Factors Influencing Consumer Purchasing Behavior Regarding Luxury Brands

Vimalnath V (), Gururaj Phatak (), Pushpa Honga (), Vishal Kumar R (), Varsha Agarwal () and Guruprasad Ramakrishna Naik ()

SPAST Reports, 2024, vol. 1, issue 1

Abstract: The luxury market in India is undergoing rapid growth, driven by enriched earning salary and profits in bothurban and rural areas, a young demographic advantage, heightened visibility in retail, advertising, and greaterconsumer exposure. Factors such as fashion, lifestyle, social value, and the willingness to spend areinfluencing modern shoppers to purchase luxury brands to fulfil their psychological needs and boost theirself-esteem. Owning luxury merchandise has become a statement of one's essence. This research aimed todelve into the complex dynamics of consumer purchasing behavior (CPB) in relation to luxury brandedproducts. The study utilized several factors, including Materialism, Price-Quality considerations, SocialStatus aspirations, and Brand Trust, as independent variables, to examine their potential impact on thedependent variable, Consumer Buying Behavior (CBB). Data were collected through a well-designedstructured questionnaire distributed to 180 respondents who displayed a specific interest in luxury fashionclothing. The data collection process involved emailing the questionnaire to friends and colleagues, and theresponses were systematically gathered and analyzed using the statistical software SPSS. It is important tonote that the sample population of 180 respondents had limited diversity and may not fully represent the entirepopulation, indicating a scope for further improvement in future research endeavors.

Keywords: Consumer Buying Behavior; Quality; Materialism (search for similar items in EconPapers)
Date: 2024
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