Understanding Consumer Values and Socialization - a Case of Luxury Products

Abstract

The values consumer considers and associates with luxury products have changed as a result of globalization and modernization. Traditionally, consumers rely on functional values when making a luxury purchase decision. However, in contemporary times, there has been a shift to an emphasis on emotional values and social values when considering luxury product purchases. While there are existing researches, which have focused on the functional values of luxury products, there seems to be a scarcity of knowledge that explains the emotional values and social values associated with luxury products. Accordingly, the aim of this study is to understand consumer values on luxury products and how contemporary consumer socialization have cause a shift towards reliance on emotional values and social values when making luxury product purchases. The study is exploratory in nature and employs a qualitative discoveryoriented approach to explore consumer perceptions, opinions and experiences in relation to values and socialization associated with luxury products. Findings show that functional values remains as a consideration, particularly in terms of brand symbols, quality and durability of luxury products. There is, indeed, a stronger emphasis on emotional values and social values, in which consumers associates the consumption of luxury products with hedonistic experiences and a necessity to purchase, own and consume luxury products to conform with society expectations and to fit into the exclusive and higher social status consumer segments. Implications and recommendations from the study’s findings are also presented.

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