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Counterfeit Luxury Brands - Essay Example
Consumers who have a high status consumption perspective tend to purchase counterfeits of luxury brands because such consumers regard status as a final determinant of consumption. They are determined to achieve parallel status on the premise that their ability to buy counterfeit luxury brands is an indicator of parallel success as with those well-to-do consumers…
As a result their attitude towards purchasing counterfeit luxury brands is determined by a self perception of high status with those who are able to afford genuine luxury brands. Thus the consumers' income and the occupational status are positively associated with the status purchasing behavior.
Higher status consumption perspective affects consumer's purchasing decisions positively. However Giffen goods and inferior goods might not be interpreted as affect in the consumer choices under this construct because such consumers with a willingness to purchase counterfeit luxury brands think only of the potential social status and not the genuine economic welfare associated with the good. As a result those consumers tend to identify themselves with status determined welfare in relation to what can be regarded as a luxury brand irrespective of the underline quality determinant.