The paper “ Factors That Influence Consumer Decisions for Purchasing and Use of Luxury Products” is a forceful example of a literature review on marketing. One of the research objectives is to explore how different literature has conceptualized luxury to establish a definition of luxury for the purpose of the research. Research question: What is luxury? How best can this research conceptualize luxury? Sulheri et al (2011) conceptualize the term luxury as having characteristics of status and premium and by which consumers make statements on their prestige. They are also characterized by aspects of high cost, uniqueness, limited editions and availability in the market, and an aspect of sensual gratification.
The definition of luxury is enhanced by the inclusion of the perception of society and the individual, and thereby entrench the satisfaction of needs beyond the basics into psychological. As such, the article demonstrates how these perceptions and the overall consumer trends are changing due to political situations in Pakistan. This is corroborated by Phau & Prendergast (2000) which indicates the aspect of cost and necessity consideration. Chaudhuri (2006) conceptualizes luxury products as being synonymous with conspicuous consumption.
This article is emphatic on the role of socioeconomic status and how individuals seek for prominent products. It presents a contemporary perspective of the luxury market in comparison to its evolution over time. Lebreton (2006) presents a dissertation on how best international luxury brands may be marketed in China. This literature presents luxury products as targeting the middle-high and high-end markets communicating to consumers and society an aspect of elegance and style. Personal reflection of the progress (any difficulties/points for consideration for next week’ s independent learning) The beginning of this study required a fine understanding of terminologies.
I have searched the library and online for the various meanings of the term luxury. There are numerous meanings various authors have put across. However, I feel that no one literature I have come across gives any differences. Maybe there is a global consensus on this. In addition, most of the literature does not entirely dedicate themselves to the conceptualization of this term. They are dealing with it as just a part of many others. As such, I feel the need to concentrate on key readings and may peruse through others.
I will have many citations but will concentrate on readings that have a significant dedication to my research focus. Research topic: Consumer behavior and consumption decisions, globally and in China. Research objective: To establish the factors that influence consumer decisions for purchasing and use of luxury products. Research question: What are the factors that influence the consumption of luxury products? What are the trends in purchasing behaviors? Consumer behavior factors have been popular in marketing literature. There is a vast range of literature resources for this aspect.
Specific to luxury product consumption, Steenkamp (2002) demonstrates how perceived brand globality is reflected in purchasing decisions. Its comparative data from the USA and Korea indicates luxury products have a global outlook and therefore carry a sense of prestige and perceived quality. Perceived quality is more than perceived prestige. Tavares (2003) proposes a multivariate model in view of understanding the motivations of purchasing.