What are the key drivers for luxury consumption?

Abstract

This thesis explores how the conventional symbols of wealth and exclusivity have changed in response to alterations in consumer ideals and socioeconomic conditions. It investigates into the changing aspects of luxury consumption. This study explores the reasons behind people's preference for luxury goods via the lenses of conspicuous consumption and social comparison theory, emphasizing how these products support social mobility and validate social status. The study uses a mixed-methods approach to examine the effects of psychological, cultural, and economic factors on patterns of luxury consumption. It does this by combining quantitative and qualitative data from consumer surveys. The results show that luxury is now seen as an integral part of a person's identity and social positioning, rather than just a symbol of money. The report also emphasizes the move away from grandeur and towards accessibility by democratizing luxury and changing the ways in which status is exhibited and understood. The thesis advances knowledge of luxury consumption in modern society by providing guidance on navigating the intricacies of the luxury market to marketers and policymakers. And finally, it emphasizes the necessity for luxury firms to adjust to a quickly evolving world were old and new societal influences shape consumer choices.