Future of fashion
The Future of Fashion: A Business Perspective
Contents
Introduction
Aim
Objectives
Methodology
Secondary Research
Conclusions
Recommendations
Bibliography
Appendices
Introduction
In light of the difficult year head, a number of consumers have experienced the significant financial difficult. However, in China, derived from China GDP Growth Rate report, the Gross Domestic Product (GDP) in China expanded 9.1 percent in the third quarter of 2011 over the same quarter, previous year (Trading Economics, 2011). More significantly, it has now become necessary to point out that, as the second luxury market in the world, recent sales of luxury goods are dramatically exploding in China, despite a hefty tax on importing them according to The Economist. And they continue to indicate that the “overall consumption in China (including boring everyday items) will rise by 11% annually over the next five years… sales of luxury goods will grow more than twice as quickly, reckons CLSA: by 25% a year” (The Economist). Unlike the luxury market in other countries, the luxury consumer is much younger and not only dominated by females. One needs to be mentioned here that online shopping is certainly growing rapidly in recent years. The number of Internet shoppers in China is estimated to exceed roughly 329 million in 2015. Admittedly, it can be seen that the luxury industry also has a huge opportunity for success through the online retailing. In this report, it basically contains three major parts: Secondary Research, Conclusion and Recommendation. In the secondary research, it stems from an interest in the theory of customer satisfaction which leads to and development of the model from other authors. It sets the scene by explaining and discussing Kano’s Customer Satisfaction Model in the academic approach and current luxury online shopping in China. These circumstances, based on these
Contents
Introduction
Aim
Objectives
Methodology
Secondary Research
Conclusions
Recommendations
Bibliography
Appendices
Introduction
In light of the difficult year head, a number of consumers have experienced the significant financial difficult. However, in China, derived from China GDP Growth Rate report, the Gross Domestic Product (GDP) in China expanded 9.1 percent in the third quarter of 2011 over the same quarter, previous year (Trading Economics, 2011). More significantly, it has now become necessary to point out that, as the second luxury market in the world, recent sales of luxury goods are dramatically exploding in China, despite a hefty tax on importing them according to The Economist. And they continue to indicate that the “overall consumption in China (including boring everyday items) will rise by 11% annually over the next five years… sales of luxury goods will grow more than twice as quickly, reckons CLSA: by 25% a year” (The Economist). Unlike the luxury market in other countries, the luxury consumer is much younger and not only dominated by females. One needs to be mentioned here that online shopping is certainly growing rapidly in recent years. The number of Internet shoppers in China is estimated to exceed roughly 329 million in 2015. Admittedly, it can be seen that the luxury industry also has a huge opportunity for success through the online retailing. In this report, it basically contains three major parts: Secondary Research, Conclusion and Recommendation. In the secondary research, it stems from an interest in the theory of customer satisfaction which leads to and development of the model from other authors. It sets the scene by explaining and discussing Kano’s Customer Satisfaction Model in the academic approach and current luxury online shopping in China. These circumstances, based on these
Bibliography: Busacca, B. and Padula, G. 2005. Understanding the relationship between attribute performance and overall satisfaction Theory, measurement and implication Gruber, T Fernie, H. et al. 2003. Principles of Retailing. Consumer Behaviour: Buying, Having and Being. Szymanski, D.M. and Hise, R. T. e-Satisfaction: An Initial Examination. Journal of Retailing, Volume 76(3) pp.309-322, ISSN: 0022-4359. 2000 Chaffey, D Liu, X. 2008 An empirical study of online shopping customer satisfaction in China: a holistic perspective. PRNewswire. 2011 Gilt on Fast Track Growth in China; Vipstore.com Leads China’s Luxury E-commerce Wave. http://www.prnewswire.co.uk/cgi/news/release?id=319543 China Internet Watch China Internet Watch. 2011. China’s Luxury Online Shopping Reached 3.5B RMB in Q2. http://www.chinainternetwatch.com/1244/chinas-online-luxury-goods-q2-2011/ Inside the Mind of Shopper Pastrick, Greg. (1997). “Secrets of Great Site Design”. InternetUser. (Fall): 80-87 Creditcards.com (http://www.bcg.com/documents/file81362.pdf ) India Business Newsweekly(2011 LOAD-DATE: May 4, 2011 LANGUAGE: ENGLISH