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Luxury Consumer Motivation Research Paper

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-Luxury purchase Motivation :
Motivation is strongly an influential factor that drives consumer to buy; historically researchers believed that a motivation to buy luxury was for the symbolic meaning than utility. The Economist Veblen (1899) describes luxury as conspicuous which means consumers are motivated by status seeking. Luxury consumer’s people are motivated by showing upper class status rather than using the item purchased as function. According to ( Duesenberry, 1949 ) the reason why people spend a huge amount of money on luxury was that they wanted to maintain their self-esteem , this explain why some people purchase a luxury item despite getting similar utility if purchased a cheap one .In 1950 , Leibenstein done a research on new …show more content…

Veblen effect is a perceived conspicuous value. Its about a phenomenon that is : When the price of some goods raise the demand will increase , this means that when price increase some goods will become more popular and the sales will increase . On the view of economy when price raise ,demand definitely will drop and the vice versa is true .According to Veblen(1899) and that is one of the earliest researchers in luxury field did not linked high price for quality nor did he linked high price of goods to hedonism .He said : ‘’ when people are seek for status , they will achieve it by conspicuous consumption .Veblen defined two motivations of conspicuous consumption . The first one is: ‘’ Invidious comparison’’ and the second ‘’ Pecuniary emulation’’. The invidious comparison it happens when people from upper social class differentiate themselves from the people of the lower class by consuming conspicuously. The second one is ‘’ Pecuniary emulation ‘’ is the vice versa of invidious comparison , it happens when people from lower social class buy high price goods in order to identify themselves as a upper social class .The high price of luxuries is seen as a perceived of creating some distance between social class . According to (Laurie ,1997 ) the price of luxury can reach equilibrium when it is very high to discourage imitation and differentiate of social class . According to Veblen the main motivation of purchasing luxury is to impress others . ( Vigneron & Johson ) the invidious consumer see price as an indicators of purchase power , it is important for invidious consumers that their purchase

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