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Today, luxury is available not only to the elites and the rich but also to the masses. The meaning of luxury has changed a lot over the last few decades. Earlier, luxury was connected with smaller things like wines, cars, garments and watches. Now people have higher disposable income and they want to buy luxury brands to satisfy their personal needs and aspirations. Hence luxury can be associated more with emotional and experiential value (Kapferer & Bastien, 2008; Aaker, 2009; Yeoman &McMahon-Beattie, 2010; Siri Merethe Knag, 2012; Heine, 2012; Bhanot et al., 2014, 2015, 2016; Sunghyup Sean Hyun & Heesup Han, 2015; Supriti Agarwal &Sonia Singh, 2015; and Shan Chen & Lucio Lamberti, 2015; Mary M. Turner, 2016), rather than premium pricing. People also buy luxury products to display their status in society. Consumers want to derive pleasure and meet their aspirations and this leads them to buy luxury products. Israel (2003), Danziger (2005), Dijk (2009), Heine and Phan (2011) and Srivastava et al. (2014, 2015, 2016), Sunghyup Sean Hyun & Heesup Han (2015), Supriti Agarwal &Sonia Singh (2015), Shan Chen & Lucio Lamberti (2015), Mary M. Turner (2016), Beate Elizabeth Stiehler (2017) explain that people buy luxury brands to get admired by society and also get personal experience of pleasure and aesthetics. Luxury brands are those whose ratio of functional utility to price is low while the ratio of intangible and situational utility to price is high. Hansen and Wänke (2011) and Siri Merethe Knag (2012) define luxury as something of excellent quality, which means that the ingredients or components of a luxury product are exceptional and superior to what is found in ordinary products. Heine &Phan (2011), Siri Merethe Knag (2012), Sunghyup Sean Hyun &Heesup Han (2015), Supriti Agarwal &Sonia Singh (2015) and Shan Chen & Lucio Lamberti (2015), Francisco J. Conejo (2016), Beate Elizabeth Stiehler (2017)  explain that luxury products have the attributes of premium pricing, excellent quality, beauty and aesthetics, exclusivity and provide self-esteem and admiration from society. Dijk (2009), Danqing Yu (2014), Uzma Naz (2015), Samit Chakraborty(2016), Beate Elizabeth Stiehler (2017) explain that luxury goods are those whose consumption increases as income increases. This means that they have a high income elasticity of demand.

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