A recent study suggests that the global luxury market is estimated to be worth more than Â£625 billion and is continuing a steady growth with the Hospitality and Tourism industry playing a significant role in driving this growth (Bain Luxury Study, 2014). A point to consider is that luxury travel is not just about five-star hotels, fine dining and yachts. Pedro (2012) has stated that the uniqueness of the experience (such as a political tour of Northern Ireland or North Korea) and the stories that follow also confer status. With reference to these statements and further research, you are required to undertake an in depth analysis of any TWO sociological factors that influence consumersâ€™ decisions pertaining to the consumption of luxury products and services in the Events, Hospitality or Tourism industry.
In addition, the following guidelines apply to this assessment:
It would be a good idea to start by identifying a specific target market and a luxury product. You will also need to discuss why your chosen hospitality & tourism product is considered a luxury product.
You will need to undertake extensive academic and industry research relating to sociological factors influencing consumersâ€™ decision making
You are expected to undertake a critical analysis of the consumer behaviour factors influencing the consumption of luxury products and services so avoid being descriptive