The Value of Luxury: Social, individual and functional dimensions.
Abstract
This paper intends to analyze the importance of the perception of the value of luxury in three dimensions: social, individual and functional, in the probability of buying a luxury brand. In line with this, a set of constructs including the three dimensions is considered. The dimensions considered are: brand prestige (social value), brand distinctiveness and brand attractiveness (social and individual values) and brand coherence (functional value). To measure the perception of the value of luxury and its impact in the probability of buying a luxury brand, a quantitative methodology was used. A survey was developed and data was collected through an online questionnaire about the perceptions of consumers on Chanel - a well-known luxury brand. The proposed model was estimated using Logistic Regression of the probability of buying Chanel considering a set of pre-defined variables: socio-demographic variables and brand coherence, brand prestige, brand distinctiveness and brand attractiveness. The results show that brand prestige and brand attractiveness increase the probability of purchase Chanel. Regarding the socio-demographic variables considered the results show that only the income influences the probability of buying Chanel. This research is important to the development of luxury brand management because the answers of the respondents are considered only if the they are consumers of the brand (buyers) and if they show a strong attachment to the brand as well as recognition for its prestige and attractiveness. Taking into account that previous studies regarding luxury buying behavior have a major focus on social issues, the innovativeness of this research is the conjunction of the three dimensions of the perceptions of the consumers – individual, social and functional – to explain the buying behavior of luxury brands.
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International Journal of Marketing, Communication and New Media
ISSN: 2182-9306
DOI: 10.54663/2182-9306
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