Luxury consumption factors
Purpose ‐ The purpose of the paper is to analyse the luxury market and determine the factors that determine luxury consumption. Luxury consumption has been neglected, and yet many questions arise concerning the underlying dimensions of luxury shopping. Design/methodology/approach ‐ Two scales were used: questions concerning luxury consumption were used in order to determine the sample of luxury consumers, and a PRECON scale was used to measure individual differences in consumers' prestige shopping preferences. After the scale validation process, factor analysis was conducted, along with regression analysis of all PRECON factors. Findings ‐ The results show that in this market consumers perceive quality as a brand determinant. Further, strong patron status suggests a "snob effect" among respondents, who buy exclusive items in an attempt to distinguish themselves. Hence, rare products indicate respect and prestige among the respondents. Furthermore, this paper defines two sub-categories, namely "old aristocracy" and "new money", with the latter more ascendant in the case of a developing market. It also showed that luxury consumers behave similarly worldwide, regardless of economic or social surroundings. Research limitations/implications ‐ Luxury consumption should be put in the context of psychological determinants, and perhaps tested according to lifestyle. Originality/value ‐ This paper brings attention to luxury consumption, its motives and consumer styles.
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