MINISTRY OF EDUCATION AND TRAINING

NATIONAL ECONOMIC UNIVERSITY

CENTER FOR ADVANCED EDUCATIONAL PROGRAMS

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RESEARCH REPORT
Luxury Fashion Brands' Awareness among
Asian People in the 21st Century
Group 3
Students: 1. Nguyen Mai Anh
2. Le Trung Kien
3. Trinh Le Tung Lam
4. Chu Hong Khanh
5. Nguyen Quynh Trang
6. Nguyen Tung Chi

Class: 64B Advanced Finance

Thesis Instructor: Dr. Pham Thi Thanh Thuy

Hanoi, May 2023

 TABLE OF CONTENTS

PART I: INTRODUCTION
1. Abstract
2. Objectives
3. Research questions
4. Theoretical background
5. Scope
6. Research methodology
7. Report structure
8. Timeline
References

PART II: LITERATURE REVIEW

I. Introduction
II. Body
1. Luxury fashion brands
1.1. Definition of luxury brands
1.2. The influence of luxury brands on global fashion
2. The popularity of Luxury fashion brands in Asia
3. Factors affecting choices of Consumption of luxury fashion items in Asia
3.1. Quality of luxury fashion products
3.2. Luxury clothing brands offer a remarkable shopping experience
3.3. Asian people's characteristics that affect their consumption habit
3.4. Luxury fashion brands’ marketing strategies

PART III: DATA ANALYSIS AND FINDINGS

1. Popularity of luxury fashion brands among Asian people
2. Factors affecting choices of consumption of luxury fashion items in Asia

PART IV: CONCLUSION

REFERENCES

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 PART I: INTRODUCTION

1. Abstract

Luxury fashion brands are high-end premium products that familiarize the press and public with
a particular style or status and have an aura of exclusivity. They are often associated with high
prices, high quality, and high levels of customer service. Examples of luxury fashion brands
include Louis Vuitton, Gucci, and Chanel. Notwithstanding the lower average income compared
with the other half of the world, where most luxury fashion brands originate, many extravagant
fashion brands are now choosing Asian nations for their future expansion and cultivation.
Therefore, in recent years, the Asian market has gotten special attention. This study intends to
clarify the new trend of luxury fashion brands' consumption in Asia by investigating the factors
that contribute to the high value of these brands in Asian people's awareness—moreover,
analyzing luxury fashion brands' alterations and modifications of marketing approaches for the
Asian market. Secondary sources, including academic journals, books, and papers, will be used
to collect the data for this study. The research's findings will shed light on the 21st-century
luxury Asian fashion market and how its popularity reflects Asian people's characteristics,
consumption choices, and how these high-end brands affect the economy.

2. Objectives

The research objectives are:

1. Determining the level of interest in fashion luxury brands of Asian people.

2. Inferring lessons for Vietnamese businesses to be able to develop more in the domestic
and international markets.
3. Research questions

The study is aimed to answer these questions:

1. How is the popularity of luxury fashion brands among Asian people?

2. What are the factors affecting choices of consumption of luxury fashion items in Asia?

4. Theoretical background

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Luxury has existed for thousands of years and is often a symbol of power and a particular social
class. A luxury brand represents specific social and cultural meanings conveyed by the product
or brand that consumers use. It describes their personal and social relationship with the brand and
their position with others in society. Over the last two decades, the influence of luxury brands on
global fashion is evident in how many designers and brands use luxury elements for their
designs. Luxury brands have also achieved a level of economic importance due to their elevated
status in contemporary consumption and communication activities (Chevalier & Manzalovo,
2008). In recent years, several countries in Asia have experienced strong economic growth,
resulting in an increase in household incomes. This has given rise to a growing middle class with
increased purchasing power and a taste for luxury goods. The 2013 recognition by the European
Commission that acknowledged the luxury goods market as a sector in its own right rather than a
part of another industry provides leadership relating to the prominence of the product group
(Daneshkhu, 2013).

External factors

Numerous outside factors have influenced the development of fashion luxury brand awareness in
Asia in the twenty-first century. The tactics of luxury companies in Asia have been significantly
influenced by these variables, which have changed marketing, branding, and product
development. This article will go over a few of the outside factors that have influenced the
development of luxury fashion company strategy in Asia in the twenty-first century.

Economic growth is one of the main external elements influencing how fashion luxury brand
strategies have changed in Asia. The tremendous economic expansion in Asia has increased
consumer expenditure on luxury products and discretionary income. Due to this, luxury brands
have developed their focus on Asian markets. For example, brands have invested in store
expansion and localization of product offerings to meet the needs of Asian consumers (Chevalier
& Lu, 2010).

Digitalization is another element influencing the development of fashion luxury brand strategies
in Asia. The emergence of social media and e-commerce in Asia has altered how luxury firms
promote and market their goods. To attract consumers in Asia, brands have moved their attention
to digital platforms and created online strategies. For instance, to raise brand awareness and

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engage consumers in Asia, luxury brands have spent on their online presence and social media
marketing. (Bain & Company, 2019).

The preferences of Asian consumers for luxury products have also changed as a result of cultural
transformations. Asian customers are now more drawn to companies that prioritize social
responsibility and have a compelling story to share. Luxury firms have therefore had to modify
their tactics to cater to these preferences. Brands have invested in storytelling and highlighting
their social responsibility values to attract and retain Asian consumers (McKinsey & Company,
2019).

Government policies in Asia have also had an impact on the popularity of luxury brands. For
example, China's anti-corruption campaign has led to a shift towards more discreet luxury
branding. Luxury brands have had to adapt their branding strategies to comply with government
policies while still maintaining their brand identity (McKinsey & Company, 2019).

In conclusion, several external factors have contributed to the awareness of luxury brands in Asia
in the 21st century. Economic growth, digitalization, cultural shifts, and government policies
have all played a significant role in shaping the strategies of luxury brands in Asia. These factors
have led to changes in marketing, branding, and product development.

Internal factors

Internal factors include consumer-related factors, such as beliefs and personality characteristics.

Risk perceptions play a serious role in consumers’ counterfeit purchasing decisions. Purchasing
and wearing counterfeit products is risky and discusses different kinds of risks including social,
legal, physical, performance, and psychological risks that affect consumers’ purchase of
counterfeit products. Social risk relates to feeling ashamed if others realized that the products are
counterfeit. Legal risk is related to the legal consequences that consumers may face if caught
with fake products. Physical risk is related to health problems caused by using counterfeit
products. Performance risk is related to the durability of the counterfeit product. Psychological
risk is related to the feeling of guilt due to the purchase of counterfeit items.

Related to the gender of consumers, gender affects the ethical beliefs toward purchasing
counterfeiting. More specifically, they have asserted that females are more likely than males to

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purchase counterfeit goods. However, some other studies reported the opposite results. Being
materialistic was also found to be related to purchasing counterfeit products. Some other factors
are related to personality and individual differences among individuals. For example, it was
found that novelty-seeking individuals are more likely to purchase counterfeit products. Several
studies also found that impulsive individuals are more likely to purchase counterfeit products,
possibly because impulsive individuals will be tempted more by features of the products and will
not consider long-term features, such as durability.

In addition, religiosity was found to be related to the purchase of counterfeit products. Studies
highlighted that the more consumers are religious, the less likely they purchase counterfeit
products. In contrast, there is no relationship between religiosity and ethical judgments in
business. As for socioeconomic status and income level, some studies suggest that individuals
with low income tend to purchase counterfeit products, but other studies suggest that individuals
with high income are more likely to purchase counterfeit products. For example, individuals with
high incomes in Singapore were found to purchase counterfeit products. Therefore, the purchase
of counterfeit products may be wider than for individuals with low socioeconomic backgrounds.
Several studies also found that past history of purchasing counterfeit products is predictive of
engaging in future purchases of counterfeit products, as reported in several countries including
China and Korea.

5. Scope:

- Survey subjects: 100 teenagers and adults in the age of 15 and above.

- Location: Hanoi.

- Time: April 1st - May 25.

6. Research methodology

- Survey (Questionnaire online): The survey will be conducted with the involvement of 100
teenagers and adults in the age of 15 and above. They will be asked to complete a questionnaire
online about their choices of choosing brands, opinions on luxury goods and their spending
decisions.

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- Data collection from the survey: Data collected from the survey will be used to analyze the
popularity and influence of different fashion luxury brands on Asian consumers. Thereby, the
research can give conclusions on the positive and negative effects of owning luxury items, as
well as predict trends and help people with appropriate shopping choices.

7. Report structure

The report is divided into four parts:

Part I: Introduction, which includes the objectives of the research, research questions,
background, the scope and the methodology of the research.

Part II: Literature review. This part provides information about the definition of luxury fashion
brands, the status of luxury brands in Asia as well as some factors affecting Asian people’s
choices of buying.

Part III: Data analysis and Findings. In this part, real data will be gathered and conclusions will
be drawn.

Part IV: Conclusion

8. Timeline

Time Work

16/3/2023 Topic title submission

28/3/2023 Final proposal submission

April 2023 Collect information online from prior study

April 2023 Write literature review

April 2023 Create questionnaire

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April 2023 Deliver questionnaire

May 2023 Collect and process questionnaire result

May 2023 Write data analysis and application

29/5/2023 Submit research

REFERENCES

Bain & Company. (2019). Luxury Goods Worldwide Market Study, Fall-Winter 2019.

Chevalier, M., & Lu, Y. (2010). Luxury brand marketing - the experience is everything! Journal
of Brand Management, 16(5–6), 338–346.

McKinsey & Company. (2019). The State of Fashion 2019.

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 PART II: LITERATURE REVIEW

I. INTRODUCTION

Luxury has existed for thousands of years and is often a symbol of power and a particular social
class. The first manifestations of luxury appeared in ancient Egypt.

The Renaissance saw the introduction of precious fabrics, lace, silk, and goldsmiths.
Nevertheless, the actual development of luxury history dates back to the late 17th century.

The emergence of luxury as we know it today came in the 19th and 20th centuries, with the
advent of fashion houses led by British predecessor Charles Frederick Worth. It created a
significant innovation and a unique concept in the history of luxury and fashion.

Luxury fashion brand marketing focuses on creating good brand value and pricing power for a
luxurious brand by utilizing various elements like lineage, heritage, craftsmanship, country of
origin, prestigious clients, scarcity, and uniqueness to maximum advantage.

Why is Asia Becoming the domain market for luxury brands to achieve?

According to the Toppan digital language, Europe is no longer the world's biggest consumer of
the luxury labels it produces. Nor is America, but Asia, the Middle East, and Russia now
represent enormous markets for these brands. The market in Asia has continued to become a
growing target for fashion, luxury, and beauty brands, as the opportunities seem lucrative and
endless for companies wishing to capture more global spending.

II. BODY

1. Luxury fashion brands

1.1. Definition of luxury brands

Luxury brands have traditionally been associated with European fashion houses such as Chanel,
Dior, and Louis Vuitton. However, in recent years, Asian luxury fashion brands like Shiatzy
Chen, Guo Pei, and Fan Bingbing's FanBrand have emerged. These brands combine traditional
Asian design elements with contemporary fashion to create unique luxury products that appeal to
a growing Asian luxury market.

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1.2. The influence of luxury brands on global fashion

The influence of luxury brands on global fashion is evident in how many designers and brands
incorporate luxury elements into their designs. For example, high-quality materials, intricate
detailing, and sophisticated design elements are all elements associated with luxury brands.
Consumers worldwide are willing to pay a premium for luxury products, which has created a
highly competitive market for luxury brands.

2. The popularity of Luxury fashion brands in Asia

According to Statista. Revenue in the luxury fashion segment amounts to US$31.42 billion in
2023. The market is expected to grow annually by 4.35% (CAGR 2023–2028).

Asia is a big market for luxury fashion brands: According to recent studies, Asia is currently the
largest market for luxury goods in the world, with China being the biggest driver. In 2019,
Chinese consumers accounted for 35% of the global luxury market.

Strong economic growth in Asia: Over the past decade, several countries in Asia have
experienced strong economic growth, resulting in an increase in household incomes. This has
given rise to a growing middle class with increased purchasing power and a taste for luxury
goods.

3. Factors affecting choices of Consumption of luxury fashion items in Asia

3.1. Quality of luxury fashion products

Luxury is determined by value, quality, and craftsmanship; the sign of genuine authenticity is a
vision that has remained consistent over time. The term "luxury goods" is not linked to quality
goods. It is considered to be good at the highest level in terms of quality and price.

Cheaper clothes use fabrics that fade, stretch, or emit a distinctive odor the more they are worn.
This, of course, destroys the shirt, dress, pair of pants, or else made of it, forcing the owner to
throw it away. Luxury clothing, on the other hand, is made of materials of exceptional quality.

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Good fabrics get better with age. Some become softer, others fit the consumer better and make
them feel more comfortable the more they wear them. These types of cotton, wool, etc., are, of
course, much more durable, and they look better on you thanks to being so delicate.

However, for a product to be called “luxury,” it is not enough to have superior quality and a
particular design; it should also have a specific symbolic meaning behind the product to be
linked to the consumer's perception of luxury. In this matter, branding can add this value to the
company's products. (Seo,2015)

This all leads to better structured, better-fitting, more comfortable and better-looking clothes.

3.2. Luxury clothing brands offer a remarkable shopping experience

First, the stores are visually stunning with their modern interiors. The staff is friendly and
attentive without being intrusive.

The unboxing of the garment is an experience in itself. It will be sent in a beautiful box, not just
a bag. It will be carefully folded and wrapped in paper, which protects it. The box may even be
scented. It feels like a beautiful gift.

3.3. Asian people's characteristics that affect their consumption habit

Typically described as respect for elders and authority, discipline, harmony, and the belief that
the community is more important than the individual, it sees the state as a guardian. Most people
worldwide see Asia as one unit, and "the Orient" is what Asia is referred to as today. Asians
believe that they must always keep in mind the interests of others in anything they do or say, and
most individuals will keep a balance between family and society compared to the West, which is
much more liberal.

Due to these mental characteristics, most Asian people prioritize outward values over inward
ones to be highly appreciated on the social ladder. "Showoff" is not merely a matter of vanity
and "face-saving." It has profound social and psychological reasons and is closely related to
one's realistic concerns. In many cases, it's considered abnormal if one chooses not to show off
when he can. Sometimes people think a low-profile person lacks the advantages and background
that might otherwise enable him to "show off."

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First, the desire for security and the longing for others' respect. In a society, people are
influenced by others, both in thought and in action. Even one's “self” is not formed from isolated
individual mental activities. A person's understanding of himself is the image of himself that he
sees in the eyes of others. The so-called “self” is “the self in the mirror.” A person’s behavior is
largely determined by his knowledge about himself, formed mainly through social interaction
with others. Others' comments and attitudes constitute a “mirror” for oneself, who understands
and shapes himself through the “mirror.” “Showoff” is a process that changes others’ perceptions
of oneself. It is also one in which a more powerful, more confident self is built. In this sense,
“showoff” serves the purpose of creating a more “worthy” “self in the mirror”. In addition,
winning respect from others is also a critical social need.

With the liberalization of the economy, a new class system was created where your place on the
ladder may depend on how much money one earns, and owning luxury goods can help display
the level of one’s wealth—understanding the advantages of this potential continent. The market
in Asia has continued to become a growing target for fashion, luxury, and beauty brands, as the
opportunities seem lucrative and endless for companies wishing to capture more global
spending.

3.4. Luxury fashion brands’ marketing strategies

Many luxury brands have also started to focus on Asia as a critical market for growth. This is
due to the rapid economic growth in many Asian countries, which has led to a rise in disposable
income and increased demand for luxury products. The rising importance of Asia to the health of
global personal luxury has made localization more crucial than ever. Seeking greater intimacy
with local luxury consumers to strengthen brand desirability could prove critical in the post-
pandemic world.

As a result, luxury brands are keen to tap into this market by partnering with Asian artists as their
global ambassadors.

Asian artists are often seen as trendsetters and influencers in the fashion industry. They have a
significant following on social media platforms such as Instagram and Weibo, and their
endorsement of a luxury brand can significantly boost its profile and appeal. For example,
Korean pop stars such as BTS and BLACKPINK have been chosen as global ambassadors for

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luxury brands such as Louis Vuitton and Chanel. This has helped these brands appeal to a
younger and more diverse audience, which is essential for brands that want to remain relevant
and appeal to the next generation of luxury consumers.

In conclusion, the rise of Asian luxury fashion brands and the influence of luxury brands on
global fashion are two significant trends in the fashion industry. Luxury brands are defined by
their exclusivity, premium quality, and high price point, and they significantly impact fashion
trends worldwide. The growing Asian luxury market has created new opportunities for luxury
brands, and many brands are keen to partner with Asian artists as their global ambassadors to tap
into this market.

A major first step for any brand seeking success in a particular market is to know that market.

Today, with the power of social media and influencers, one slight misstep can rapidly reverberate
to have massive implications for companies. Previously, luxury fashion brands favored
Hollywood stars as global ambassadors for print advertisements. Now, social media is the key
advertising platform for luxury brands. As leading influencers on social media, K-pop artists are
scouted by luxury fashion brands since they attract audiences as inspirational figures to their fans
worldwide. K-pop collaborations with luxury fashion brands include BTS for Louis Vuitton,
BLACKPINK’s Lisa for BVLGARI, and GOT7’s Jackson Wang for Fendi. K-pop’s influence on
luxury fashion brands is essential because they are interconnected; music and fashion are a
never-ending cycle of collaborations. Appointing global ambassadors such as K-pop artists can
change the narrative of luxury fashion brands to be more inclusive and diverse.

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 PART III: DATA ANALYSIS AND FINDINGS

Data analysis plays a critical role in understanding consumer behavior and preferences in the
Asian luxury fashion world. The results of a survey conducted on 108 individuals in the region
provide insights into how data analysis can be used to understand these preferences.

The survey results provide valuable insights into consumer behavior and preferences in the Asian
luxury fashion world. The majority of respondents were students aging from 16 to 25, which
suggests that luxury brands in Asia should consider targeting younger consumers with lower-
priced products or more accessible collections.

1. Popularity of luxury fashion brands among Asian people

The survey results also highlight the importance of social media as a marketing tool for luxury
fashion brands. 88% of respondents indicated that they get to know about luxury fashion brands
through social media, and 60% through online advertisements, suggesting that brands should
focus their marketing efforts on these platforms to reach their target audience.

The chart shows the percentage of five main sources that respondents
get to know about luxury brands from.

The survey also highlighted the lack of awareness of Asian luxury fashion brands among
consumers, with only 1 in 7 people able to name an Asian luxury fashion brand. This suggests

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that Asian luxury fashion brands need to invest in marketing and advertising to increase their
brand awareness and recognition among consumers.

On average, only 1 per 7 respondents was able to name a luxury fashion brand.

Nonetheless, it can also be observed from the results that up to 71% of respondents have heard
about or are familiar with famous Western brands such as Versace, Gucci, Chanel, Calvin Klein,
Tommy Hilfiger, Louis Vuitton. This demonstrates a fact that Asian people are intrinsically not
foreign to luxury brands and products, they are just more leaned towards the Western than the
Asian side of this market. Based on this speculation, it seems that Asian luxury brands need to be
better at polishing their names and spreading their images across their own continent.

The bar graph compares the number of people who are familiar with the
7 brands given and those who are not.

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 2. Factors affecting choices of consumption of luxury fashion items in Asia

Additionally, the survey results indicate that reputation, quality, and design are the most
important aspects when buying luxury fashion products. Brands should focus on maintaining
their reputation for high-quality products and investing in design to appeal to consumers in the
Asian luxury fashion market.

The pie chart shows what surveyed people claim to be the most
important aspect of a luxury product.

The survey results also suggest that discounts and promotions could be an effective way for
luxury fashion brands to attract more customers. 68% of respondents indicated that they would
consider buying luxury fashion products if they were massively discounted, indicating that
brands should consider offering promotions and discounts to attract price-sensitive consumers.

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 68% of the surveyed show their willingness to purchase
greatly discounted luxury products.

In recent years, the luxury fashion market in Asia has experienced significant growth, making it
a crucial area of research. In analyzing the data collected, it was found that out of all informants,
62% of them buy luxury fashion products out of want, while the remaining 38% do it out of
need. This finding highlights the importance of understanding the motivations behind luxury
fashion consumption, especially in a region where luxury fashion has become an integral part of
the culture. Further analysis of this data can help luxury fashion brands in Asia to better target
their audience and tailor their marketing strategies accordingly.

A comparison between the portions of people who purchase luxury items

out of want and those who do out of need.

Overall, the survey results provide valuable insights into consumer behavior and preferences in
the Asian luxury fashion world, and data analysis can help luxury fashion brands in Asia use this
information to develop effective marketing strategies, tailor their products to meet consumer
needs, and increase brand awareness and recognition.

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 PART IV: CONCLUSION

Indeed, for Asians, a Hermès bag is not only attractive because it is beautiful, but also because of
the affirmation of class, it will bring to the owner. Another good thing about high-end fashion
houses is that most Asian cities have large and young populations. Above all, they have a high
income and want to move towards a higher standard of living. Therefore, companies have every
reason to believe that this market will continue to grow rapidly for many years to come.

The influence of luxury fashion brands has had significant positive effects on Asian countries.
Firstly, the development of the high-end fashion industry in the region has created substantial
employment opportunities and stimulated economic growth. These brands often establish
production facilities and factories in Asia, attracting investment and generating income for local
workers. Additionally, the presence of luxury fashion brands has elevated the status and image of
Asia in the fashion industry. Renowned labels such as Chanel, Gucci, Louis Vuitton, and Prada
have opened stores and organized fashion events in Asian cities, contributing to the growth of the
fashion industry in the region and enhancing the reputation of Asian countries in the global
market. Furthermore, the spread of luxury fashion brands has encouraged creativity and cultural
diversity in Asia. Asian designers and artists have had the opportunity to showcase their talent
and innovative ideas through fashion collections. They have become international fashion icons,
contributing to increased awareness of Asian culture and diversity. Lastly, the development of
the high-end fashion industry has contributed to the growth of tourism in Asia. Fashion stores,
shopping centers, and fashion events have attracted tourists from all over the world, generating
revenue and boosting related sectors such as hospitality, including restaurants, hotels, and
transportation services. In summary, the influence of luxury fashion brands has brought
numerous significant benefits to Asia, including job creation and economic growth, image
building and positioning, promotion of creativity and cultural diversity, as well as the
development of tourism.

However, there are several potential negative effects of owning luxury products on Asian
individuals. Owning luxury products can create a sense of pressure to maintain a certain image or
status. This can lead to overspending and financial strain which can have long-term negative
effects on an individual’s financial well-being. It can also contribute to a culture of materialism
and consumerism, which can have negative impacts on the environment and society as a whole.

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Additionally, there may be psychological effects associated with owning luxury products, such
as feelings of inadequacy or insecurity if an individual is unable to afford or keep up with the
latest trends or a sense of status, prestige, and self-esteem. It is important to note that these
negative effects are not limited to Asian individuals and can be experienced by anyone who
places a high value on material possessions.

High fashion is moving to the East or the East is spreading around the world, it's hard to say. But
surely Asian countries will grow even faster in the years to come. Then maybe they will be the
main market for fashion and Asian faces will have the upper hand. As we have seen, the page is
always changing.

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