Brands like Louis Vuitton, Cartier, and Gucci have started investing in their marketing campaigns. While old brands continue to lead the market, new luxury brands have also emerged. One such luxury product includes Apple’s iPhone.
The definition of luxury has been presented by many researches and books and these have been drawn mainly through the consumers’ perception of luxury. Luxury has been known to impact the consumers through different ways. Luxury is loosely referred to products that are priced high, have a high perceived quality and provide an exceptional experience of the consumers.
Products such as the iPhone redefine the concept of luxury to a certain extent. Such products are not always targeted to the rich and affluent class but also to those consumers who wish to improve upon their self-esteem by buying luxury products. Therefore, a correlation is observed between low self-esteem and luxury products.
Significance of the Study
As the global market is being revived after the long global recession that struck the world in 2007, demand for luxury goods is on the increase. This means that marketers around the world have to focus their attention back to marketing luxury goods. As the concept of luxury is being continuously redefined, luxury has been categorized into old luxury and new luxury.