Luxury Consumption: Literature Review

Abstract

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.