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What is the Value of Luxury? A Cross‐Cultural Consumer Perspective
Author(s) -
Hennigs Nadine,
Wiedmann KlausPeter,
Klarmann Christiane,
Strehlau Suzane,
Godey Bruno,
Pederzoli Daniele,
Neulinger Agnes,
Dave Kartik,
Aiello Gaetano,
Donvito Raffaele,
Taro Koyama,
TáboreckáPetrovičová Janka,
Santos Carmen Rodríguez,
Jung Jaehee,
Oh Hyunjoo
Publication year - 2012
Publication title -
psychology and marketing
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.035
H-Index - 116
eISSN - 1520-6793
pISSN - 0742-6046
DOI - 10.1002/mar.20583
Subject(s) - marketing , value (mathematics) , perspective (graphical) , consumption (sociology) , experiential learning , advertising , perception , sensibility , conspicuous consumption , business , identification (biology) , emerging markets , psychology , sociology , political science , social science , mathematics education , botany , finance , artificial intelligence , machine learning , neuroscience , computer science , law , biology
International luxury businesses are challenged by the identification and satisfaction of the common needs and desires of global market segments. Although luxury goods have become available to a wider range of consumers, the traditional conspicuous consumption model has been transformed into a new experiential luxury sensibility that is marked by a change in the way that consumers define luxury. Based on an empirical study in collaboration with American, European, and Asian researchers, the results provide evidence that consumers in various parts of the world purchase or wish to purchase luxury products for varied reasons but that such consumers generally possess similar values. Regardless of their countries of origin, the basic motivational drivers of luxury consumers are similar among the financial, functional, personal, and social dimensions of luxury value perceptions, although the relative importance of these dimensions varies.