The Value of Luxury: An Emerging Perspective

Acknowledgements
Introduction
Contents
List of Figures
List of Tables
1 Value
1.1 Value as Philosophical Category
1.1.1 The Essence and Foundation of Values in Philosophy—Immanent and Instrumental Values
1.1.2 Value or Values, Coexistence or Hierarchy?
1.1.3 Consequences of a Philosophical Debate of Value for the Understanding of Luxury
1.2 Sociological Value Recognitions
1.2.1 Social Functions of Values
1.2.2 Universal and Socially Diverse Values
1.2.3 Importance of Sociological Research on Values in the Analysis of Luxury
1.3 Psychological Value and Value Judgements
1.3.1 The Importance of Affect in the Process of Value Creation and Valuation
1.3.2 Information Processing in the Evaluation and Decision Making Process
1.3.3 The Importance of Psychological Achievements in the Analysis of Luxury
1.4 Recognition and Study of Value in Economic Sciences
1.4.1 Value in the Work of Early Economists
1.4.2 Towards a Revolution in Economic Values? From J. R. Hicks to This Day
1.4.3 Consequences of the Understanding of Value in Economics for the Analysis of the Value of Luxury
1.5 The Inclusion of Values in Research in the Areas of Management and Consumer Behaviour
1.5.1 Defining Customer Perceived Value (CVP) in the Area of Management and Consumer Behaviour Theory
1.5.2 Components of Value Perceived by the Consumer
1.6 Measuring Tools for Consumer Value Perception—Why Do Quantitative Methods Prevail in Research?
1.7 Value as Research Category—Summary
References
2 From Traditional to Post-modern Value of Luxury
2.1 Definition of Luxury—What Is It and What Is It not?
2.2 Rarity, High Price and Master Craftsmanship—Does It Still Exist or Matter?
2.3 Artistry and Polysensuality—From Possession to Reliving the Experience?
2.4 Luxury as a Symbol of Social Desire and Moral Stigma
2.5 Evolution of Luxury Business—From Class to Mass?
References
3 Luxury Supply Side
3.1 Global Luxury Market—Sales Structure and Dynamics
3.1.1 Structure and Dynamics of Sales of Luxury Goods by Geographical Markets
3.1.2 Luxury Goods and Services Categories and Their Share of the Global Market
3.2 Competitors in the Luxury Goods Market
3.3 Luxury Brand
3.3.1 Characteristics and Varieties of Luxury Goods Brands
3.3.2 Luxury Pyramid and Brand Positioning
3.3.3 Pyramid or Pear? The Consequences of the Democratisation of Luxury and Migration and Brand Stretching
3.4 Business Models in the Luxury Goods Market
3.4.1 Strategies Related to the Supply and Production Architecture
3.4.2 Communication Strategies
3.4.3 Distribution and Sales Strategies
3.4.3.1 Controlled Licensed Sales
3.4.3.2 Airports
3.4.3.3 Outlets
3.4.3.4 Unofficial Retail Outlets for Luxury Goods of Previous Seasons
3.4.3.5 Jobbers’ Activities and Their Impact on the Degradation of Brand Image
3.4.3.6 Internet Sales Channels
3.4.4 Monetisation Strategies
3.5 The Interplay Between Ownership Configurations and Business Models in the Luxury Goods Market
3.5.1 Large Players, Consolidating and Managing Multiple Brands
3.5.2 Smaller Players with Several or One Main Brand
3.6 Consequences of Changes in the Structure and Dynamics of the Luxury Market Development on the Value Proposition—Summary
References
4 Exploring Luxury—Research Scope and Methodology
4.1 Links Between Values, Norms and Preferences
4.2 Values and Consumer Choices
4.3 Scope and Methods of Luxury Research—Overview of the Existing Scientific Output
4.4 Scope and Methods on Luxury Research Used in This Book
4.4.1 Scope and Methodology of Own Research
4.4.2 Research Protocols and Content
4.4.2.1 Interviews with Designers, Owners of Luxury Fashion and Jewellery Stores, Luxury Car Dealers and Retailers in the Luxury Fashion Industry
4.4.2.2 International Electronic Questionnaire on the CLVP
4.4.2.3 Focused Group Interviews
4.4.2.4 Interviews with Affluent Consumers
4.4.2.5 Mystery Shopping
4.4.3 Methods of Statistical Analysis Used
References
5 Consumers’ Perception of Luxury Goods Value: National Context
5.1 Country of Residence, National Culture and Perception of Luxury Goods
5.2 Influence of the Country of Residence and National Culture on the Perception of Luxury Goods—A Review of Published Research
5.3 Influence of the Country of Residence on CLVP—The Author’s Research Results
5.3.1 Short Description of the Countries Analysed in Terms of CLVP Among Consumers
5.3.2 Cultural Dimensions and Religion in the Countries Analysed
5.3.3 Social and Ethical Components of Luxury Value Perception
5.3.4 Hedonic, Functional and Aesthetic Components of CLVP
5.3.5 Price Perception of Luxury Goods in Relation to Social and Functional Components of CLVP
5.4 Conclusions from the Research on the Diversity of CLVP in National Markets
References
6 Impact of Socio-Demographic, Economic and Psychographic Consumer Traits on Luxury Value Perception: Empirical Findings
6.1 Socio-Demographic and Economic Characteristics and Perception of Luxury: Preliminary Remarks
6.1.1 Age as a Criterion for the Global Segmentation of Luxury Consumers?
6.1.2 Gender as a Differentiating Factor in the Approach to Luxury
6.1.3 Education and Perception of Luxury
6.1.4 Income or Materialism as a Category Differentiating the Perception of Luxury?
6.2 Consumers’ Perception of the Value of Luxury Goods and Their Social, Demographic and Economic Characteristics: Foreign Research Findings
6.2.1 The Perception of Luxury and Age
6.2.2 The Perception of Luxury and Gender
6.2.3 The Perception of Luxury and Education, Income and Attitude to Materialism
6.3 Differentiation of CLVP in Terms of Age, Gender, Education and Income Level: Results of Own Research
6.3.1 CLVP Perception by Generations Y and X
6.3.1.1 Results of the International Survey
6.3.1.2 Focused Group Interview Findings
6.3.1.3 Younger, Less Affluent, Single Millennials
6.3.1.4 Older, Richer, in Long Term Relationships: Generation X and Y
6.3.2 CLVP Perception: Is It Influenced by Education, Gender or Income?
6.3.2.1 Results of the E-Questionnaire
6.3.3 The Perception of the Value of Luxury and Psychographic Characteristics of Consumers
6.3.4 International Segmentation of Consumers of Luxury Goods Based on Psychographic Characteristics: Research Review
6.3.4.1 International Segmentation Based on Psychographic Features: Results of Own Research
6.4 Status-Oriented Consumption, Imitative Inclinations and Snobbish Tendencies in Assessing the Value of Luxury
6.4.1 Conspicuous Consumption, Bandwagon and Snobbish Tendencies: A Review of Foreign Studies on Luxury Goods
6.4.2 Between Snobbery and the Pursuit of the Crowd in the Valuation of Luxury: The Results of Our the Author’s Own Research
6.4.2.1 Results of the E-Survey
6.4.2.2 Interviews with Affluent Consumers
6.4.3 Individual Characteristics of Consumers and Their Perception of Luxury: Conclusions
References
7 Who Creates Value of Luxury Goods Within the Value Chain? Companies vs Consumers’ Perspective
7.1 The Role of the Various Components of the Value System in Creating Value Propositions for Consumers
7.2 Which Links in the Supply Chain Contribute to Luxury Value Creation? The Results of the Author’s Own Research
7.2.1 Who Creates Value of Luxury Goods Within the Supply Chain? Results of an International Consumer Survey
7.2.2 Interviews with Business Representatives on Their Contribution to Creating Luxury Value Propositions
7.3 (Don’t) Tell Me What I (Don’t) Want to Hear—Communicating Value in the Luxury Fashion Sector—Mystery Shopping Findings
7.3.1 Sustainability as the Value Factor? Official Brands’ Commitment vs Shop Floor Reality
7.3.2 Consumers Interest in Sustainable Activities of Luxury Fashion Brands
7.4 Impact of Enterprises on the Creation of Luxury Goods’ Value Proposition—Summary
References
Summary
Managerial Implications
Limitations, Future Research Agenda
References
Index