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The study of motivation in consumers which stimulates them to purchase luxury goods despite the steep and increasing price
Pages 25 (6275 words)
A study of motivation in consumers of Thailand towards purchase of luxury goods despite of increase in price Abstract The luxury product encompasses a broad category of more than necessary products and extraordinary when compared to other products falling under similar category.
For instance small production volume leads to rarity, along with high level of effort and quality to make it extraordinary, aesthetics and create a good story behind the product, which automatically increases the price. The products that are more than ordinary and necessary are required to be scarce and not possessed by everyone. This paves the pathway for making the product too expensive so that only few can access. The recent recession in the year 2008 has made crafty luxury the new buzz word. It is all about consumption of good that has extraordinary features and are expensive but at the same time it is very in-the-know and discreet. A dramatic shift has been observed in the market of luxury products. The recession has adversely affected the rich people. Now the consumption of luxury products is more due to the increased practicality and higher perceived value. The branded name are still the strong sellers, which shows that increase in price is not a big factor that affects the purchasing decision of the consumers. The rising demand of luxury goods in the emerging countries like China, Thailand has aroused the interest among the researchers to indentify the motivating factor behind such an increasing interest. ...
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