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

Hannele Kauppinen-Räisänen, Johanna Gummerus, Catharina von Koskull, Helene Christini

Research output: Contribution to journalArticleScientificpeer-review

4 Citations (Scopus)

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.

Original languageEnglish
Peer-reviewed scientific journalQualitative Market Research: An International Journal
Volume22
Issue number3
Pages (from-to)229-249
Number of pages21
ISSN1352-2752
DOIs
Publication statusPublished - 28.06.2019
MoE publication typeA1 Journal article - refereed

Keywords

  • 512 Business and Management
  • context
  • emotion
  • experience
  • luxury
  • meaning
  • prudential value

Areas of Strength and Areas of High Potential (AoS and AoHP)

  • AoS: Competition economics and service strategy - Service and customer-oriented management

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