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

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Kauppinen-Räisänen , H , Gummerus , J , von Koskull , C & Christini , H 2019 , ' The new wave of luxury: The meaning and value of luxury to the contemporary consumer ' , Qualitative Market Research: An International Journal , vol. 22 , no. 3 , pp. 229-249 .

Title: The new wave of luxury: The meaning and value of luxury to the contemporary consumer
Author: Kauppinen-Räisänen, Hannele; Gummerus, Johanna; von Koskull, Catharina; Christini, Helene
Contributor: Hanken School of Economics, Marketing, Helsinki
Belongs to series: Qualitative Market Research: An International Journal
ISSN: 1352-2752
Abstract: Purpose: The purpose of this study was to explore what luxury represents to contemporary consumers in their own life contexts. Design/methodology/approach: A mixed-methods qualitative approach was adopted that comprised individual, personal interviews and focused interviews with small groups. Findings: The 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 implications: For marketing managers, the findings suggest that the wave of new luxury – seeking meaningfulness – may serve as a novel means of branding. Originality/value: This 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.
Date: 2019-06-28
Subject: 512 Business and Management
prudential value
0 - Not open access
1 - Self archived
1- Minst en av författarna har en utländsk affiliation
1- Publicerad utomlands
0- Ingen affiliation med ett företag
AoS: Competition economics and service strategy - Service and customer-oriented management

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