Global luxury market foresees strong growth and is predicted to grow and reach USD2.4 trillion by the end of 2012, and USD 3.22 trillion by 2017. The industry has several thousand companies targeting numerous customer segments. Manufacturers face fierce competition, and hence need to invest heavily in differentiating their merchandise, and marketing efforts. Luxury market is always dynamic, and getting more luxurious. Overall all customers; generally are willing to pay a premium price for brands.
Popularity of denim is based on the customer’s desire to show off. Jeans would give them a feeling of style icon, and as a part of the fashion host. It is the general nature of a consumer to wish for an ego boost. As fashion trends keep changing at the drop of a hat, manufacturers and retailers are under constant pressure. Manufacturers need to come up with innovative styles, and concepts to capture the shoppers’ attention, and retailers need to keep abreast of the current fashion trends, and customer preferences, and fill their store rack accordingly.
Fashion trends tend to spread rapidly, even crossing the country’s boundaries; at times. The desire of customer’s to look and feel good is reflected in their clothing choice. This is cashed in by the customer centric retailers, targeting customers who are ready to shell out a fortune in buying branded clothing.