Marketing luxury fashion in india

Abstract

Traditionally, luxury goods or status goods have been defined as goods for which the mere use or display of a particular branded product brings prestige to the owner, apart from any functional utility (Grossman and Sharpiro, 1998). Phau and Prendergast (2001) assume that luxury brands “evoke exclusivity, have a well-known brand identity, enjoy high brand awareness and perceived quality, and retain sales levels and customer loyalty’. According to Glyn Atwal and Alistair Williams (2009), changes in contemporary consumer behavior in western societies have led to the emergence of a new meaning of luxury. ‘New luxury’ has been defined as ‘products and services that possess higher levels of quality, taste, and aspiration than other goods in the category but are not so expensive as to be out of reach’.