Are tickets to sporting events a luxury good in our market?

        The goods and products we use on the daily basis can be classified into three major types that are need based goods, demand goods and luxury goods. In accordance with the academic information luxury goods are the goods/ products that are not the need and essential products (Kotler 2008). A person can survive without a luxury and demand product but not without a need-based product. For instance, the need-based product is food, and the luxury products is car, having flight to Disney Land Park and having a beach picnic. In accordance with the concept of luxury good we can say that tickets to the sporting events are luxury goods in the market.

        Watching a match or a tournament of the basketball, football and cricket is must essential or inevitable for the survival of a person. However, buying a ticket for a game depends upon the choice and personal interest of a person (Saxena 2009). People living in the European countries and Mexico are economically stable they can purchase the tickets to visit a stadium to watch games competitions. Therefore, most of the people tickets of the games are not expense.

        While in our targeted market still there is a large population who cannot afford to purchase a ticket and they are not supported by their parents. Therefore, buying a ticket for a sporting event is a quite luxury product / good for them. Buying ticket is a status symbol for them as usually rich and economically stable people form the targeted market visit the stadiums personally rather than watching match or tournament on television or social media networks.  Having image of the status symbol product or good is also a quality of luxury goods.

References of sporting events a luxury good in our market

Kotler, Philip. 2008. Principles of Marketing. Pearson Education India. Accessed 11 06, 2018.

Saxena, Rajan. 2009. MARKETING MANAGEMENT 4E. Tata McGraw-Hill Education. Accessed 11 06, 2018.