RESEARCH QUESTIONS AND OBJECTIVES
RESEARCH QUESTIONS AND OBJECTIVES
Name of the Student:
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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.

2RESEARCH QUESTIONS AND OBJECTIVES
On the other hand, the research of Helal and Ozuem (2019) also pointed out the fact that cross
cultural paradigm is also a relevant concept in the growing trends of purchasing luxury fashion
products by the millennials. It is highly necessary for the research to evaluate all the possibilities
and check the determining factors that can drive the millennials to get interested in purchasing
luxury fashion products.
Research questions
1. What are the major factors behind the growth of luxury fashion market?
2. How far the millennials are interested in purchasing the luxury fashion products?
3. By what degree cross culture drives the millennials to purchase luxury fashion products?
4. What are the key motivational factors that pushes the millennials to buy luxury fashion
items?
5. Is there any changes in behaviour that lead the millennials to get interested in buying
luxury fashion brands?
6. How does attitude play a significant role in the process?
7. What are the key characteristics of behaviours among the millennials while purchasing
luxury fashion products?
8. What is the role of social media in influencing the millennials to buy luxury fashion
brands?
Research objectives
i. To identify the behavioural factors of millennials for choosing luxury fashion brands.
ii. To analyse the crucial factors responsible for the growth of luxury fashion brand industry.

3RESEARCH QUESTIONS AND OBJECTIVES
iii. To investigate the motivational factors that drive the millennials to purchase luxury
fashion brand items.
iv. To understand the behavioural factors influencing the purchasing decisions of the
millennials for buying luxury fashion brand items.
v. To evaluate the role of the attitude in developing the millennial’s interest on purchasing
luxury fashion brands.
vi. To investigate the key characteristics of behaviour of the millennials while buying luxury
fashion brands.
vii. To analyse the importance of cross culture of the millennials in choosing luxury fashion
rand items.
viii. To understand the impact of social media in influencing millennials to purchase luxury
fashion brand items.

4RESEARCH QUESTIONS AND OBJECTIVES
Reference
Danziger, P., 2019. 3 Ways Millennials And Gen-Z Consumers Are Radically Transforming The
Luxury Market. [online] Forbes. Available at:
<https://www.forbes.com/sites/pamdanziger/2019/05/29/3-ways-millennials-and-gen-z-
consumers-are-radically-transforming-the-luxury-market/#4077ba39479f> [Accessed 8 April
2020].
de la Ballina, J.F. and de la Ballina, I., 2019. Scarcity as a Desirable Attribute of Luxury Fashion
Brands in Millennial Marketing. Market-Tržište, 31(2), pp.153-170.
Fromm, J., 2018. How Luxury Brands Remain Relevant To Millennials And Gen Z. [online]
Forbes. Available at: <https://www.forbes.com/sites/jefffromm/2018/04/24/how-luxury-brands-
remain-relevant-to-millennials-and-gen-z/#70a7e53b3b53> [Accessed 8 April 2020].
Helal, G. and Ozuem, W., 2019. Social Media Ecosystems: The Millennial Brand
Perceptions. Harnessing Omni-Channel Marketing Strategies for Fashion and Luxury Brands,
p.23.