Luxury brands are among the most recognized and respected brands the world over (Vickers and Renand, 2003). The retailing of luxury products includes organizing complex cues to implement the aura and singularity of the brand (Dion and Arnould, 2011).
Income-based demographic segmentation has been used by marketers to clearly identify their target group and then devise strategies to reach out to them in the most effective manner. Over the last few decades, the psychosocial dimensions of customers like social class, lifestyle and culture have also been increasingly used by marketers to target them (Dubois, 1993). Exclusivity and rarity element of luxury brands result in generating positive preferences of customers towards the brands. Further, the customers get attracted to the intrinsic values of unique experience, feelings and emotions, purchase pleasure, memories and desire, and the extrinsic values of product features, price, quality and status symbol (Daswani and Jain, 2011). According to the hedonic perspective put forth by some researchers, the purchase of luxury goods satisfies the buyers’ appetite for symbolic meaning and it also satisfies consumers’ desire to extend their own personalities through their possessions (Hirschman and Holbrook, 1982; McCracken, 1986; and Belk, 1988).
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