Consumers’ Attitude towards Branded Jewelry example

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Consumers' Attitude Towards Branded Jewelry

The times of economic crisis are hardly a favorable period for the luxury industry. However, sales levels that have been achieved by companies like Dior, Chanel, Yves Saint-Laurent, or Colbert are really impressing (Dubois & Laurent, 1994). Understanding what makes people buy luxury goods even when the times of impulsive purchases have sunk into oblivion is very important, as it helps to ensure sustainability of the industry (Ahmad et al., 2014). The present paper approaches consumers’ attitudes to branded jewelry across European markets.

The objective of comparison across markets is to identify factors what influences buying decision of luxury goods. The paper considers the identified factors to prove that sustainability of the industry is preconditioned by the fact that customers’ buying decision of luxury goods depends more on personal attitudes towards luxury goods, rather than economic influences.Although branded luxuries are an integral part of the market in both developed and developing countries, little research has been done to examine motivational values towards purchasing luxury branded products (Ahmad et al., 2014). This discrepancy can be explained by the lack of consensus on what goods should be viewed as luxurious.

Experts at Deloitte (2014) review several approaches to identifying luxury goods. Goods that are viewed as luxurious have a specific set of attributes. Some experts, for example, Yuan & Kumah (2013) consider goods to be luxury if they are within a certain price range. Another popular vision suggests that luxury goods are characterized by exclusivity of their distribution (Deloitte, 2014). To avoid possible confusion, this paper adopts the definition of luxury goods that has been suggested by Vickers & Renand (2003). In their article, experts note that, “Luxury goods can be differentiated from normal or “non” luxury goods by the extent to which they exhibit a distinctive mix of three important dimensions of instrumental performance in terms of functionalism, experientialism and symbolic interactionism” (Vickers & Renand, 2003, pp. 459-478).

The definition is plausible not only because it offers a set of criteria by which one can distinguish between luxury and non-luxury goods, but also suggests that a purchasing decision of luxury goods is mainly preconditioned by personal attitudes towards this type of goods.A two-step survey of 440 French customers allows Dubois & Laurent (1994) come to several important conclusions regarding the perception of luxury goods. While approaching respondents’ attitude toward luxury goods, Dubois & Laurent (1994) conclude that customers associated luxury goods with such terms as “upscale”, “quality”, “good taste”, “class”, “flashiness”, and “bad taste” (pp. 273-278). The analysis of terms allows suggesting that many customers tend to experience ambivalent feelings when it comes to luxury products (Sherry et al., 1993). One and the same person may view buying luxury items as an indicator of a good and a bad taste.This ambivalence is further examined by Dubois & Laurent (1994), who make assumptions why Europeans like or dislike luxury goods.

The two most common reasons for which European consumers do …

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