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Behaviour of Youth towards Luxury - Essay Example

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Behaviour of Youth towards Luxury

Since youth coming from rich families can easily afford costly items of luxury, gradually, a competitive attitude grows among people to acquire most famous and acclaimed items like perfumes, watches, goggles etc.
Rather than collecting items for showing their economic worth, youth coming from middle class families are more inclined towards obtaining the items which, apart from being serviceable as symbol of status, should be able to pay them back the price paid for them by their proper utilization.
The article (Neelakantan,1999) describing American youth writes "Changing luxury spending patterns like this aren't unusual among today's new affluent shoppers who didn't inherit their wealth and didn't necessarily grow up privileged. Many have made their money in technology, through entrepreneurship or because of sheer talent in the sports and entertainment fields. And while this new crowd is probably spending more, it is taking the conspicuous out of consumption--showing less, with more style."
Edwin Colyer (2005,That's rich, redefining luxury brands) writes "However you want to define luxury, though, one thing is certain: it is now commonplace and affordable. Disposable income has risen dramatically over the past 30 years and there is more money to spend on "extras." Luxury purchases are for celebrating an occasion, self reward or to show off status."

However, on an average the purchasing power of youth in last decade has significantly improved as Harrison Group/VNU Teen Trend Report (2006) says
"According to the Census Bureau, there are currently 25.2 million teens, ages 13-18, in the U.S. Their purchasing power is substantial: If you add part-time job earnings, allowance and the average amount of their parent's money they spend every year, teens comprise a $195 billion market. Over a third of teens hold part-time jobs, working 18 hours a week, on average, and earning $483 per month."
The role of spontaneous liking or disliking towards luxury, though not completely alienable in its effect of contribution towards development of liking or dislike in young towards different items of fashion and luxury, the overall effect of this factor in generation of interest in young people for different brand names and their products can be observed to have only limited effect and only for certain products.
Young people are quiet impressionable by their nature and get heavily influenced by society and different methods of marketing in shaping of their behaviour.
Catherine Cole Gutierrez (August 2006) writes "Media influences have been shown to help define consumer's worlds by sketching an image in their mind that the consumer will want to relate to and attain for him/her (Lippman ,1992). It has been suggested that since the mainstream introduction of television, Americans have been frequently bombarded with images of success and wealth, and the purchase of luxury products may in fact be purchased simply to improve one's status (Mandel, Petrova, and Cialdini 2006)."
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The behaviour of youth towards luxury can be studied and analyzed by gathering the data about the topic from varied places demarcated by boundaries of states or countries as well as the difference of strata of the youth in terms of their financial position.
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Behaviour of Youth towards Luxury essay example
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