Combining Social Media and Referral Marketing for Marketplace Growth

 The experience is rather homogeneous even if experts cannot agree (Kapferer & Valette-Florence, 2016). Therefore, Godey et al. (2013) found five main characteristics of luxury brands: price, quality, beauty, inspiration and scarcity. Above all, luxury firms try to inculcate price sensitivity in the consumer's psyche since it cannot be logically translated (Parguel et 

al., 2016). For this reason, Kapferer and Bastien (2009, p. 315) say that "luxury is qualitative and not quantitative," so underlining that the price decided also considers intangible assets, such the history and brand reputation. Although it was forbidden in the business, price display is now essential for e-commerce and to draw middleclass consumers (Kapferer & Valette-

Florence, 2016). Quality subsequently becomes a criterion of luxury, although the sector redefines the term to include imperfections in order of authenticity (Kapferer & Bastien, 2009). Then, the product's appearance is quite crucial, and its originality from other sectors comes from its innovation (Tong, Su, & Xu, 2018). About the motivation, "luxury is more than the material" (Berthon et al., 2009, p. 47) and tells a narrative (Seo & Buchanan-Oliver, 2015). 

Deeper probing and classifying 

as a philosophy and an identity, Okonkwo (2009) Díaz-Bustamante et al. (2016) remind us that " dentity reflects the company'sAs a matter of fact, Rolex is expected to sell more than a million watches year; luxury goods are in fact not rare anymore. Tripling in the past 20 years, the number of consumers rose to 330 million in 2017 (Ramadan, Farah, & Dukenjian, 2018) and maybe reach 465 million by 2021 (Chandon, Laurent, & Valette-Florence, 2016). With the 

growth of BRIC economies, especially the Middle East, India, and China, marketers and academics now concentrate East (Ko et al., 2016). India does, in fact, present a great potential for luxury brands since the average income is rising remarkably (Gautam & Sharma, 2017). Regarding China, especially in view of younger consumers, it is currently the main force behind luxury growth sales worldwide (Phan, Thomas, & Heine 2011). But the best 

markets rate and will thus show brands on the items (Kapferer & Valette-Florence, 2016) and apply aggressive marketing techniques (Roux, 2009). Typical masstige labels are Coach (Loureiro, de Plaza, & Taghian, 2018) and Swarovski (Loureiro, 2018). Particularly the millennial generation (Loureiro et al., 2018), the emergence of new luxury brands—which 

Provide goods at reasonable rates

and an increase in the average salary allowed more consumers to access luxury products. Thirdly, outside elements like the evolution of new technologies, among which the Internet and modern communication media also brought this demanding change (Turunen & Leipämaa-Leskinen, 2015). Through e-commerce, the Internet not only offered new markets but also gave consumers a forum to exchange ideas and influence one another (Seo & 

Buchanan-Oliver, 2015). Moreover, social media channels cut the lifetime of companies, therefore luxury brands are looking for fresh creative ideas of differentiation (Ko, Phau, & Aiello, 2016). Furthermore mentioned as a cause of the change is mainstream media attention, according to Seo & Buchanan Oliver (2015).Applied either by businesses or consumers, ecology and sustainability are one of the new themes linked to globalization and 

the power of social media (Berthon et al., 2009). Specifically, following a few incidents on working conditions that surfaced on social media and went virally, consumers developed mistrust of businesses' policies (MITitelu, Fiorani, & Mariani, 2014). To reduce their influence, luxury consumers are always more eager in purchasing secondhand goods (Arrigo, 2018b). 

Since most products' qualities 

sustain the belonging of many buyers and even bring a fresh sense of uniqueness and sensation of nostalgia, the increase in second-hand luxury consumption makes rational (Turunen & Leipämaa-Leskinen, 2015). Ethical issues affect the luxury industry and force the firms to stop using real fur or just natural pearls instead of cultivated ones (Berthon et al., 

utilize openness to improve their reputation and boost loyalty among consumers.Given its rising sales, the luxury market is attracting more and more interest.Roux (2009) claims that the luxury market doubled in 10 years: from 45 billion euros in 1990 it expanded to 90 billion in 2000. Sales merely dropped eight percent worldwide during the recession of 2009 (De Barnier et al., 2012). More surprisingly, certain luxury brands' sales even grew during the 

crisis since they are regarded as a safe bet: for instance, Louis Vuitton's premium brands because of their uniqueness or rarity, which raises their attraction (Shao, Grace, & Ross, 2019). Based on these five fundamental elements, Kapferer and Bastien (2009) outline rules to create a suitable luxury brand positioning.They say the brand should never be compared with rivals since it is distinctive; resist the great demand and leave some distance; harden the 

Conclusion

acquisition process to boost want; keep rising the pricing. Given the developments in the sector, these ideas seem out of current now.2:1.4 For most customers, this segment—which stood for an unreal dream is now easily accessible, ubiquitous, and popular (Roper et al., 2013). Many macro-environmental events have set off the increasing demand for luxury 

goods and the consequent competition among premium firms. Seo and Buchanan-Oliver (2015) claim three kinds of trends influencing the market: cultural, social, and external ones. First of all, cultural changes like globalization present fresh chances for growth that change the clientele into a multi-cultural section progressively.onsumers, ecology and sustainability 

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