الفهرس | Only 14 pages are availabe for public view |
Abstract Luxury is usually associated with the finer things in our life. Everyone wants a bit of luxury. It is a concept that is used often but no one really understands what it actually means. Considering the amount of profit the luxury market reaps in annually, the motives behind this should be looked at. The consumers of luxury brands include both young and old consumers but in order to understand the increasing demand of young consumers in the luxury market; an understanding has to be made to analyze the luxury market in terms of the perceived prestige values which are reflected by motives and to determine the prestige store factors that influence luxury consumption among young Egyptian consumers. Since Egypt has widened its market doors to global trade, demand has been continuously on the rise for luxury brands, especially from young Egyptian consumers. This study aims to identify the young Egyptian consumers’ prestige values toward luxury fashion brands consumption. Young consumers have become consumer trendsetters as their spending power increases, and their western cultural reference points broaden dramatically (Louis, 2002). Consumers in their twenties are rapidly replacing middle-aged consumers as the main consumers of global luxury brands (Park, 2000).Realizing this trend, global luxury brand marketers are developing strategies to attract young Egyptian consumers with moderate income who have never been considered as a target market in the traditional sense. This research addresses the impact of consumer prestige values on luxury brands consumption and how this relationship is mediated by the prestige sensitivity factors. A review of the developments in the luxury market has shown significant changes in demand and supply sides. The luxury market has been growing rapidly over the last 20 years, and luxury brands, formerly reserved for a small group of privileged individuals, are now available to more consumers. Meanwhile, luxury goods manufacturers have been applying new marketing strategies, and extending their brands without any insights as to the consequences for their brands. Despite these changes, little research has investigated the luxury market. Therefore, a systematic review has been undertaken regarding the nature of luxury brands and research measuring luxury brand consumption such as prestige values. Abstract Luxury consumption has been neglected, and yet many questions arise concerning the underlying dimensions of luxury shopping. Three scales were used: questions concerning luxury consumption were used in order to determine the sample of luxury consumers, a PRECON-scale was used to measure individual differences in consumers’ prestige shopping preferences and scale was used to measure the values perceived by prestigious consumer. The scope of luxury brands covered in this study was limited to fashion brands for two reasons. First, young Egyptian consumers, the subject of this study, are increasingly becoming familiar with foreign brand names and products, especially in the area of fashion. Second, due to the very public and visible nature of fashion goods, rapid increase in the number of their distribution channels and diffusion of marketing communications have been most dynamic around the globe including Egypt. Data were collected from 402 convenience sampled consumers. Evidence of reliability and validity presented. Even though the study is conclusive by nature, the study indicates the representations of the quality in creating the illusion of luxury. The results show that in this market, consumers perceive quality as a brand determinant. Further, strong patron status suggests a “snob effect” in terms of searching for uniqueness among respondents, who buy exclusive items in an attempt to distinguish themselves. Hence, rare products indicate respect and prestige among the respondents. Furthermore, it also showed that luxury consumers behave similarly worldwide, regardless of the economic or social surroundings. Lastly, implications in marketing and industry, and recommendations for further research are discussed in the conclusion. Keywords: Consumer prestige values, store sensitivity factors, Luxurious consumption. |