Article2015

The complexity of value in the luxury industry

Nadine Hennigs · Klaus‐Peter Wiedmann · Christiane Klarmann · Stefan Henrik Behrens

106 citations0/0 files storedInternational Journal of Retail & Distribution Management

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Consumer Behavior in Brand Consumption and Identification Customer Service Quality and Loyalty Consumer Retail Behavior Studies

Abstract

Purpose – In an attempt to satisfy the rising demand for luxury in the era of the “democratisation of luxury” or the “luxurification of society” without threatening the uniqueness and exclusivity of luxury brands, a profound understanding of the luxury concept and its deeper values is essential. As the complexity of luxury value and the assessment of effects on individual luxury value perception and related behavioral outcomes are still poorly understood and widely unexplored, the purpose of this paper is to fill this research gap. Design/methodology/approach – In the exploratory study context of examining the antecedents and outcomes of individual luxury value perception, PLS path modeling was used for the empirical tests of the hypotheses. Findings – The results support the assumption that the desire for luxury brands involves several dimensions of luxury value including financial, functional, individual and social consumer perceptions. Besides, the individual luxury value perception is significantly related to the consumption of luxury goods in terms of purchase intention, recommendation behavior and the willingness to pay a premium price. Originality/value – The incremental value of the present study is to present and empirically verify a concept that embraces the complexity of luxury value and its causal effects on different aspects of luxury consumption. The results have important implications for luxury brand management and future research in the domain of luxury goods. By addressing the specific value aspects that are highly relevant for consumer loyalty to the brand, a luxury company can stimulate purchase behavior with appropriate marketing campaigns that create and preserve the most important value aspects throughout the supply chain from production to distribution.

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References

2003Common method biases in behavioral research: A critical review of the literature and recommended remedies.1988Consumer Perceptions of Price, Quality, and Value: A Means-End Model and Synthesis of Evidence 1993Conceptualizing, Measuring, and Managing Customer-Based Brand Equity 1998The partial least squares approach for structural equation modeling.1996The Behavioral Consequences of Service Quality 1988Possessions and the Extended Self 2001The Chain of Effects from Brand Trust and Brand Affect to Brand Performance: The Role of Brand Loyalty 2001Consumer perceived value: The development of a multiple item scale

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