The Luxury Market
CHAPTER 2 LUXURY 2.1. The Luxury Market Due to the importance and growth of the luxury sector in recent years, many have been written in the literature regarding such an issue. Despite this, the determinants of luxury acquisition and consumption and the impact of cultural, economical, social and technological forces on the consumer’s behavior have not been investigated to a full extent. This way, in the following chapter, besides presenting a general description of today’s rather complex market and luxury consumers, a significant emphasis will be placed on the challenges that both the market and consumers create because of their characteristics. Luxury is everywhere and can be found in several product categories, namely fashion (haute couture, …show more content…
The first concerns to recreation of social stratification. It does it in a democratic way, that is, people are free, up to a certain limit, to behave according to their own personality. And this is a solid argument so that the richest and most powerful people have an extremely strong desire for luxury brands. In addition to this function, ‘luxury should have a very strong personal and hedonistic component’ (Kapferer and Bastien, 2009). It has to be taken into account what luxury means in terms of personal pleasure to avoid any confusion with snobbery. It is up to the people freely make their own decisions and do what themselves wish, not being subject to what others want to impose (Kapferer and Bastien, …show more content…
The Inaccessible Luxury is at the top of the pyramid, it is the elite to the elite. This category the haute couture belongs to, involves objects or unique experiences, authentic creations. The product or service is unique and must be a surprise for those it was produced for. Innovation and creativity are fundamental values and excellence is crucial at all levels (materials, processes and rendered services). Signs or symbols of distinct status are not at all desirable (Rosa, 2010). The Intermediary Luxury answers the consumers’ needs and their lifestyle. It is characterized by the limited manufacture and usually corresponds to objects that are expensive replicas of individual models. The consumption of this category is usual in high classes and isolated in high middle classes, and has registered a constant and important development. In this segment symbolism of differentiation is fundamental and immediate identity codes are essential (Rosa, 2010; Chevalier and Mazzalovo,
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