Research Methodology on Luxury Fashion Market
1. Introduction
This research methodology aims to provide a structured approach to solving the problem statement proposed in the ‘Luxury Fashion Market’ report by Market Research Future (MRFR). The core focus of the study relies on leveraging the current trends and developments in the global luxury fashion industry and identifying the underlying opportunities and challenges of the industry. The purpose of this research is to provide an in-depth analysis of the industry and to accurately forecast the market size in terms of value and volume for the entire period from 2023 to 2030.
The research methodology outlines the various elements of the research project, from the objective of the project to the sampling design and data analysis. This comprehensive plan provides a clear roadmap for conducting the research from start to finish. The research consists of various primary and secondary research techniques and data is collected and analyzed to address the research questions.
2. Research Objectives
The primary objective of this research is to identify and analyze the factors influencing the luxury fashion industry, such as demand and supply, competition, regulatory policies, etc. Furthermore, the research aims to assess the industry performance based on market size and forecast and identify the lucrative opportunities present in the market.
3. Research Protocol
3.1 Overview
The research protocol comprises various primary and secondary research techniques that will be employed to address the research objectives. The research data is collected through interviews, focus groups, and surveys, and secondary data is gathered from published sources such as annual reports, journals, magazines, newspapers, etc. The collected data is analyzed using qualitative and quantitative methods to accurately determine the scope and size of the market.
3.2 Primary Research
Primary research relies on the collection of primary data through various research techniques. The primary research methods employed in this study are as follows:
3.2.1 Interviews
Interviews are the most widely used technique for collecting primary data. The interviews are structured in nature and will consist of predetermined questions designed to address the research objectives. The interviews are conducted with key industry stakeholders such as industry experts, manufacturers, distributors, retailers, customer representatives, and suppliers. The semi-structured interviews will be conducted in person and via telephone.
3.2.2 Focus Groups
Focus groups are another technique used to collect primary data. The purpose of the focus groups is to gain an in-depth understanding of customers’ needs, preferences, and views on the industry. In this research, focus groups will be formed with a minimum of five participants and an expert moderator. The focus groups will be conducted in person and via telephone, and each session will be recorded using audio recordings.
3.2.3 Surveys
The survey method provides an efficient way to collect data from large numbers of respondents. In this study, surveys are designed to collect quantitative data from respondents related to their opinions and views on the luxury fashion market. The surveys are conducted online, and the collected data will be analyzed using SPSS software.
3.3 Secondary Research
Secondary research is a type of research that relies on data collected from published sources such as government sources, industry reports, journals, books, and magazines. In this research, secondary research is utilized to obtain historical, economic, and demographic data related to the luxury fashion industry.
3.4 Data Collection and Analysis
The data collected from various primary and secondary research techniques are utilized to generate insights into the current trends and developments in the global luxury fashion industry. The collected data is organized and analyzed using qualitative and quantitative methods such as thematic analysis, content analysis, trend analysis, and statistical analysis.
4. Sampling Design
A sampling design is an important component of a research methodology and consists of three major components including target population, sample size, and sampling methodology.
4.1 Target Population
The target population for this research are luxury fashion industry stakeholders such as industry experts, manufacturers, distributors, retailers, customer representatives and suppliers.
4.2 Sample Size
The sample size is determined based on the target population and the size and scope of the research. The sample size for this research is expected to be at least 500.
4.3 Sampling Methodology
The sampling methodology to be employed in this research is simple random sampling. This method will provide a representative sample of the target population and will ensure that the data collected is accurate and reliable.
5. Data Analysis
The collected data will be analyzed using qualitative and quantitative methods. Qualitative methods such as thematic analysis, and content analysis will be used to analyze unstructured data such as interviews and focus groups. Quantitative methods such as trend analysis and statistical analysis will be used to analyze quantified data such as surveys and secondary data.
6. Ethical Considerations
In this research, ethical considerations are taken into account to ensure that the data collected is valid and reliable. All participants are informed about the purpose and scope of the research, and their informed consent will be obtained before collecting any data. Additionally, the participant’s personal information will be kept private and confidential throughout the research process.
