A REVIEW OF LUXURY CONSUMPTION ON FASHION PRODUCTS

Abstract

For centuries, people worldwide have satisfied themselves with the possession of beautiful goods. Today, consumers have at their disposal a larger discretionary income than ever before. Income has increased throughout the hierarchy scale, but most dramatically in the highest social classes. Today, consumers are willing to offer considerably higher amounts of money for luxury products (Husic & Cicic, 2009).
Who buys luxury brands? Usually, these are Individuals who are especially concerned about the impression they make on others (Husic & Cicic, 2009). They are more concerned about physical appearance and fashion, and are more likely to use different strategies to gain approval from others. By using status goods as symbols, individuals communicate meaning about themselves to their reference groups. Many consumers purchase luxury goods primarily to satisfy an appetite for symbolic meanings. An important class of symbols involves association with a prestigious group that represents excellence or distinction in an area related to one’s self-image (Wicklund & Gollwitzer, 1982).