Details
| Original language | English |
|---|---|
| Pages (from-to) | 922-939 |
| Number of pages | 18 |
| Journal | International Journal of Retail and Distribution Management |
| Volume | 43 |
| Issue number | 10-11 |
| Publication status | Published - 6 Oct 2015 |
Abstract
Purpose – In an attempt to satisfy the rising demand for luxury in the era of the “democratisation of luxury” or the “luxurification of society” without threatening the uniqueness and exclusivity of luxury brands, a profound understanding of the luxury concept and its deeper values is essential. As the complexity of luxury value and the assessment of effects on individual luxury value perception and related behavioral outcomes are still poorly understood and widely unexplored, the purpose of this paper is to fill this research gap. Design/methodology/approach – In the exploratory study context of examining the antecedents and outcomes of individual luxury value perception, PLS path modeling was used for the empirical tests of the hypotheses. Findings – The results support the assumption that the desire for luxury brands involves several dimensions of luxury value including financial, functional, individual and social consumer perceptions. Besides, the individual luxury value perception is significantly related to the consumption of luxury goods in terms of purchase intention, recommendation behavior and the willingness to pay a premium price. Originality/value – The incremental value of the present study is to present and empirically verify a concept that embraces the complexity of luxury value and its causal effects on different aspects of luxury consumption. The results have important implications for luxury brand management and future research in the domain of luxury goods. By addressing the specific value aspects that are highly relevant for consumer loyalty to the brand, a luxury company can stimulate purchase behavior with appropriate marketing campaigns that create and preserve the most important value aspects throughout the supply chain from production to distribution.
Keywords
- Customer perceived value, Luxury brand management, Luxury consumption, Luxury value chain
ASJC Scopus subject areas
- Business, Management and Accounting(all)
- Business and International Management
- Business, Management and Accounting(all)
- Marketing
Sustainable Development Goals
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In: International Journal of Retail and Distribution Management, Vol. 43, No. 10-11, 06.10.2015, p. 922-939.
Research output: Contribution to journal › Article › Research › peer review
}
TY - JOUR
T1 - The complexity of value in the luxury industry
T2 - From consumers’ individual value perception to luxury consumption
AU - Hennigs, Nadine
AU - Wiedmann, Klaus Peter
AU - Klarmann, Christiane
AU - Behrens, Stefan
PY - 2015/10/6
Y1 - 2015/10/6
N2 - Purpose – In an attempt to satisfy the rising demand for luxury in the era of the “democratisation of luxury” or the “luxurification of society” without threatening the uniqueness and exclusivity of luxury brands, a profound understanding of the luxury concept and its deeper values is essential. As the complexity of luxury value and the assessment of effects on individual luxury value perception and related behavioral outcomes are still poorly understood and widely unexplored, the purpose of this paper is to fill this research gap. Design/methodology/approach – In the exploratory study context of examining the antecedents and outcomes of individual luxury value perception, PLS path modeling was used for the empirical tests of the hypotheses. Findings – The results support the assumption that the desire for luxury brands involves several dimensions of luxury value including financial, functional, individual and social consumer perceptions. Besides, the individual luxury value perception is significantly related to the consumption of luxury goods in terms of purchase intention, recommendation behavior and the willingness to pay a premium price. Originality/value – The incremental value of the present study is to present and empirically verify a concept that embraces the complexity of luxury value and its causal effects on different aspects of luxury consumption. The results have important implications for luxury brand management and future research in the domain of luxury goods. By addressing the specific value aspects that are highly relevant for consumer loyalty to the brand, a luxury company can stimulate purchase behavior with appropriate marketing campaigns that create and preserve the most important value aspects throughout the supply chain from production to distribution.
AB - Purpose – In an attempt to satisfy the rising demand for luxury in the era of the “democratisation of luxury” or the “luxurification of society” without threatening the uniqueness and exclusivity of luxury brands, a profound understanding of the luxury concept and its deeper values is essential. As the complexity of luxury value and the assessment of effects on individual luxury value perception and related behavioral outcomes are still poorly understood and widely unexplored, the purpose of this paper is to fill this research gap. Design/methodology/approach – In the exploratory study context of examining the antecedents and outcomes of individual luxury value perception, PLS path modeling was used for the empirical tests of the hypotheses. Findings – The results support the assumption that the desire for luxury brands involves several dimensions of luxury value including financial, functional, individual and social consumer perceptions. Besides, the individual luxury value perception is significantly related to the consumption of luxury goods in terms of purchase intention, recommendation behavior and the willingness to pay a premium price. Originality/value – The incremental value of the present study is to present and empirically verify a concept that embraces the complexity of luxury value and its causal effects on different aspects of luxury consumption. The results have important implications for luxury brand management and future research in the domain of luxury goods. By addressing the specific value aspects that are highly relevant for consumer loyalty to the brand, a luxury company can stimulate purchase behavior with appropriate marketing campaigns that create and preserve the most important value aspects throughout the supply chain from production to distribution.
KW - Customer perceived value
KW - Luxury brand management
KW - Luxury consumption
KW - Luxury value chain
UR - http://www.scopus.com/inward/record.url?scp=84945199019&partnerID=8YFLogxK
U2 - 10.1108/IJRDM-07-2014-0087
DO - 10.1108/IJRDM-07-2014-0087
M3 - Article
AN - SCOPUS:84945199019
VL - 43
SP - 922
EP - 939
JO - International Journal of Retail and Distribution Management
JF - International Journal of Retail and Distribution Management
SN - 0959-0552
IS - 10-11
ER -