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Journal articles on the topic 'Luxury Goods'
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1
Muratovski, Gjoko. "What makes luxury goods good?" Luxury Studies: The In Pursuit of Luxury Journal 1, no. 2 (October 1, 2022): 105–16. http://dx.doi.org/10.1386/ipol_00009_2.
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In this foreword to Luxury Studies: The In Pursuit of Luxury Journal, Gjoko Muratovski addresses the following questions: What do people expect from luxury brands right now? How is this market changing? What motivates people to buy luxury goods? What is the relationship between luxury and sustainability? And finally, are luxury goods good?
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Tu, Jui-Che, Ching-Fen Hsu, and Kharisma Creativani. "A Study on the Effects of Consumers' Perception and Purchasing Behavior for Second-Hand Luxury Goods by Perceived Value." Sustainability 14, no. 16 (August 21, 2022): 10397. http://dx.doi.org/10.3390/su141610397.
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Finding insights into consumers’ perceptions and behavior regarding purchasing second-hand luxury goods could promote the vigorous and sound development of the second-hand luxury industry. The research objectives included: (1) probing into the relationship between consumers’ perceptions and purchase behavior regarding second-hand luxury goods; (2) discussing the current state and future trends of the market for second-hand luxury goods; (3) learning about consumers’ perceived value of second-hand luxury goods so that it can be applied to other types of commodities in the future to develop corresponding second-hand markets; and (4) analyzing the differences between factors that influence different types of consumers’ perceptions and purchase behavior regarding second-hand luxury goods and allowing second-hand dealers in the industry to use them as a reference. This study discussed relevant studies and theories on second-hand luxury goods, perceived value, and consumer behavior, and shed light on the follow-up research and development. It used the method of semi-structured expert interviews of the respondents. The outline of the expert interviews was created according to the current state and future development of the second-hand luxury market, consumer behaviors, and consumers’ perceived value of second-hand luxury goods. The content of the interviews was sampled, analyzed, and summarized according to the research scope to develop a questionnaire for consumers of the survey. Factor analysis was used to carry out statistical data analyses on the statistics converted from the collected questionnaire data. This study sorted out the main factors that consumers consider when purchasing second-hand luxury goods, and at the same time learned how consumers’ purchase behavior is shaped by a good’s perceived value. The factors under consideration included the purchase intention orientation, commodity quality orientation, market cycle orientation, consumption value orientation, individual condition orientation, and environmental sustainability orientation.
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Fujita, Yasunori. "LUXURY GOODS VS NECESSITY GOODS: WHICH GOODS CONTRIBUTE TO ENHANCEMENT OF THE NATIONAL WEALTH?" International Journal of Research -GRANTHAALAYAH 6, no. 2 (February 28, 2018): 157–61. http://dx.doi.org/10.29121/granthaalayah.v6.i2.2018.1556.
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How do luxury goods affect the national wealth? This is a topic that can go back to the seventeenth century. In the present paper, we tackle this problem by examining if the innovation accelerates the generation of luxury goods market. The framework we construct is a model where one firm intends an investment under uncertainty that is expressed by geometric Brownian motion. It is revealed that innovation accelerates the generation of luxury goods market, that is, luxury goods contribute to market generation, as well as enhancement of the national wealth.
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Wong, Cholaam. "Whether There Will Be Domestic Luxury Clothing Brands in China." Highlights in Business, Economics and Management 24 (January 22, 2024): 630–35. http://dx.doi.org/10.54097/evz5v684.
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In recent years, with the improvement of China's overall economic level, China's luxury goods market has also been expanding, becoming a major consumer of luxury goods. However, the competition in the luxury goods market is fierce, but there are no local luxury brands in China. This paper analyzes whether domestic luxury brands will appear in China by studying the behavior of Chinese consumers and the current development status of Chinese luxury goods. While it is uncertain whether domestic luxury goods will emerge in China, the rapid growth of the Chinese luxury market and the rise of Chinese domestic brands suggest that the possibility is increasing. The inroads made by Chinese domestic brands in the luxury market are providing more choices for Chinese consumers and driving change in the global luxury market. In the future, as China's domestic brands continue to grow, we can expect to see more made-in-China luxury goods emerging in the international market.
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Son, Byeong-Chang, and Eun-Jun Park. "Relationship between Hair Designer's Propensity to Consume, Motivation for Purchasing Luxury Goods, and Luxury Purchase Attitude." Journal of the Korean Society of Cosmetology 29, no. 5 (October 31, 2023): 1117–28. http://dx.doi.org/10.52660/jksc.2023.29.5.1117.
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The need for research on luxury consumption behavior is increasing as individual luxury consumption is expanding among various consumers as a symbolic factor representing their individuality and social status due to the economic development of society and the increase in personal income. Therefore, in this paper, propensity to consume, motivation for purchasing luxury goods, and luxury purchase attitude were investigated and analyzed to study the consumption behavior of the hair designer group. This study directly distributed 400 questionnaires to adults in their 20s and older in Seoul and Gyeonggi Province through a self-response survey, and collected 338 questionnaire analysis data, excluding 62 that were deemed insufficient to analyze. Through reliability analysis and factor analysis, the validity and reliability of hair designers' propensity to consume, motivation for purchasing luxury goods, and luxury purchase attitude were confirmed. In addition, through regression analysis, it was analyzed how propensity to consume, affects motivation for purchasing luxury goods and luxury purchase attitude, and how motivation for purchasing luxury goods affects luxury purchase attitude. As a result of the analysis, it was confirmed that consumers with high ostentatious and planned tendencies are more likely to have an incentive to motivation for purchasing luxury goods, and consumers with reasonable tendencies have a negative relationship with the motivation for purchasing luxury goods. It has also been confirmed that hair designers who want to purchase luxury goods for social or practical purposes have a more positive attitude toward luxury goods. This shows that there is a close relationship between motivation for purchasing luxury goods and purchase attitude, and suggests that consumers' purchase motivation should be considered through strategies that emphasize brand value.
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Pajić, Marija Antonija. "Consumer behaviour factors and contemporary trends on the luxury goods market." Notitia 5, no. 1 (December 30, 2019): 101–17. http://dx.doi.org/10.32676/n.5.1.9.
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Regardless of the economic crisis all over the world, the market of luxury goods thrives continuously. The research aims to provide an extensive overview of the theoretical background of this occurrence and contemporary trends, analyse the consumer behaviour factors in buying luxury goods and the effect of online shopping as a form of digitalisation on the sales of luxury goods, with particular emphasis upon the sale of luxury handbags. The methods were consisted of an overview of relevant scientific and expert literature, reports of market experts for the luxury goods markets and official statistic databases. Research resulted in detecting digitalisation as the biggest change and trend of luxury industry. Online sales and revenues of luxury goods’ continuous growth indicates that digitalisation and its tools such as online shopping are an important consumer behaviour factor, affecting the sales of luxury goods, including luxury handbags, to a significant extent.
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Zhang, Lini, Brenda J. Cude, and Haidong Zhao. "Determinants of Chinese consumers’ purchase intentions for luxury goods." International Journal of Market Research 62, no. 3 (June 10, 2019): 369–85. http://dx.doi.org/10.1177/1470785319853674.
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This study examines the determinants of Chinese consumers’ purchase intentions for luxury goods by applying and extending the Theory of Planned Behavior. Structural equation modeling was conducted based on a random sample of 308 Chinese luxury consumers. The findings revealed that both the subjective norm construct desire to gain face and the perceived behavioral control construct luxury good knowledge had significant and direct influences on consumers’ purchase intentions. Similarly, perceived behavioral control constructs—luxury good knowledge and household income—had significant direct effects on consumers’ luxury goods purchasing behavior. In addition, previous luxury goods purchasing experience also had a direct impact on consumers’ purchase intentions for luxury goods. The results of this study are beneficial not only to researchers by providing a better understanding of Chinese luxury consumers but also to luxury brand retailers by providing implications to help them develop effective marketing strategies in Chinese luxury goods market.
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Lu, Hong, Yan Chen, and Zhe Zheng. "Research on Chinese Fashion Luxury Goods Markets and Consumer Groups." Advanced Materials Research 796 (September 2013): 488–91. http://dx.doi.org/10.4028/www.scientific.net/amr.796.488.
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With the upward climbing of the Chinese fashion luxury goods market for about 30 years, China have become one of the world's biggest markets. This situation makes the research on the Chinese fashion luxury goods markets and consumer groups instructive. In this paper, the formation and development of Chinese luxury goods market were represented and analyzed. By using the methods of internet questionnaires and depth interview the consumer groups segmentation of Chinese fashion luxury goods were researched, 10 groups were got and their respective expectation elements of fashion luxury goods were researched and obtained. Some suggestions were given as reference to the design and marketing promotion of fashion luxury goods in China.
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Jiang, Zhiqing, and Shin’ya Nagasawa. "Key Factors of Emerging Luxury Brand Construction: Empirical Case Study of Korloff." Journal of Advanced Computational Intelligence and Intelligent Informatics 20, no. 4 (July 19, 2016): 607–14. http://dx.doi.org/10.20965/jaciii.2016.p0607.
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The luxury goods market has been expanding worldwide since the early 1990s. In the marketplace, there are new entrants (emerging luxury brands) reputed to be leading luxury brands, especially designer brands, which neither provide new luxury like Coach, nor are similar to traditional luxury brands, such as Louis Vuitton. In this research, an emerging luxury brand also refers to a brand that provides luxury goods in or above the intermediate level of the luxury goods products hierarchy and was established in or after the 1970s. The purpose of this paper is to propose a conceptual framework for emerging luxury brand construction. It (1) defines luxury and emerging luxury brand, (2) reviews the theoretical basis of luxury goods and the brand strategy of luxury goods, (3) frames the nexus between luxury brand attributes and brand image, (4) conducts consumer survey and data mining, and (5) discusses and concludes the research. This research includes qualitative research (a semi-structured interview) and quantitative research (exploratory factor analysis and regression analysis). The results show that the location and atmosphere of luxury stores, E-commerce, online ads and newsletters, origin, iconic products, symbols, and PR events have positive effects on consumers’ impression of emerging luxury brands.
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KASZTALSKA, ANASTAZJA MAGDALENA. "MARKET OF A LUXURY GOODS AND SERVICES IN ENGLAND." sj-economics scientific journal 31, no. 4 (December 30, 2018): 363–72. http://dx.doi.org/10.58246/sjeconomics.v31i4.75.
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The luxury goods and services market has always been an important sector of the England economy. Consumers' decisions to buy exclusive goods are a result from historical, economic, cultural and geographic conditions. Customers of a luxury goods in England have much in common, but they have completely different motives that guide them when they buy luxury goods. The article aims are to clarify what is the luxury for English customers, what are its determinants and what makes them feel the product is an exclusive item. The most important goal of the article is to specify the reasons why the British buy luxury goods.
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Cannon, Christopher, and Derek D. Rucker. "The Dark Side of Luxury: Social Costs of Luxury Consumption." Personality and Social Psychology Bulletin 45, no. 5 (September 22, 2018): 767–79. http://dx.doi.org/10.1177/0146167218796790.
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Extant research demonstrates that luxury goods are beneficial signals that bestow upon individuals social benefits that range from positive evaluations to compliance. In contrast to this perspective, the current work explores the idea that luxury goods can carry significant negative social costs for actors. Across four experiments, the social cost of luxury is examined. Although individuals who display luxury goods are ascribed higher status, they can pay a hefty tax when it comes to warmth. The social costs of luxury consumption appear to be driven by impression management concerns rather than envy. Consequently, whether the consumption of luxury goods yields positive or negative social consequences for an actor critically depends both on whether status or warmth is relevant for a decision and observers’ own lay beliefs about luxury consumption. Overall, this work reveals the more complex psychology of individuals’ interpretation and response to actors’ use of luxury goods.
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Kluge, Philipp Nikolaus, and Martin Fassnacht. "Selling luxury goods online: effects of online accessibility and price display." International Journal of Retail & Distribution Management 43, no. 10/11 (October 6, 2015): 1065–82. http://dx.doi.org/10.1108/ijrdm-07-2014-0097.
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Purpose – Luxury goods manufacturers have long been hesitant to adopt the internet as a channel of distribution. A luxury brand’s concept of exclusiveness is seemingly incompatible with the ubiquitous accessibility provided by the mass medium internet. The purpose of this paper is to address the apparent contradiction by examining consumer responses to the online accessibility and price display of luxury goods. Design/methodology/approach – Three studies are presented: first, a qualitative pre-study with luxury industry experts is conducted to identify the current managerial discussion on the online distribution of luxury goods. Second, an experiment with 183 high-income individuals is conducted to test the effects of online accessibility on consumer perceived scarcity and desirability. Third, a second experiment with 142 qualified luxury insiders is conducted to test consumer responses to the online accessibility and price display of luxury goods. Findings – Results indicate that the online accessibility of luxury goods does not affect consumer perceived scarcity and, hence, does not dilute brand desirability. This “no-dilution” finding applies to both high- and low-involvement goods and persists independently of whether or not retail prices are explicitly displayed. Originality/value – Whether or not to sell luxury goods online has been controversially discussed among both marketing scholars and executives. To the authors’ knowledge, the present paper is the first to empirically examine consumer responses to the online accessibility and price display of luxury goods.
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Chen, Xinyi, Chenhao Jia, and Qingyun Xu. "An Exploration of Chinese College Students' Consumption Motivation on Secondhand Luxury Goods on Douyin Platform." BCP Social Sciences & Humanities 21 (February 15, 2023): 623–28. http://dx.doi.org/10.54691/bcpssh.v21i.3650.
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In 2020, the stock size of China's idle high-end consumer goods is 2.87 trillion yuan. The retail market size of idle high-end consumer goods has grown from 16.2 billion yuan in 2016 to 51 billion yuan in 2020, with a compound annual growth rate of 33.2%. The huge stock of unused luxury goods has laid a solid foundation of potential trading sources for the long-term development of the second luxury industry. After the epidemic, a growing number of second luxury platforms have seen the dividends of live streaming. Douyin, as the mainstream live broadcast sales platform in China, is a breakthrough for second-hand luxury goods to enter the live broadcast market. College students are a group that cannot be underestimated in online shopping, and their online consumption frequency is extremely high. This study aims to fill the gap in past research on the consumption of luxury goods, especially second-hand luxury goods, by Chinese university students. By collecting questionnaires, this paper explores the attitudes and consumption patterns of Chinese college students towards Douyin buying second-hand luxury goods. The results illustrated that Chinese college students have a positive attitude towards second-hand luxury goods but do not trust Douyin as a buying channel.
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Młody, Michał, and Beata Stępień. "Principles of reshoring development in luxury goods sector." International Journal of Management and Economics 56, no. 2 (June 16, 2020): 140–58. http://dx.doi.org/10.2478/ijme-2020-0011.
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AbstractThis article analyzes the grounds and possibility to induce and develop reshoring activities in the luxury goods sector. The premise of this analysis is the contemporary redefinition of the luxury goods sector, which relates to the increasing volume of goods marketed as luxuries. In this paper, we examine whether reshoring can develop in a similar manner on the respective tiers of the luxury ladder in the luxury fashion, automotive, and jewelry industries. Both premises and examples of reshoring in the luxury goods sector are conceptually analyzed and empirically illustrated.
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Tariq, Sarosh, Fatima Arif, and Anam Tariq. "Investigating Materialistic Behaviour Towards Luxury Fashion Consumption." Research Journal for Societal Issues 4, no. 1 (December 31, 2022): 233–54. http://dx.doi.org/10.56976/rjsi.v4i1.46.
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This study investigates the path that leads materialists to purchase foreign products online. The study finds materialism's effects as bandwagon luxury consumption behaviour and perceived brand globalness. It also shows how consumer innovation affects consumer behaviour between bandwagon luxury consumption and inclination to purchase foreign luxury goods online. An online cross-sectional survey was utilized to collect data from 210 respondents who bought luxury goods from abroad in Pakistan. The findings demonstrate that Bandwagon luxury consumption patterns and brand-perceived globalness have a significant positive relationship with materialism and intention to purchase foreign luxury goods online and that Bandwagon luxury consumption patterns positively mediate this relationship. Consumer innovation significantly moderates the relationship between bandwagon luxury consumption and the propensity to purchase foreign luxury goods online. This study will be beneficial for foreign brand marketers interested in targeting Pakistani consumers through various channels and identifying bandwagon behaviour among Pakistanis
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Stępień, Beata. "Snobbish Bandwagoners: Ambiguity of Luxury Goods’ Perception." Journal of Management and Business Administration. Central Europe 26, no. 1 (March 15, 2018): 79–99. http://dx.doi.org/10.7206/jmba.ce.2450-7814.220.
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Ross, D. "PhotoEssay - Gold: Luxury goods." Engineering & Technology 13, no. 3 (April 1, 2018): 32–33. http://dx.doi.org/10.1049/et.2018.0321.
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Tu, Yanbin. "Luxury or Necessary Goods?" International Journal of Business Analytics 7, no. 3 (July 2020): 30–43. http://dx.doi.org/10.4018/ijban.2020070103.
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This paper analyzes the income elasticity of household demand for communication and IT products in 23 Organization for Economic Co-operation and Development (OECD) countries during the period from 2008 to 2015. By using panel data analysis, the authors find that both communication and IT products are necessary to the households in the OECD countries as a whole. By using OLS and GLS regression for each country, they compare the change of each one's income elasticity over two periods during 1989 to 2015. The authors find that communication and IT products were considered luxury goods by the households in these countries from 1989 to 2001. However, from 2008 to 2015 such products were considered necessary, luxury, or inferior goods separately by the households in various OECD countries. The trend is that the income elasticity is decreasing, and households in some OECD countries start to take such products as necessary goods. Both panel analysis and regression results suggest that most of households take communication and IT products as necessary.
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Bilge, Hümeyra Aslım. "Luxury Consumption: Literature Review." Khazar Journal of Humanities and Social Sciences 18, no. 1 (April 2015): 35–55. http://dx.doi.org/10.5782/2223-2621.2014.18.1.35.
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As the demand for luxury increases and luxury goods become more available, the concept of luxury has become an important research area for academic and business communities. The perceptions of people towards luxury and their expectations from the luxury goods/services might vary greatly. The features like brand image, reliability and quality constitute the positive perceptions regarding luxury. On the other hand, there are also certain features like excessive price and extremeness that can be associated with negative perceptions. The features of luxury can also be used to differentiate luxury goods from nonluxury ones. The perceptions of people towards luxury can also drive the luxury consumption process. As in all consumption activities, people also acquire some financial, rational, and emotional values because of the luxury consumption. The purpose of this study is to examine the concept of luxury consumption, address the perceptions and attitudes of people towards luxury, and provide an overview of the luxury consumption. In this study, the literature has been reviewed for the studies on the same subject to make a compilation.
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Xu, Jiaxuan. "The Relationship between Consumers’ Public Self-consciousness and their Purchase Intention of the New Luxury Goods." Proceedings of Business and Economic Studies 4, no. 3 (June 18, 2021): 41–45. http://dx.doi.org/10.26689/pbes.v4i3.2188.
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The era of consumption upgrade has begun due to the rapid economic development. Nowadays, the new luxury consumption is prevailing, and China has emerged as the primary consumer of these luxury goods. Based on the public self-consciousness of consumers, the relationship between this aspect and consumers’ purchase intentions of the new luxury goods is explored. This study investigated the impact of consumers’ public self-consciousness on their willingness to purchase new luxury goods, validated the proposed hypothesis by design experiments, and used the linear regression analysis of the experimental data. This study showed that the higher the consumer’s public self-consciousness, the more inclined they were to purchase these luxury goods. The findings of this study would be helpful to expand and enrich the research of the new luxury consumption behaviors in consideration that public self-consciousness is hardly reflected in recent research. Hence, this study would enlighten and acts as a significant reference for companies of the new luxury goods to develop more effective marketing strategies.
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Pozharliev, Rumen, Willem Verbeke, Matteo De Angelis, Ruud Van Den Bos, and Paolo Peverini. "Consumer self-reported and testosterone responses to advertising of luxury goods in social context." Italian Journal of Marketing 2021, no. 1-2 (April 21, 2021): 103–27. http://dx.doi.org/10.1007/s43039-021-00023-y.
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AbstractDespite the growing demand for luxury goods, there is limited understanding about how consumers respond to luxury-goods advertising and how viewing advertising in different social contexts affects these responses. This study investigates the link between luxury goods advertising and expected utility from a biological perspective by looking at males’ hormonal responses to advertising of luxury versus non-luxury branded goods. Using traditional and consumer neuroscience methods, we collected salivary testosterone data pre- and post-ad viewing. Self-reported scores on social and quality value of the brands were compared to salivary testosterone levels from participants placed in different social conditions (Alone versus Together with another person). The results show that higher post-viewing testosterone levels were associated with higher scores on quality, but not on social value and only for branded goods viewed in the Together condition, compared to the Alone condition. These results suggest that changes in testosterone levels reflect a rewarding experience or activate social competitiveness when male consumers appraise the quality but not the social value of the advertised luxury goods and that social context modulates this effect.
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Fenitra, Rakotoarisoa Maminirina, and Budhi Haryanto. "Factors Affecting Young Indonesian’s Intention to Purchase Counterfeit Luxury Goods." Jurnal Dinamika Manajemen 10, no. 2 (February 10, 2020): 289–83. http://dx.doi.org/10.15294/jdm.v10i2.18573.
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The purpose of this study is to analyze the factors that influence consumer attitudes towards counterfeit luxury goods and their influence on intentions to buy fake luxury goods in Indonesia. Research provides better insight and understanding of consumer behavior towards counterfeit luxury goods. The sample in this study were 286 people who intended to buy fake luxury goods. Data was collected through a survey questionnaire and, analyzed by regression analysis techniques. The research findings identify that brand image, quality and price positively influence consumer attitudes towards fake luxury goods. This is because these variables are considered to have influenced individual attitudes. They have a positive attitude towards fake luxury goods in terms of brand image, price and quality and that consumer attitude is a significant variable in shaping consumer purchase intentions, because positive attitude is a stimulus for consumer purchase intention which is a predictor. consumer buying behavior; so the higher the attitude of consumers, the higher their intention to buy. These findings can be an asset for policy makers and producers of original products to formulate strategies to overcome counterfeiting activities.
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Zhan, Qiwei. "Research of Luxury Consumption by College Students." BCP Business & Management 15 (December 30, 2021): 239–46. http://dx.doi.org/10.54691/bcpbm.v15i.279.
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In recent years, China's economy has rapid development and maintained stable, and the lives of our residents have been well improved. With the growth of the income level of our residents, the consumption level has also been continuously improved, and the overall quality of life has been improved; the rich groups in China are constantly developing and expanding, and the scale of high-asset net worth people is also expanding, which has become one of the reasons why more and more people pursuing luxury goods. In the consumer group that consumes luxury goods, it dominates Generation Y and Z, becoming the main market for luxury goods consumption. Young-generation has become a new pet for luxury goods and uses traditional luxury goods as a "social status symbol, showing off identity” is gradually reversed to the concept of "own personalized enjoyment and self-worth manifestation". This article will investigate the motives and effects of university students’ luxury consumption through quantitative analysis of questionnaires.
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KASZTALSKA, ANASTAZJA MAGDALENA. "LUXURY GOODS IN THE ECONOMIC THEORY: HISTORY AND PRICE." sj-economics scientific journal 30, no. 3 (September 30, 2018): 162–72. http://dx.doi.org/10.58246/sjeconomics.v30i3.120.
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The purpose of this article is an explanation of what luxury goods are, their history and how they function in economic theory. The aim of this article is also an explanation of the Veblen effect, the Giffen paradox and Engel’s law. The test method is the method of making survey of the buyers of luxury goods and services, that will show how the economic theory of how luxury goods work in practice and will answer the question is this still in effect. This article is focused on a luxury goods and services in the theory of an economy.
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Song, Haojing. "Analysis of Chengdu Luxury Market Based on Big Data Analysis." Frontiers in Business, Economics and Management 6, no. 3 (December 14, 2022): 245–48. http://dx.doi.org/10.54097/fbem.v6i3.3629.
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At present, luxury consumers are more eager to get social recognition, so tangible goods are favored. In this paper, the current situation of luxury goods market in Chengdu based on big data analysis is analyzed. The original logs obtained by using software such as Web crawler go through preprocessing operations of web records such as data cleaning, identification of the same user and identification of independent sessions in turn, so as to obtain data that can be directly discovered and used, and extract these data related to user behavior analysis. Big data analysis shows that Chengdu luxury goods market has great potential, but irrational consumption is serious. Therefore, the government and relevant departments should set up specialized agencies for luxury goods management as soon as possible, formulate corresponding management measures and strengthen the supervision of luxury goods.
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Rolling, Virginia, and Amrut Sadachar. "Are sustainable luxury goods a paradox for millennials?" Social Responsibility Journal 14, no. 4 (October 1, 2018): 802–15. http://dx.doi.org/10.1108/srj-07-2017-0120.
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PurposeThe purpose of this study is to examine how luxury brand descriptions influence millennials’ impression of luxury, impression of sustainability, attitude toward brand and purchase intention using the impression formation theory.Design/methodology/approachA between-subjects experimental design was used to test the research model, wherein two randomly assigned groups received an online experiment with either a luxury-only or a sustainable-luxury brand description.FindingsFindings included that the impression of luxury did not change for a sustainable-luxury brand describing the use of recycled materials as compared to a luxury-only brand without the description of recycled materials present. Therefore, millennials perceived the luxury-only and sustainable-luxury brands to provide an impression of luxury, which was the sole impression to significantly predict attitude toward the brand. In addition, the results indicated that attitude positively influenced purchase intention for both brand descriptions.Originality/valueThis study provides support for luxury brands to transition toward sustainable efforts of using recycled materials in their goods as the impression of luxury is preserved, and provide marketing communication that favors sustainable brand positioning. This is one of the first empirical studies that focused on exploring sustainability strategies for luxury brands targeting a specific market segment (i.e. millennials in the United States of America).
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Yoo, Hwa-Sook. "Big Data Analysis of News on Purchasing Second-hand Clothing and Second-hand Luxury Goods: Identification of Social Perception and Current Situation Using Text Mining." Human Ecology Research 61, no. 4 (November 27, 2023): 687–707. http://dx.doi.org/10.6115/her.2023.045.
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This study was conducted to obtain useful information on the development of the future second-hand fashion market by obtaining information on the current situation through unstructured text data distributed as news articles related to ‘purchase of second-hand clothing’ and ‘purchase of second-hand luxury goods’. Text-based unstructured data was collected on a daily basis from Naver news from January 1st to December 31st, 2022, using ‘purchase of second-hand clothing’ and ‘purchase of second-hand luxury goods' as collection keywords. This was analyzed using text mining, and the results are as follows. First, looking at the frequency, the collection data related to the purchase of second-hand luxury goods almost quadrupled compared to the data related to the purchase of second-hand clothing, indicating that the purchase of second-hand luxury goods is receiving more social attention. Second, there were common words between the data obtained by the two collection keywords, but they had different words. Regarding second-hand clothing, words related to donations, sharing, and compensation sales were mainly mentioned, indicating that the purchase of second-hand clothing tends to be recognized as an eco-friendly transaction. In second-hand luxury goods, resale and genuine controversy related to the transaction of second-hand luxury goods, second-hand trading platforms, and luxury brands were frequently mentioned. Third, as a result of clustering, data related to the purchase of second-hand clothing were divided into five groups, and data related to the purchase of second-hand luxury goods were divided into six groups.
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Cavender, RayeCarol, and Doris H. Kincade. "Management of a luxury brand: dimensions and sub-variables from a case study of LVMH." Journal of Fashion Marketing and Management 18, no. 2 (May 6, 2014): 231–48. http://dx.doi.org/10.1108/jfmm-03-2013-0041.
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Purpose – The purpose of this paper is to develop industry specific operational definitions for marketing dimensions and sub-variables in the luxury goods industry that will contribute to the growing body of company-based research on luxury brand management. Design/methodology/approach – Case study of a leading luxury goods conglomerate provides operational definitions and insight into best practices for management of a luxury goods brand through an in-depth historical review and analysis of variables, measures, relationships, and patterns that emerged throughout the study of the sample company. Findings – Successes and failures of brand management for the sample company for the umbrella variables of brand strategy, growth trade-offs, and strategic planning, and their associated sub-variables, were identified in the review of literature and were analyzed, adapted, and enumerated according to findings from the case study. Research limitations/implications – Results limited to the study of one sample company. Common themes were identified in the management of a luxury brand that can be used by researchers to study other luxury companies. Practical implications – Variables and measures for luxury brand management were identified throughout the review of literature and verified throughout the case study as being instrumental in brand management success of a leading luxury goods conglomerate and may be relevant to other luxury companies aiming to hone their brand management strategies. Originality/value – Luxury goods research is increasing in prominence, but the majority of this research is consumer-based. This research contributes to the growing body of company-based luxury research.
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Chen, Sijia. "The Investigation on The Factors Influencing Lady Dior Handbag Consumption in China’s Luxury Market: Whether Price is The Dominant Factor." SHS Web of Conferences 188 (2024): 03009. http://dx.doi.org/10.1051/shsconf/202418803009.
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The luxury industry is full of challenges especially under the COVID-19 pandemic, business has been struggling through, such as logistics problem. Despite the difficult economy background, China’s luxury market experienced a double-digit growth while Dior increased the price of Lady Dior handbag. According to the law of demand, quantity demand falls as price increases. Luxury goods are not necessities, thus in economics, luxury goods are defined to have an elastic demand. It is predicted that total revenue falls when price of Lady Dior rises. This is because of the elastic demand will lead to a fall in quantity demand but proportionately larger than the rise in price. However, the financial report of Dior has shown a rises total revenue and increase in demand for luxury goods. This paper explains why consumers are still willing to buy luxury goods even though price increases and the value of price elasticity of demand (PED) of Lady Dior handbag. PED is a numerical measure of the responsiveness of quantity demand of a product following the change in price of goods.
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Osman Gani, Mohammad, Muhammad Intisar Alam, Mostaquim-Al-Islam, Shahin Ahmed Chowdhury, and Mohammad Omar Faruq. "Factors affecting consumers’ purchase intention for counterfeit luxury goods in Bangladesh." Innovative Marketing 15, no. 4 (November 26, 2019): 27–41. http://dx.doi.org/10.21511/im.15(4).2019.03.
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The purpose of study is to examine the factors behind the purchase intention for counterfeit luxury goods in Bangladesh using the Theory of Planned Behavior (TPB). This research also sought to measure the effect of product attribute, brand image, level of income, price, and gender regarding the purchase intention for counterfeit luxury goods. Data were gathered from a sample of 242 individual respondents living in different areas of Dhaka city who had experience of purchasing various counterfeit luxury goods. A structured questionnaire was used to obtain survey data through a personal interview. Descriptive statistics, reliability statistics, one-way ANOVA, and multiple regression analysis have been used to analyze the collected data. The results show that among five factors, only three of them, such as product attribute, brand images and level of income, are more influential predictors in purchase intention for counterfeit luxury items than price and gender. The findings of the study show a better understanding based on a developing country on how these factors affect purchasing intention of counterfeit luxury items. Thus, the study intends to identify different socio-demographic and behavioral predictors in terms of counterfeiting luxury goods. The result depicts that comparing to original products, Bangladeshi consumers are more prone to use counterfeit luxury items to maintain social values and status. Finally, limitations and managerial implications of the study, along with future research avenues, have been discussed.
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Wirtz, Jochen, Jonas Holmqvist, and Martin P. Fritze. "Luxury services." Journal of Service Management 31, no. 4 (June 30, 2020): 665–91. http://dx.doi.org/10.1108/josm-11-2019-0342.
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PurposeThe market for luxury is growing rapidly. While there is a significant body of literature on luxury goods, academic research has largely ignored luxury services. The purpose of this article is to open luxury services as a new field of investigation by developing the theoretical and conceptual underpinnings to build the luxury services literature and show how luxury services differ from both luxury goods and from ordinary (i.e. non-luxury) services.Design/methodology/approachThis paper uses a conceptual approach drawing upon and synthesizing the luxury goods and services marketing literature.FindingsThis article makes three contributions. First, it shows that services are largely missing from the luxury literature, just as the field of luxury is mostly missing from the service literature. Second, it contrasts the key characteristics of services and related consumer behaviors with luxury goods. The service characteristics examined are non-ownership, IHIP (i.e. intangibility, heterogeneity, inseparability, and perishability), the three additional Ps of services marketing (i.e. people, processes, and physical facilities) and the three-stage service consumption model. This article derives implications these characteristics have on luxury. For example, non-ownership increases the importance of psychological ownership, reduces the importance of conspicuous consumption and the risk of counterfeiting. Third, this article defines luxury services as extraordinary hedonic experiences that are exclusive whereby exclusivity can be monetary, social and hedonic in nature, and luxuriousness is jointly determined by objective service features and subjective customer perceptions. Together, these characteristics place a service on a continuum ranging from everyday luxury to elite luxury.Practical implicationsThis article provides suggestions on how firms can enhance psychological ownership of luxury services, manage conspicuous consumption, and use more effectively luxury services' additional types of exclusivity (i.e. social and hedonic exclusivity).Originality/valueThis is the first paper to define luxury services and their characteristics, to apply and link frameworks from the service literature to luxury, and to derive consumer insights from these for research and practice.
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Kim, Jihyun. "A Multiple Group Analysis of Absolute versus Accessible Personal Luxury Goods Consumption Behavior among Generations X and Y in the US." International Journal of Trade, Economics and Finance 11, no. 6 (December 2020): 141–49. http://dx.doi.org/10.18178/ijtef.2020.11.6.680.
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The global luxury market reached €1.17 trillion in sales in 2018 and the global market for personal luxury goods is forecast to grow to €290 billion by 2020. Close to 70% of the global personal luxury goods sales are tribute by Generations X and Y. When considering the fact that Generation X is the smaller consumer segment based on a population size, compared to baby boomers or generation Y, Gen X segment’s total expenditure on personal luxury goods, which was greater than that of either of generational cohorts is highly noteworthy. A recent study by Kim (2019) found that both generations X and Y are much heavily involved in luxury goods consumption through the ownership of multiple product categories including clothing, shoes, handbags and small leather goods, and jewelry, compared to older and younger baby boomers. Regarding personal luxury consumption at different price points such as absolute luxury vs. accessible luxury has not received much attention. Thus, this study aims to provide insights by investigating US affluent Generations X and Y consumers’ perception and lifestyle variables and their predictability of behavioral variables in the personal luxury marketplace. Using a nationwide representative sampling and online survey, a final sample of 299 responses were collected and used for this study. The confirmatory factor analysis of the measurement more as well as proposed conceptual model revealed that data fit the proposed conceptual model well. All, except one, research hypotheses received statistical support. A structural equation modeling using multiple group analysis revealed that absolute luxury owners are significantly different from accessible luxury owners. Based on the findings, pragmatic implications and future research directions are provided.
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SATHYADEVI, R., and R. ASWINI. "Perceptions And Attitudes Towards Luxury Brand Products." GIS Business 14, no. 5 (October 11, 2019): 45–53. http://dx.doi.org/10.26643/gis.v14i5.8780.
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As consumers satisfy their feelings of pleasure and gratification through the luxury goods, the available luxury products will also continue to enhance its charm for consumers. The rich have no more a monopoly on the luxury goods. One of the most important factors leading to the actual growth of the luxury market is the introduction of luxury goods to the middle and upper-middle class. The present study attempted to analysis the knowledge, affection and behavior related discernment of the consumers on the luxury products. For obtaining the objectives, the study adopted questionnaire to collect the data from the customers. The study collected data from the customer, who visiting the shopping malls for buying the luxury brand products. T Test used to present the collected opinion of the consumers. The study highlighted that most of consumers are depend with affect related factors to luxury brands compared with knowledge and behavior based factors.
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Ganbold, Munkhbayasgalan, and Urandelger Gantulga. "Consumer’s Personal and Social Factors on Purchase Intentions of Counterfeit Luxury Products." Jurnal Ilmiah Peuradeun 11, no. 3 (September 30, 2023): 1091. http://dx.doi.org/10.26811/peuradeun.v11i3.926.
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There are several studies to answer the question of why consumers make purchases of counterfeit luxury goods. However, researchers have not studied the impact of consumer’s personal and social factors on purchasing counterfeit luxury products yet. The current study examines how consumers’ personal (face and public self-consciousness) and social factors (informative and normative suspective) influence their purchase intention towards counterfeit luxury products. Quantitative research methodology was used to measure consumers’ buying behavior of counterfeit luxury products by conducting an online survey of 254 consumers. The collected data were further analyzed by SPSS-28 and SMART-PLS 4 software. The findings indicate that social factors, such as informational susceptibility, strongly influence the purchase intention of counterfeit luxury products. Furthermore, consumer personal factors such as public self and face consciousness significantly influence fake luxury product purchasing intention. This study has implications for firms that import luxury goods and policymakers responsible for creating policies and marketing plans to deter consumers from buying counterfeit luxury goods.
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Yan, Guanfeng, Yanjie Li, Tianhai Zhang, and Chenglin Mu. "Purchase intention for second-hand luxury goods: An empirical study of Chinese consumers." PLOS ONE 19, no. 6 (June 5, 2024): e0304967. http://dx.doi.org/10.1371/journal.pone.0304967.
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Second-hand luxury goods feature both characteristics of luxury products like perceived value including social, emotional, and quality value, and second-hand goods like price-performance ratio. Enlarging the second-hand luxury market is of significance to protect the environment and save rare and valuable natural resources, and thus investigating the determinants of purchase intention is meaningful. From the perspective of the psychology of consumers, the influence of factors related to consumers (recycling awareness, subjective norms, attitudes, perceived behavioral control) and products (perceived value, price-performance ratio) on the intention to buy second-hand luxury goods is explored in this study through an online survey with Chinese consumers as a sample. The results are analyzed using the structural equation model (SEM) and show that consumers’ attitudes, perceived behavioral control, and recycling awareness will promote the intention of purchasing second-hand luxury goods, and the perceived value and price-performance ratio of second-hand luxury goods also have a positive impact on the purchase intention. However, there is no significant relationship between subjective norms and purchase intention. In addition, this study also explores the interrelationship between constructs and draws corresponding conclusions, providing references for the subsequent development of the second-hand luxury market.
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Aksoy, Hasan, and Olaide Yusuf Abdulfatai. "Exploring the impact of religiousness and cultureon luxury fashion goodspurchasing intention." Journal of Islamic Marketing 10, no. 3 (September 9, 2019): 768–89. http://dx.doi.org/10.1108/jima-01-2018-0022.
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Purpose The purpose of the paper is to investigate the effect of religiosity and culture on Nigerian Muslim consumer’s intention to purchase luxury goods. Design/methodology/approach The survey included a sample of 372 Nigerian Muslims from the middle and upper-income groups who live in Lagos and Kano in Nigeria. Findings Plenty of luxury brands are seeking to find ways to overgrow in emerging markets. Focussing on Nigeria, this study identifies Nigerian people’s cultural orientation, religious beliefs and examines the social and personal variables affecting the consumers’ purchasing intention for luxury goods. This study stresses that Nigerian consumers’ intention to purchase luxury products are impacted by attitude, subjective norms and culture. However, Nigerian people’s intention to purchase luxury goods is not influenced by religious beliefs and Islam morals. While culture has a significant relationship with both attitudes towards behaviour and subjective norms, the religious beliefs encourage both subjective norms and a positive attitude towards the behaviour. Research limitations/implications This study has limitations in connection with two of its major objectives. The study applied the perspective of Nigerian Muslims. Thus, the research will not be able to clarify the fact that beyond this limited geographical area. Future research may widen the focus on cultural and religious beliefs on the intention to purchase luxury goods by adding other elements, such as normative beliefs and attitudinal beliefs. Practical implications The findings of the research define some implications for marketers with regard to the importance of social norms and religion in point of increasing the purchasing intention for luxury goods. Findings reflect that Nigerian consumers are impacted by subjective norms and cultural orientation. This means that luxury consuming is seen to achieve social recognition in the society. These results show that improving social acceptance through luxury goods consumption may create profitable outcomes for luxury brand firms. Originality/value The attractive findings of the study proposed that luxury brand managers should balance their investment in terms of the use of word-of-mouth, reference groups and fashion magazines to develop a favourable attitude towards luxury brands through. Although cultural values, references groups and consumer’s beliefs critically matter for luxury consuming, religious beliefs of Nigerian consumers have no effect on consumer’ purchase intention for a luxury product.
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Yang, Wan, and Anna S. Mattila. "The Impact of Status Seeking on Consumers’ Word of Mouth and Product Preference—A Comparison Between Luxury Hospitality Services and Luxury Goods." Journal of Hospitality & Tourism Research 41, no. 1 (July 27, 2016): 3–22. http://dx.doi.org/10.1177/1096348013515920.
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Despite the rapid growth of the luxury hospitality market, academic research has largely neglected the differences between luxury hospitality services and luxury goods, as well as the role of status seeking on luxury consumption. Relying on the status consumption and experience recommendation theories, the authors examine the combined effects of consumer characteristics (need for status) and product type (hospitality services vs. goods) on consumers’ word-of-mouth intentions. The results suggest that parvenus, who are high in need for status, are more likely to talk about their luxury goods purchases than patricians, who are low in need for status. More interestingly, both parvenus and patricians indicate equally strong intentions to spread positive word of mouth on luxury hospitality purchases. This study also extends the experience recommendation theory and reveals that parvenus are less likely to choose luxury hospitality services than patricians to advance their happiness.
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Kim, Jihyun. "Luxury fashion goods ownership and collecting behavior in an omni-channel retail environment." Research Journal of Textile and Apparel 23, no. 3 (September 9, 2019): 212–31. http://dx.doi.org/10.1108/rjta-01-2019-0001.
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Purpose This research provides a comprehensive overview of the luxury brand cognitive and affective experience, category ownerships and consumption level of affluent adult consumers in the USA. The purpose of this study was to illuminate generational cohorts’ differences and/or similarities among the consumers regarding collecting behavior of, brand self-congruity toward and emotional brand attachment with fashion luxury brands. Design/methodology/approach Using a cross-sectional quantitative approach, the authors conducted a national, representative online survey, 443 usable responses were collected from four generational cohorts, namely, older boomers, younger boomers, Generation Xers and Millennials, who reported an annual household income of US$150,000 or more. Descriptive and multivariate statistical analyses were used to provide the empirical findings. Findings Findings suggest that there are significant differences in the luxury brands they owned the most; Millennials exhibited significantly more frequent purchases of luxury fashion goods for all retail types – both brick-and-mortar and online, as well as upscale and discount-image retailers, compared to older Baby Boomers; and there are clear distinctions of cognitive, affective and behavioral responses toward fashion luxury goods between Millennials and older Baby Boomers. For instance, Millennials are more emotionally attached to luxury fashion brands, they see themselves more aligned with the brand image, and they collect such goods significantly more, compared to the older Baby Boomers. Originality/value By providing empirical evidence of contrasting each generational group’s unique consumption behavior in terms of luxury brand goods such as ownership level (accessible vs high-end luxury), retail channel choice behavior, cognitive, affective and behavioral responses toward the luxury fashion goods, the authors provided clear strategies for the luxury brand managers regarding two distinctive segments in the luxury marketplace.
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He, Xianzhen. "Research on Louis Vuitton's Marketing Based on 4P Theory." Advances in Economics, Management and Political Sciences 6, no. 1 (April 27, 2023): 162–66. http://dx.doi.org/10.54254/2754-1169/6/20220178.
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The luxury goods market has matured in developed countries, but is only beginning to emerge in developing countries. Developing countries are rich in emerging markets. However, in Africa, South Asia, and other countries, due to factors such as political instability and the COVID-19, the development prospects of emerging markets are still unclear. In contrast, China's luxury emerging markets are relatively stable. With its increasing population and per capita disposable income, China has become the second largest market for luxury consumption after the United States. While China is having a huge impact on the luxury market, local luxury goods are also gradually developing. This paper will research Louis Vuitton's marketing strategy based on the 4P theory, and make suggestions for Chinese local luxury goods companies. Louis Vuitton in China has excellent product quality, clear consumer target groups and pricing, a far-sighted geographical location and effective promotion methods. Louis Vuitton used product strategy, price strategy, positioning strategy and promotion strategy respectively. Local luxury goods producers should copy their marketing methods and improve their areas of expertise and price strategies to gain initial development in the market.
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Lee, Seonjeong Ally, and Haemoon Oh. "ANTHROPOMORPHISM IN LUXURY GOODS AND LUXURY SERVICE BRAND EVALAUTIONS." Global Fashion Management Conference 2018 (July 30, 2018): 301–2. http://dx.doi.org/10.15444/gmc2018.03.03.06.
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Li, Sixuan. "Research on the Marketing Strategy of LVMH in the Chinese Market under the Background of New Media." Advances in Economics, Management and Political Sciences 49, no. 1 (December 1, 2023): 9–14. http://dx.doi.org/10.54254/2754-1169/49/20230470.
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Chinas new media has developed rapidly in recent years, and society has entered the era of new media. At the same time, Chinas economic level is developing rapidly, and peoples living standards are also greatly improved. The demand for luxury goods is greatly increased. The huge population makes China become the largest consumer of luxury goods. In this context, various luxury brands have different marketing strategies for the China market. As one of the worlds largest luxury goods companies, LVMH is bound to change its marketing strategy for China market. In addition to an overview of the topics and trends covered in the relevant literature, this paper mainly discusses the impact of new media on the luxury industry and how the luxury industry should change in the new media environment. For some academics and marketing managers of luxury brands, this paper can provide some theoretical basis and is of great reference for changing marketing strategies.
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Mao, Jiamin. "Investigating extrinsic and intrinsic motivations for British university students when purchasing luxury goods." BCP Business & Management 37 (February 1, 2023): 41–46. http://dx.doi.org/10.54691/bcpbm.v37i.3543.
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The topic of this paper is the extrinsic and intrinsic motivation of British college students to buy luxury goods. Luxury is a very popular product in today’s society because people now have a gradually rich life and begin to pursue spiritual needs. However, sales of different luxury goods are so different these days, so what’s influencing that? What can be done to promote their development? Therefore, this paper takes British college students as the target group to understand whether British college students pay more attention to external or internal motivation when purchasing luxury goods. This article adapted the questionnaire method to explore the college students’ consumption psychology, finally finding that they pay more attention to their inner joy when buying luxury goods, not to satisfy their vanity. In addition, this paper put forward some advice for a luxury brand in future development, such as different design products according to different regions, developing the second-hand market, and creating a unique brand personality. Finally, the paper concludes and points out the limitations of the article.
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Naumova, Olena, Svitlana Bilan, and Mariia Naumova. "Luxury consumers’ behavior: a cross-cultural aspect." Innovative Marketing 15, no. 4 (November 12, 2019): 1–13. http://dx.doi.org/10.21511/im.15(4).2019.01.
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A comprehensive study of the consumers’ needs and demands, the patterns of their social and cultural behavior are essential to the success of the modern luxury companies in their market activity. The purpose of research is to study the possible differences and similarities in the perception of luxury and motivation to purchase these goods by consumers in different parts of the world and selection of acceptable marketing tools. The study is built on the results of analysis of cultural values in some countries using the country comparison tool developed by Hofstede and the results of analysis of scientific articles on the behavior of luxury goods consumers in different countries. The methodology approach – Hofstede’s model of national culture and scientific studies belonging to cultural impacts on luxury consumers’ behavior – is applied to explore cross-cultural differences in luxury consumption behavior. The findings of the study are as follows: consumers from countries with high power distance, collectivism, and masculinity, long-term orientation, and low indulgence primarily perceive social values in consuming luxury goods and are sensitive to conspicuous luxury-status. In cultures with high individualism, masculinity, indulgence, and low power distance, consumers display to perceive individual and functional values and are sensitive to “emotional hedonistic luxury.” The consumption of luxury goods in the Asian region is characterized by significant focusing on social values and status consumption, more than in the rest of the world. The motives of achievements in the form of self-realization and self-actualization are among the main reasons for the luxury consumption of European Union consumers.
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Burnasheva, Regina, Yong GuSuh, and Katherine Villalobos-Moron. "Millennials’ Attitudes Toward Online Luxury Buying Behavior in South Korea: A Q-methodology Approach." Asian Business Research 3, no. 3 (November 28, 2018): 1. http://dx.doi.org/10.20849/abr.v3i3.512.
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The millennials are a crucial generational cohort of customers who buy luxury goods online. Asian luxury consumers became the major driver of global luxury sales growth. While there are a number of papers from developing countries in Asia, this study explores millennials’ attitudes toward shopping online for luxury goods from among the most world’s leading economy of South Korea.This paper has used Q methodology to examine and categorize millennials’ behavior toward online luxury consumption. The QUANAL program was employed for data collection and results revealed that there is a significant behavioral distinction between three types of shoppers such as Online Convenience Shopper, Online Economic Shopper and Traditional Shopper.The findings of this study have a managerial contribution by understanding the typology of online luxury goods consumers among Korean millennials. As one of the sizable cohorts who are purchasing luxury online, this paper could help managers to maintain and increase sales growth among millennials online. This study has also a theoretical or academic contribution by creating a new consumer type and broadening the knowledge about online luxury buying behavior.
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Krishnan, Chitra, Naraini Agarwal, and Shivam Gupta. "Factors Influencing Consumer Purchase Intention of Luxury Branded Perfumes." Marketing and Management of Innovations 13, no. 3 (2022): 190–99. http://dx.doi.org/10.21272/mmi.2022.3-17.
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The Prestige Cosmetics & Fragrances segment dominates the luxury consumer goods market, which has grown considerably over the past decade. According to the Coco Chanel quote, «Luxury is a necessity that begins where necessity ends». Luxurious goods were once considered a luxury reserved for a select few. «Luxury» was used to describe uncommon and limited-supply items which were only available to a select group of people. As time has progressed, luxury goods have become more accessible to middle-class consumers as the luxury market has grown. A total of more than 1.2 trillion euros was spent on the luxury market in 2018. Because of the increasing purchasing power of today’s consumers and the large size of the global luxury market, understanding this consumer group is critical to a company’s success in enhancing its business success in the luxury perfume market. Developing effective plans to meet and exceed consumer expectations is essential for companies in the luxury industry. A luxury brand has distinct characteristics that make it stand out from the rest. This study examined these and other theories focusing on five factors influencing consumers’ purchase intention of luxury branded perfumes. The five factors above are perceived uniqueness, brand image, quality, price, and status. This study aims to shed light on the factors influencing the desire to purchase high-end branded perfumes. More specifically, it aims to discover the root causes of the phenomenon of buying luxury branded perfumes and the primary determinants of luxury-goods consumption. A survey was used to gather data, and structural equation modeling with partial least squares was used to analyse the framework. Because of the findings, four variables (brand image, quality, price, and status) were found to have a positive relationship with purchase intention. The results also show that perceived uniqueness does not significantly impact the desire to purchase luxury perfumes. Marketers and managers could use the results of this study to understand luxury consumer behaviours better and develop marketing strategies that would help their products succeed in the luxury market.
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Chen, Qiaoshan, Shousong Cai, and Xiaomin Gu. "Construction of the Luxury Marketing Model Based on Machine Learning Classification Algorithm." Scientific Programming 2021 (October 19, 2021): 1–11. http://dx.doi.org/10.1155/2021/6511552.
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China has become the world’s largest luxury goods consumer market due to its population base. In view of the bright prospects of the luxury consumer market, major companies have entered and want to get a share. For the luxury goods industry, traditional mass marketing methods are not able to serve corporate sales and marketing strategies more effectively, and targeted marketing is clearly much more efficient than randomized marketing. Therefore, in this paper, based on consumer buying habits and characteristics data of luxury goods, the paper uses a machine learning algorithm to build a personalized marketing strategy model. And the paper uses historical data to model and form deductions to predict the purchase demand of each consumer and evaluate the possibility of customers buying different goods, including cosmetics, jewelry, and clothing.
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Hashim, Haniza, Saleha Abdullah, Nur Baiti Shafee, Shadia Suhaimi, and Tai Siew Ching. "ANALYSIS OF THE FACTORS THAT INFLUENCE CUSTOMER PURCHASE INTENTION TOWARDS LUXURY FASHION GOODS." Humanities & Social Sciences Reviews 7, no. 5 (October 5, 2019): 454–58. http://dx.doi.org/10.18510/hssr.2019.7551.
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Purpose: Malaysia is an important luxury market and this luxury industry wills growth in the future because of the demand from young Malaysian consumers. Therefore, the purpose of this study is to examine the influencing factors that affect Malaysian Consumers’ purchase intention towards luxury fashion goods and their relative importance.
Methodology: Questionnaires had been distributed to 200 respondents. Data had been analyzed using SPSS to identify whether factors such as materialism, social comparison, and brand consciousness have a significant relationship with the intention to purchase luxury fashion goods.
Results: Results indicated that materialism and brand consciousness has a positive relationship with the purchase intention of luxury fashion goods in Malaysia.
Implications: Malaysian consumers are more conscious and more aware of the unique brands to give prominence to their self-identity.
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Karaleu, Yury Yu, and Polina I. Tishkovskaya. "Luxury tax perspectives: The evidence of the Republic of Belarus." RUDN Journal of Economics 31, no. 4 (December 15, 2023): 830–47. http://dx.doi.org/10.22363/2313-2329-2023-31-4-830-847.
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The study is dedicated to the reasons for luxury tax implementation into the national taxation system. The purpose of the research is to study the emergence and experience of applying the luxury tax in various countries in order to determine the feasibility of introducing such a tax in the Republic of Belarus. Authors’ conclusions and findings have been presented against the background of the analysis of digitized texts on tax and bibliometric and scientometric analysis of the scientific field of taxation. As a testing ground for making our conclusions in terms of lessons learned from past historical experience and real economic background, the Republic of Belarus was chosen. Possible reasons for the introduction of such a tax were considered, as well as an analysis of the market for luxury goods in the Republic of Belarus and the demand for them was conducted. We have drawn some parallels between the Republic of Belarus and the Russian Federation to reach a reasonable conclusion. For this purpose, the Russian luxury goods market (premium car and real estate markets) was analyzed based on available statistics for the years 2020-2022. As the most politically controversial tax that can be not as efficient as income taxes and have unintended consequences, luxury tax was examined from the point of international experience and historical perspective. Examples of luxury goods throughout history and in real life together with historical references to the implementation of this tax were presented. The effectiveness of luxury tax and its impact that depends on a variety of factors (tax rate, types of goods and services being taxed, economic conditions, etc.) together with the modern concept of luxury tax with national specific was evaluated. Considering the situation in the Republic of Belarus, although during recent years there has been a budget deficit and there is a necessity to find new sources of state income, we didn’t find any reasons for the implementation of such a tax into the national taxation system. These types of taxes are mainly imposed in highly developed countries where people can afford “luxurious” goods and the variety of these goods is higher. In the case of the Republic of Belarus, there is a trend of decreasing the number of people whose purchasing power would allow them to buy luxury goods and the real disposable income of Belarusians has also declined, making it less likely that Belarusians will spend money on the consumption of luxury goods.
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Elena-Iulia, Varga. "Study on the personal luxury goods market." Acta Marisiensis. Seria Oeconomica 14, no. 2 (February 1, 2020): 33–42. http://dx.doi.org/10.2478/amso-2020-0011.
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Abstract The field of luxury has a series of characteristics that allowed a spectacular growth over time, to acquire stability and remarkable recovery power after adverse economic events, including global ones. Associated with extravagance, prestige or elitism, luxury is a need that manifests itself at the level of individuals due to the emotional side that these products highlight. In this paper we conducted a study on the purchase of luxury products among consumers of the Mureș county, mainly aiming to identify the importance and characteristics of the consumption of luxury clothing and accessories.
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진용주 and 유재웅. "The Effect of CSR Activities of Luxury Goods on Brand Value of Luxury Goods." A Journal of Brand Design Association of Korea 12, no. 3 (September 2014): 5–16. http://dx.doi.org/10.18852/bdak.2014.12.3.5.
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