INTENSIFICATION OF LUXURY BRAND VALUE - A SYSTEMATIC LITERATURE REVIEW
DOI:
https://doi.org/10.29121/shodhkosh.v5.i1.2024.2419Keywords:
Luxury Value, AI Weather Forecast, Desire for Luxury, Luxury Purchase IntentionAbstract [English]
Purpose: The current study intends to delve into the aspects that increase the overall luxury value of premium products exposing the consumer behaviour while attaining the final purchase decision.
Design/methodology/approach: The study aims to provide a systematic review of the extant scholarly literature in the area. An extensive assessment of literature has been done on 111 English language articles that were well searched for on a leading database. The researchers provide detailed profiling and thematic analysis through comprehensive content analysis.
Findings: Key research gaps and future research questions along with a unified framework of the complete literature review are postulated. The increase of overall luxury value leads to an upsurge in the final purchase of luxury products which is centred around few major dimensions. However, there is a lack of research over the financial aspects of consumers for luxury brand consumption which needs to be explored further.
Originality: The current review study contributes to an increasing interest in luxury value dimensions, ultimately increasing the demand for luxury brands. The article highlights the future research avenues in this area supported by appropriate data.
References
Ajitha, S., & Sivakumar, V. (2017). Understanding the effect of personal and social value on attitude and usage behavior of luxury cosmetic brands. Journal Of Retailing And Consumer Services, 39, 103-113. https://doi.org/10.1016/j.jretconser.2017.07.009 DOI: https://doi.org/10.1016/j.jretconser.2017.07.009
Al-Issa, N., & Dens, N. (2021). How do religiosity and acculturation to the global consumer culture drive the perceived value of luxury? A study in Kuwait. Journal Of Islamic Marketing, ahead-of-print(ahead-of-print). https://doi.org/10.1108/jima-03-2021-0080 DOI: https://doi.org/10.1108/JIMA-03-2021-0080
Anido Freire, N. (2014). When luxury advertising adds the identitary values of luxury: A semiotic analysis. Journal Of Business Research, 67(12), 2666-2675. https://doi.org/10.1016/j.jbusres.2014.04.004 DOI: https://doi.org/10.1016/j.jbusres.2014.04.004
Bachmann, F., Walsh, G., & Hammes, E. (2019). Consumer perceptions of luxury brands: An owner-based perspective. European Management Journal, 37(3), 287-298. https://doi.org/10.1016/j.emj.2018.06.010 DOI: https://doi.org/10.1016/j.emj.2018.06.010
Bhanot, S. (2013). Identifying Luxury Value Dimensions among Consumers and using these Dimensions for Market Segmentation. FIIB Business Review, 2(4), 53-70. https://doi.org/10.1177/2455265820130409 DOI: https://doi.org/10.1177/2455265820130409
Brun, A., & Castelli, C. (2013). The nature of luxury: a consumer perspective. International Journal Of Retail & Distribution Management, 41(11/12), 823-847. https://doi.org/10.1108/ijrdm-01-2013-0006 DOI: https://doi.org/10.1108/IJRDM-01-2013-0006
Challa, V., Padmalatha, P., & Krishna, B. (2021). Determinants of Buying Motives on Luxury Products: Potential Indian Youth Segment. Empirical Economics Letters.
Chen, S., & Lamberti, L. (2015). Entering the dragon’s nest: exploring Chinese upper-class consumers’ perception of luxury. Qualitative Market Research: An International Journal, 18(1), 4-29. https://doi.org/10.1108/qmr-01-2013-0002 DOI: https://doi.org/10.1108/QMR-01-2013-0002
Choi, S., Kim, J., Choe, Y., Hyun, S., & Kim, I. (2020). Modeling the role of luxury air-travelers’ self-enhancement. Journal Of Travel & Tourism Marketing, 37(2), 200-216. https://doi.org/10.1080/10548408.2020.1740137 DOI: https://doi.org/10.1080/10548408.2020.1740137
Chung, Y., & Kim, A. (2020). Effects of mergers and acquisitions on brand loyalty in luxury Brands: The moderating roles of luxury tier difference and social media. Journal Of Business Research, 120, 434-442. https://doi.org/10.1016/j.jbusres.2019.11.030 DOI: https://doi.org/10.1016/j.jbusres.2019.11.030
Correia, A., Kozak, M., & Kim, S. (2017). Investigation of Luxury Values in Shopping Tourism Using a Fuzzy-Set Approach. Journal Of Travel Research, 58(1), 77-91. https://doi.org/10.1177/0047287517741005 DOI: https://doi.org/10.1177/0047287517741005
de Klerk, H., Kearns, M., & Redwood, M. (2019). Controversial fashion, ethical concerns and environmentally significant behaviour. International Journal Of Retail & Distribution Management, 47(1), 19-38. https://doi.org/10.1108/ijrdm-05-2017-0106 DOI: https://doi.org/10.1108/IJRDM-05-2017-0106
Dubois, B., Czellar, S., & Laurent, G. (2005). Consumer Segments Based on Attitudes Toward Luxury: Empirical Evidence from Twenty Countries. Marketing Letters, 16(2), 115-128. https://doi.org/10.1007/s11002-005-2172-0 DOI: https://doi.org/10.1007/s11002-005-2172-0
Fazeli, Z., Shukla, P., & Perks, K. (2019). Digital buying behavior: The role of regulatory fit and self‐construal in online luxury goods purchase intentions. Psychology & Marketing, 37(1), 15-26. https://doi.org/10.1002/mar.21276 DOI: https://doi.org/10.1002/mar.21276
Gilal, F., Gadhi, A., Gul Gilal, R., Gul Gilal, N., & Zhang, N. (2020). Towards an Integrated Model of Customer Religiosity: A Self-Determination Theory Perspective. Central European Management Journal, 28(2), 16-37. https://doi.org/10.7206/cemj.2658-0845.20 DOI: https://doi.org/10.7206/cemj.2658-0845.20
Hennigs, N., Wiedmann, K., Klarmann, C., & Behrens, S. (2015). The complexity of value in the luxury industry. International Journal Of Retail & Distribution Management, 43(10/11), 922-939. https://doi.org/10.1108/ijrdm-07-2014-0087 DOI: https://doi.org/10.1108/IJRDM-07-2014-0087
Ho, N. (2021). Luxury Values Perceptions in Chinese and English: Deviation from National Cultures. Journal Of International Consumer Marketing, 1-15. https://doi.org/10.1080/08961530.2021.1950094 DOI: https://doi.org/10.1080/08961530.2021.1950094
Hung, K., Huang, H., & Lyu, J. (2020). The means and ends of luxury value creation in cruise tourism: The case of Chinese tourists. Journal Of Hospitality And Tourism Management, 44, 143-151. https://doi.org/10.1016/j.jhtm.2020.05.004 DOI: https://doi.org/10.1016/j.jhtm.2020.05.004
Hung, K., Qiu Zhang, H., Guillet, B., & Wang, L. (2018). China watching: luxury consumption and its implications. Journal Of Travel & Tourism Marketing, 37(5), 577-592. https://doi.org/10.1080/10548408.2018.1525470 DOI: https://doi.org/10.1080/10548408.2018.1525470
Husic, M., & Cicic, M. (2009). Luxury consumption factors. Journal Of Fashion Marketing And Management: An International Journal, 13(2), 231-245. https://doi.org/10.1108/13612020910957734 DOI: https://doi.org/10.1108/13612020910957734
Inkon, k. (2014). A study on luxuries possession desires and purchase intention: A comparative study between luxuries and imitations. Academy Of Entrepreneurship Journal. Retrieved 24 January 2022, from https://www.proquest.com/openview/135fe0e00cb18e9b510f5d909594a90e/1?pq-origsite=gscholar&cbl=29726
Jain, S. (2018). Factors Affecting Sustainable Luxury Purchase Behavior: A Conceptual Framework. Journal Of International Consumer Marketing, 31(2), 130-146. https://doi.org/10.1080/08961530.2018.1498758 DOI: https://doi.org/10.1080/08961530.2018.1498758
Jain, S. (2019). Exploring relationship between value perception and luxury purchase intention. Journal Of Fashion Marketing And Management: An International Journal, 23(4), 414-439. https://doi.org/10.1108/jfmm-10-2018-0133 DOI: https://doi.org/10.1108/JFMM-10-2018-0133
Jain, S. (2020). Role of conspicuous value in luxury purchase intention. Marketing Intelligence & Planning, 39(2), 169-185. https://doi.org/10.1108/mip-03-2020-0102 DOI: https://doi.org/10.1108/MIP-03-2020-0102
Jain, S. (2021). Examining the moderating role of perceived risk and web atmospherics in online luxury purchase intention. Journal Of Fashion Marketing And Management: An International Journal, 25(4), 585-605. https://doi.org/10.1108/jfmm-05-2020-0089 DOI: https://doi.org/10.1108/JFMM-05-2020-0089
Jain, S., & Mishra, S. (2018). Effect of value perceptions on luxury purchase intentions: an Indian market perspective. The International Review Of Retail, Distribution And Consumer Research, 28(4), 414-435. https://doi.org/10.1080/09593969.2018.1490332 DOI: https://doi.org/10.1080/09593969.2018.1490332
Jain, S., Khan, M., & Mishra, S. (2017). Understanding consumer behavior regarding luxury fashion goods in India based on the theory of planned behavior. Journal Of Asia Business Studies, 11(1), 4-21. https://doi.org/10.1108/jabs-08-2015-0118 DOI: https://doi.org/10.1108/JABS-08-2015-0118
Jin, T., Prentice, C., & Shao, W. (2021). Identifying antecedent conditions for luxury brand purchase. Journal Of Retailing And Consumer Services, 60, 102466. https://doi.org/10.1016/j.jretconser.2021.102466 DOI: https://doi.org/10.1016/j.jretconser.2021.102466
Jiang, L., & Shan, J. (2018). Heterogeneity of luxury value perception: a generational comparison in China. International Marketing Review, 35(3), 458-474. https://doi.org/10.1108/imr-12-2015-0271 DOI: https://doi.org/10.1108/IMR-12-2015-0271
Kowalczyk, C., & Mitchell, N. (2021). Understanding the antecedents to luxury brand consumer behavior. Journal Of Product & Brand Management, ahead-of-print(ahead-of-print). https://doi.org/10.1108/jpbm-09-2020-3126 DOI: https://doi.org/10.1108/JPBM-09-2020-3126
Kim, J., Park, B., & Dubois, D. (2018). How Consumers’ Political Ideology and Status-Maintenance Goals Interact to Shape Their Desire for Luxury Goods. Journal Of Marketing, 82(6), 132-149. https://doi.org/10.1177/0022242918799699 DOI: https://doi.org/10.1177/0022242918799699
Liang, Y., Ghosh, S., & Oe, H. (2017). Chinese consumers’ luxury value perceptions – a conceptual model. Qualitative Market Research: An International Journal, 20(2), 247-262. https://doi.org/10.1108/qmr-01-2017-0010 DOI: https://doi.org/10.1108/QMR-01-2017-0010
Loureiro, S., & Araújo, C. (2014). Luxury values and experience as drivers for consumers to recommend and pay more. Journal Of Retailing And Consumer Services, 21(3), 394-400. https://doi.org/10.1016/j.jretconser.2013.11.007 DOI: https://doi.org/10.1016/j.jretconser.2013.11.007
Loureiro, S., Jiménez-Barreto, J., & Romero, J. (2020). Enhancing brand coolness through perceived luxury values: Insight from luxury fashion brands. Journal Of Retailing And Consumer Services, 57, 102211. https://doi.org/10.1016/j.jretconser.2020.102211 DOI: https://doi.org/10.1016/j.jretconser.2020.102211
Ma, J., Hong, J., Yoo, B., & Yang, J. (2021). The effect of religious commitment and global identity on purchase intention of luxury fashion products: A cross-cultural study. Journal Of Business Research, 137, 244-254. https://doi.org/10.1016/j.jbusres.2021.08.040 DOI: https://doi.org/10.1016/j.jbusres.2021.08.040
Ma, L., Zhang, X., & Yu, P. (2021). Mobile Users’ Online Luxury Consumption in China: The Moderating Role of Face Consciousness. Mobile Information Systems, 2021, 1-12. https://doi.org/10.1155/2021/6633477 DOI: https://doi.org/10.1155/2021/6633477
McFerran, B., Aquino, K., & Tracy, J. (2014). Evidence for two facets of pride in consumption: Findings from luxury brands. Journal Of Consumer Psychology, 24(4), 455-471. https://doi.org/10.1016/j.jcps.2014.03.004 DOI: https://doi.org/10.1016/j.jcps.2014.03.004
Mo, T., & Wong, N. (2019). Standing out vs fitting in: luxury value perception and acculturation. International Marketing Review, 36(3), 483-510. https://doi.org/10.1108/imr-12-2017-0251 DOI: https://doi.org/10.1108/IMR-12-2017-0251
Olšanová, K., Escobar Ríos, A., Cook, G., Král, P., & Zlatić, M. (2021). Impact of the awareness of brand-related CSR activities on purchase intention for luxury brands. Social Responsibility Journal, ahead-of-print(ahead-of-print). https://doi.org/10.1108/srj-10-2020-0398 DOI: https://doi.org/10.1108/SRJ-10-2020-0398
Park, J., Hyun, H., & Thavisay, T. (2021). A study of antecedents and outcomes of social media WOM towards luxury brand purchase intention. Journal Of Retailing And Consumer Services, 58, 102272. https://doi.org/10.1016/j.jretconser.2020.102272 DOI: https://doi.org/10.1016/j.jretconser.2020.102272
Peng, N., Chen, A., & Hung, K. (2019). Dining at luxury restaurants when traveling abroad: incorporating destination attitude into a luxury consumption value model. Journal Of Travel & Tourism Marketing, 37(5), 562-576. https://doi.org/10.1080/10548408.2019.1568352 DOI: https://doi.org/10.1080/10548408.2019.1568352
Pillai, K., & Nair, S. (2021). The effect of social comparison orientation on luxury purchase intentions. Journal Of Business Research, 134, 89-100. https://doi.org/10.1016/j.jbusres.2021.05.033 DOI: https://doi.org/10.1016/j.jbusres.2021.05.033
Quach, S., & Thaichon, P. (2017). From connoisseur luxury to mass luxury: Value co creation and co-destruction in the online environment. Journal Of Business Research, 81, 163-172. https://doi.org/10.1016/j.jbusres.2017.06.015 DOI: https://doi.org/10.1016/j.jbusres.2017.06.015
Rahimnia, F., & Arian, N. (2021). Luxury consumption and the moderating role of attitude toward counterfeits: The case of an emerging market. Journal Of General Management, 47(1), 41-55. https://doi.org/10.1177/03063070211013335 DOI: https://doi.org/10.1177/03063070211013335
Rehman, A. (2021). Consumers' perceived value of luxury goods through the lens of Hofstede cultural dimensions: A cross‐cultural study. Journal Of Public Affairs. https://doi.org/10.1002/pa.2660 DOI: https://doi.org/10.1002/pa.2660
Roux, E., Tafani, E., & Vigneron, F. (2017). Values associated with luxury brand consumption and the role of gender. Journal Of Business Research, 71, 102-113. https://doi.org/10.1016/j.jbusres.2016.10.012 DOI: https://doi.org/10.1016/j.jbusres.2016.10.012
Shan, J., Jiang, L., & Wei, W. (2016). Who is the real fan for luxury? Generational differences in China. Social Behavior And Personality: An International Journal, 44(6), 953-963. https://doi.org/10.2224/sbp.2016.44.6.953 DOI: https://doi.org/10.2224/sbp.2016.44.6.953
Sharma, P., Pradhan, S., & Srivastava, A. (2021). Understanding the luxury purchase intentions of young consumers: a qualitative analysis. Asia-Pacific Journal Of Business Administration, 13(4), 452-476. https://doi.org/10.1108/apjba-01-2021-0019 DOI: https://doi.org/10.1108/APJBA-01-2021-0019
Shukla, P. (2012). The influence of value perceptions on luxury purchase intentions in developed and emerging markets. International Marketing Review, 29(6), 574-596. https://doi.org/10.1108/02651331211277955 DOI: https://doi.org/10.1108/02651331211277955
Shukla, P. (2011). Impact of interpersonal influences, brand origin and brand image on luxury purchase intentions: Measuring interfunctional interactions and a cross-national comparison. Journal Of World Business, 46(2), 242-252. https://doi.org/10.1016/j.jwb.2010.11.002 DOI: https://doi.org/10.1016/j.jwb.2010.11.002
Shukla, P., & Purani, K. (2012). Comparing the importance of luxury value perceptions in cross-national contexts. Journal Of Business Research, 65(10), 1417-1424. https://doi.org/10.1016/j.jbusres.2011.10.007 DOI: https://doi.org/10.1016/j.jbusres.2011.10.007
Shukla, P., Singh, J., & Banerjee, M. (2015). They are not all same: variations in Asian consumers’ value perceptions of luxury brands. Marketing Letters, 26(3), 265-278. https://doi.org/10.1007/s11002-015-9358-x DOI: https://doi.org/10.1007/s11002-015-9358-x
Singh, N., & Nigam, S. (2021). Value-Based Segmentation of Generation Z Women Consumers of India : Replication and Validation of Model. Prabandhan: Indian Journal Of Management, 14(10), 8. https://doi.org/10.17010/pijom/2021/v14i10/166641 DOI: https://doi.org/10.17010/pijom/2021/v14i10/166641
Siu, N., Kwan, H., & Zeng, C. (2016). The role of brand equity and face saving in Chinese luxury consumption. Journal Of Consumer Marketing, 33(4), 245-256. https://doi.org/10.1108/jcm-08-2014-1116 DOI: https://doi.org/10.1108/JCM-08-2014-1116
Srivastava, R., Bhanot, S., & Srinivasan, R. (2016). Segmenting Markets Along Multiple Dimensions of Luxury Value: The Case of India. Journal Of Promotion Management, 22(1), 175-193. https://doi.org/10.1080/10496491.2015.1088925 DOI: https://doi.org/10.1080/10496491.2015.1088925
Sun, G., Wang, W., Cheng, Z., Li, J., & Chen, J. (2016). The Intermediate Linkage Between Materialism and Luxury Consumption: Evidence from the Emerging Market of China. Social Indicators Research, 132(1), 475-487. https://doi.org/10.1007/s11205-016-1273-x DOI: https://doi.org/10.1007/s11205-016-1273-x
Teimourpour, B., & Heidarzadeh Hanzaee, K. (2011). The impact of culture on luxury consumption behaviour among Iranian consumers. Journal Of Islamic Marketing, 2(3), 309-328. https://doi.org/10.1108/17590831111164822 DOI: https://doi.org/10.1108/17590831111164822
Teimourpour, B., Hanzaee, K., & Teimourpour, B. (2013). Segmenting Consumers Based on Luxury Value Perceptions. Research Journal Of Applied Sciences, Engineering And Technology, 5(5), 1681-1688. https://doi.org/10.19026/rjaset.5.4923 DOI: https://doi.org/10.19026/rjaset.5.4923
Timperio, G., Tan, K., Fratocchi, L., & Pace, S. (2016). The impact of ethnicity on luxury perception: the case of Singapore’s Generation Y. Asia Pacific Journal Of Marketing And Logistics, 28(2). https://doi.org/10.1108/apjml-04-2015-0060 DOI: https://doi.org/10.1108/APJML-04-2015-0060
Vigneron, F., & Johnson, L. (2004). Measuring perceptions of brand luxury. Journal Of Brand Management, 11(6), 484-506. https://doi.org/10.1057/palgrave.bm.2540194 DOI: https://doi.org/10.1057/palgrave.bm.2540194
Vijaranakorn, K., & Shannon, R. (2017). The influence of country image on luxury value perception and purchase intention. Journal Of Asia Business Studies, 11(1), 88-110. https://doi.org/10.1108/jabs-08-2015-0142 DOI: https://doi.org/10.1108/JABS-08-2015-0142
Vincent, R., & Gaur, S. (2021). Luxury for Hire: Motivations to Use Closet Sharing. Australasian Marketing Journal, 29(4), 306-319. https://doi.org/10.1177/1839334921999502 DOI: https://doi.org/10.1177/1839334921999502
Wiedmann, K., Hennigs, N., & Siebels, A. (2009). Value-based segmentation of luxury consumption behavior. Psychology And Marketing, 26(7), 625-651. https://doi.org/10.1002/mar.20292 DOI: https://doi.org/10.1002/mar.20292
Yang, J., Ma, J., Arnold, M., & Nuttavuthisit, K. (2018). Global identity, perceptions of luxury value and consumer purchase intention: a cross-cultural examination. Journal Of Consumer Marketing, 35(5), 533-542. https://doi.org/10.1108/jcm-02-2017-2081 DOI: https://doi.org/10.1108/JCM-02-2017-2081
Yu, F., & Zheng, R. (2021). The effects of perceived luxury value on customer engagement and purchase intention in live streaming shopping. Asia Pacific Journal Of Marketing And Logistics, ahead-of-print(ahead-of-print). https://doi.org/10.1108/apjml-08-2021-0564 DOI: https://doi.org/10.1108/APJML-08-2021-0564
Zhang, L., & Zhao, H. (2019). Personal value vs. luxury value: What are Chinese luxury consumers shopping for when buying luxury fashion goods?. Journal Of Retailing And Consumer Services, 51, 62-71. https://doi.org/10.1016/j.jretconser.2019.05.027 DOI: https://doi.org/10.1016/j.jretconser.2019.05.027
Zhao, C., & Diao, S. (2012). Comparative Analysis of Luxury Market in China and India Based on PEST Model. Proceedings Of 2012 3Rd International Asia Conference On Industrial Engineering And Management Innovation (IEMI2012), 193-200. https://doi.org/10.1007/978-3-642-33012-4_20 DOI: https://doi.org/10.1007/978-3-642-33012-4_20
Zici, A., Quaye, E., Jaravaza, D., & Saini, Y. (2021). Luxury purchase intentions: the role of individualism-collectivism, personal values and value-expressive influence in South Africa. Cogent Psychology, 8(1). https://doi.org/10.1080/23311908.2021.1991728 DOI: https://doi.org/10.1080/23311908.2021.1991728
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Shifali Kataria, Dr. Deepika Singla
This work is licensed under a Creative Commons Attribution 4.0 International License.
With the licence CC-BY, authors retain the copyright, allowing anyone to download, reuse, re-print, modify, distribute, and/or copy their contribution. The work must be properly attributed to its author.
It is not necessary to ask for further permission from the author or journal board.
This journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.
