Impact of Globalisation on the British consumer motivations towards luxury commodities: Generation Y in focus

Dominique Trual Molintas

MPRA Paper from University Library of Munich, Germany

Abstract: This research looks into the impression of the Global economic slowdown on British middle income groups, as regards motivations towards luxury commodities. Subsequently, whether the strength of the inherent motivation towards luxury commodities creates resilience against the phenomenon. Study methodology leans on the theory of cognitive dissonance, and measures data collected through a small survey. Tabulation of all aspects presents with deepened motivations, positive purchase levels and demand for luxury commodities and services surfaced in spite the magnitude of the phenomenon and curtailed access to credit. By so, sufficient empirical evidence validates the hypothesis: No significant change is stated in the consumer purchase parity toward luxury commodities, and no direct relationship is established between the Global financial crisis and the consumption of luxury commodities. Resilience is strongly influenced by the Hedonistic effect and the perfectionist. Alongside the luxury categories of preference, these three aspects form the area of critical cognisance and above the average indicator. Motivations associated with the bandwagon effect and the Veblen effect, both come before the purchasing parity with least priority across the indicators of these six aspects. British consumer motivations are deeply engrained in the Englishman concept of art, aristocracy, lavishness and glamour; defining a culture characterised for elegance, perfection, rarity and the inherent desire for pleasure. After decades of industrialisation, followed by technological advancement; the strong resuscitation of such nature manifests in Generation Y's attraction for the same qualities to experience what is meant by feel good. This document provides valuable knowledge and tools that can clearly improve the scope and effectiveness of businesses and practitioners in respect to what influences and curtains the consumption of luxury commodities.

Keywords: Generation Y; Globalisation Impact; Consumerism; Luxury Commodities; Glamour (search for similar items in EconPapers)
JEL-codes: D12 F6 (search for similar items in EconPapers)
Date: 2013-12-31
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