Rental Fashion Essay

2243 words - 9 pages

May 2010Rental FashionLuxury bag-rental serviceHow Luxury Rental Company canSucceed in a changing marketXinyu Chen 14816835Nannan Xu 14913859CONTENTSIntroduction 3Market Overview 4Fundamental changes in Consumers and Channels 6Rental fashion: From our research 8Wining strategies for luxury rental player 10Conclusion 11References 13IntroductionThe 2008 global economic crisis has certainly changed the economic landscape, and also fundamentally altered the behavior of numerous luxury fans, which are now learning to curtailing luxury expenditures and saving more. However, many consumers do not want to switch to cheaper brands, under all logical responses to a recession, a new business appeared which is rent luxury products.Luxury bags renting business becomes more and more popular in the worldwide, since there are lots and lots people who love luxury products, but do not have enough money to purchase one; or, people who do have the money for a bag, but also planning other activities with the money. This service is popular within these people since it allows them to "own" a luxury bag, and even different bags every week. And also, it helps people who want to save their money on other activities. Renting luxury bags also help the consumer to prevent irrational consumption. Now, renting a luxury bag seems become a new lifestyle for general public.Market OverviewWho are typical rent luxury consumers at "that bag I want"? Women from the age of 25-30(Arthur, 2001), the company luxury-consumer base includes two large segments: the housewife from middle-class family(Arthur, 2001), who responsible for a portion of rent luxury bag spending on many brands, and the generally customers are office ladies, who responsible for a significant portion of the company. However, it is a obvious trend who still have a lot of potential consumers, the most key decision is the selection of target market, then structured in a manner consistent with the product position. This process is presented in Figure 1.1 (Alexander, and Smith, 2001).Figure 1.1 How consumer influences drive marketing decisionsThe behavior of consumers from individual cultures is primarily motivated by internally focused and personal (Usunier,1993) needs. Inversely, the behavior of consumers in collectivist cultures will tend to be motivated by external focused and social needs.It is an undeniable fact that the human desire to impress other people is the first motive behind the purchase of luxury products, thus luxury products also become appropriated by others and communicates different messages in different places. In the report, it will analyze the difference in acceptance in the regions of Hong Kong and Japan. Thus, the realities of consumer motivation and attitude can be more precisely reflected.Hong KongLuxury products are probably the most obvious way that people in HK identify to others who they are. It looks like a Social salience (Agar, 2003) of the brand serves as a symbol of prominence and...

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