The Importance Of Luxury Consumption

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Luxury consumption has been a part of many people's lives. Everyone has the ability to access and purchase clothes, cars, perfumes, etc. It is reported by Boston Consulting Group (BCG), consumers spent an annual aggregate amount of more than $1.8 trillion worldwide on items the respondents defined as luxuries. They also stated that by 2022, personal and experiential luxury are estimated to be a €1,135 billion market, a notable increase from 2015. Luxury is a bliss and strongly correlated with emotion. Luxury was practically isolated back in the 19th century, it was reserved for the small percentage of elite (Kapferer and Bastien, 2009). Initially, social stratification was the main objective of luxury consumption which gradually has changed. Although status is still one of the reasons, today, people purchase luxury products for a variety of reasons. For example, their own self-satisfaction, self-identity, experience, product's craftsmanship… etc. Kapferer & Bastien (2009) claimed that luxury has…show more content…
Lee (2000) stated that perceived assumption or image of subjectively important groups have a bigger influence on consumers from collectivist society rather than the ones from individualist society. Social identity is an essential part in collectivism culture. People from higher index of masculinity like Japan buys luxury products in order to display their achievement and success. As De Mooij and Hofstede (2011) discussed that masculine societies focus on individual's performance and accomplishment. There are many different ideas of status across the countries. Luxury products can be used as indicator of an individual's success, it makes them more enticing to members of masculine cultures than to members of feminine cultures (De Mooij, 2004). There is a need to showing off their status through the luxury

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