Understanding Luxury Branding

Abstract

The origin of luxury goes back to the ancient times. People indulge in luxurious products to satisfy their intrinsic and extrinsic needs. The sales of luxury goods in 2010 are expected to grow by four percent to 158 billion Euros. The better spending by the aspirational and young buyers, and the increase in middle class disposable income have given rise to luxury goods trade. However, the consumption of luxurious goods varies with consumers’ taste and choices. They define and express luxury brands in different notations depending on their profile and fundamental values. Moreover, consumers changing preferences are reshaping the luxury meaning. This paper figures out the multi-dimensional attributes of luxury and identifies the changing perception of consumers in today’s times. The paper builds a conceptual framework that can help the marketers in forming the luxury brands communication strategies with which they can construct groundbreaking rules for their brand.

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