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The new wave of luxury: the meaning and value of luxury to the contemporary consumer

The new wave of luxury: the meaning and value of luxury to the contemporary consumer PurposeThe purpose of this study was to explore what luxury represents to contemporary consumers in their own life contexts.Design/methodology/approachA mixed-methods qualitative approach was adopted that comprised individual, personal interviews and focused interviews with small groups.FindingsThe study contributes to the field of luxury research by highlighting consumers’ interpretations of luxury as highly subjective, relative and contextual; showing that according to consumers, luxury relates to both consumption and non-consumption contexts; illustrating the value of luxury as a multidimensional construct in both contexts; and demonstrating how luxury may relate to a consumer’s desire to be meaningful and genuine, thereby generating prudential value. In these cases, luxury is closely linked to consumers’ perceptions of meaningfulness and well-being.Practical implicationsFor marketing managers, the findings suggest that the wave of new luxury – seeking meaningfulness – may serve as a novel means of branding.Originality/valueThis study demonstrates that the significance of the concept of luxury transcends commercial settings and offerings, i.e. the brand, product or service. The findings show that luxury may also be generated in non-commercial contexts and specific activities (e.g. running, gardening). Based on these findings, it is proposed that luxury in non-commercial settings is characteristic of the new wave of luxury, and that in such settings, luxury may contribute to personal well-being, thereby generating prudential value. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Qualitative Market Research: An International Journal Emerald Publishing

The new wave of luxury: the meaning and value of luxury to the contemporary consumer

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1352-2752
DOI
10.1108/QMR-03-2016-0025
Publisher site
See Article on Publisher Site

Abstract

PurposeThe purpose of this study was to explore what luxury represents to contemporary consumers in their own life contexts.Design/methodology/approachA mixed-methods qualitative approach was adopted that comprised individual, personal interviews and focused interviews with small groups.FindingsThe study contributes to the field of luxury research by highlighting consumers’ interpretations of luxury as highly subjective, relative and contextual; showing that according to consumers, luxury relates to both consumption and non-consumption contexts; illustrating the value of luxury as a multidimensional construct in both contexts; and demonstrating how luxury may relate to a consumer’s desire to be meaningful and genuine, thereby generating prudential value. In these cases, luxury is closely linked to consumers’ perceptions of meaningfulness and well-being.Practical implicationsFor marketing managers, the findings suggest that the wave of new luxury – seeking meaningfulness – may serve as a novel means of branding.Originality/valueThis study demonstrates that the significance of the concept of luxury transcends commercial settings and offerings, i.e. the brand, product or service. The findings show that luxury may also be generated in non-commercial contexts and specific activities (e.g. running, gardening). Based on these findings, it is proposed that luxury in non-commercial settings is characteristic of the new wave of luxury, and that in such settings, luxury may contribute to personal well-being, thereby generating prudential value.

Journal

Qualitative Market Research: An International JournalEmerald Publishing

Published: Jun 10, 2019

References