Luxury Goods Market: Millennial Influence

CHAPTER ONE: INTRODUCTION

Background of the Study

In recent years, the luxury goods market has seen significant ‘explosion’. The number of customers purchasing such products have increased (Zhang & Kim, 2013). Some of the most demanded and bought products are bags and accessories such as belts, sunglasses, etc. This is particularly true for the UK, which is also considered as one of the leading fashion countries in the world, and Russia, which is known for a high number of people with ‘enormous’ wealth. It has been observed that a vast majority of buyers of such products are the millennials, i.e. the Generation Y (Shahid, Exploring Motivational Factors and Brand Equity as Drivers of Luxury Consumer Buying Behavior: An Empirical Study, 2019). They have amassed a significant amount of wealth and also have developed a penchant for luxury and high-quality items. The theories and concepts related to consumer behaviour can be a useful way of getting to understand the driving factors that influence millennials towards buying luxury bags and other accessories in the two countries (Wiedmann & Hennigs, 2012). The interest for multipurpose bags that can be utilised on various events is expanding as cost of extravagance totes is very high, and customers incline toward items that can be utilized for different events. Subsequently, a few extravagance brands have additionally presented convertible purses with a few changes includes in the extravagance fragment that can be utilized as a satchel or a shoulder pack or a handbag (Yi & Kumah, 2013). Quickly developing customer requests have impacted producers to present convertible totes. These items are sold through on the web and disconnected channels. Therefore, the expansion in the interest for convertible totes is relied upon to expand the interest in extravagance purses internationally during the figure time frame (Pajić, Consumer behaviour factors and contemporary trends on the luxury goods market, 2019). Because of the fast increment in spending on extravagance style marked items by youthful customers, it is vital for extravagance brands to comprehend what persuades these people towards their buying, in this manner to speak with them all the more successfully (Salem & Salem, 2018). The motivation behind this examination is to research Generation Y individuals' utilisation for extravagance originator handbag for which negligible use or show of specific marked items carries distinction to proprietors, aside from any useful utility (Ting & Goh, 2016). Totes have been chosen as the focal point of this examination since they are expended obviously by people and can be utilised for higher‐level needs, for example, passing on self‐image, venture things, and self‐reward.

Extravagance merchandise are high inclusion items. Thus, purchasers are engaged with data get-together and dynamic procedures. People for various reasons enhance gained items. The distinction in affectability to a specific item traits and intentions in buy can be attributed to social qualities and item classification (Parrott & Danbury, Online behaviour of luxury fashion brand advocates, 2015). One may buy a similar fashioner purse for wandering reasons, for example, to show their riches, thriving, achievement, set up societal position or the apparent predominant quality. Cimatti & Campana (2017) spread out in any event three inspirations for extravagance brands buy to be specific experiential, emblematic and practical. Given the financial condition, will shoppers like to buy extravagance marks by any stretch of the imagination. These become our inquiries for this exploration. Scientist utilized extravagance brand sacks for example totes, men's packs, folder cases, wallets and handbags as the principle object of study. Arora & Kishor (2019) social model by and large alluded to, as the Fishbein model has been all around bolstered by experimental proof and used in examines identified with buyer perspectives and goals (Grotts & Johnson, 2013). The model recommends that expectations to perform practices are affected by abstract standard, mentality toward conduct and saw social control. Outer saw conduct control alludes to an individual's discernment on the degree to which they can control outside boundaries. The most significant hindrance is cost. The examination presumed that once they accomplish apparent control, aim to buy remote brand attire would be created (Yim & Sauer, 2014). This shows individuals require adequate extra cash so as to build up the expectation to buy extravagance products. Development in better brand acknowledgment and solace of spending in rising economies is driving the worldwide handbag advertise considerably, on account of increment in buying force and increment in discretionary cashflow (Salman & Warraich, An Empirical Study to Examine Consumer Behavior towards Luxury Brands in Pakistan., 2016). Industry of tote is drifting in the style business. Purse is structured elegantly for holding the necessary things of individual use. It is greater than pocket or handbags and. There are a few factors that are driving the interest in extravagance totes further. Utilisation of totes is significant for lady and increment in workforce and occupied way of life requesting simple arrangements has filled the development of satchels advertise internationally (Penz & Stöttinger, 2012). As of now, market of satchels is encountering a move from totes to littler handbags with the ascent in inclination for the financially savvy channels that drive the interest from the brand cognizant people. Handbags are the most significant accessory in the design world which is driving income for the market. The essential factors that are driving the development of satchel advertise includes the development in the discretionary cashflow in the creating economies and inclination for extravagance marked products further filling the extravagance purses showcase (Mitchell & Scheinbaum, Purse Parties: A Phenomenology of In-Home Counterfeit Luxury Events', Qualitative Consumer Research, 2017). The pattern that makes a rebound in extravagance purse industry is utilization of the new styles of logos. Brand acknowledgment and force in extravagance logos is driving the development of extravagance purses showcase. Extravagance tote advertise has generously influenced various alternatives of buying for clients. Increment being used of online networking like Instagram and Facebook and web encourages clients to get items and techniques to buy the item (El & Gamal, 2013). Producers of extravagance satchels are building up the ladies' purses which are braced with PC sleeves, versatile holders and key holders and give the vibe of extravagance as opposed to trading off the quality. A large number of the local producers duplicate marked extravagance satchels and sell them at sensible costs. Moreover, interest for extravagance purses for men is additionally ascending as men have distinguished the extravagance totes as result of way of life rather than a utilitarian item (Kapferer & Michaut-Denizeau, Is luxury compatible with sustainability? Luxury consumers’ viewpoint, 2014).

1.1 Aim and Objectives

Aim of the current study is “To Understand the Factors that Influence Millennials towards Buying Luxury Bags and Accessories in the UK and Russian markets”. To achieve this aim, the following objectives had to be fulfilled first:

To identify and discourse about finding the most crucial stage from the adoption theory for the millennial’s luxury customers in the UK and Russia.

To examine the changing consumer preferences towards acquiring luxury bags and accessories.

To determine the driven force to buy high-end pricing goods.

To produce a relevant conclusion, that will enable to understand how to influence the luxury buying journey of millennials from the UK and Russia.

1.2 Research Questions

In order to fulfil aim and objectives of the study, researcher had to find answers to the following questions:

What are the most crucial stages as per the adoption theory that describe millennial luxury customers’ buying behaviour in UK and Russia?

How are the preferences of customers changing towards buying luxury bags and accessories?

What the factors that drive millennials to buy high-end and expensive products?

How can luxury buying journey of the millennials from UK and Russia be understood?

1.3 Hypothesis

The current study is based on the following hypotheses:

H0: There are no differences in key drivers influencing UK and Russian Millennials towards buying luxury bags and other accessories.

H1: There are differences in key drivers influencing UK and Russian Millennials towards buying luxury bags and other accessories.

1.4 Justification of the study

The fashion accessories market, especially that of the luxury items has grown and developed at a very healthy rate in recent years. Due to this reason, it has become imperative for governments and other such authorities to determine the driving factors that promote the buying of luxury bags and other accessories in the UK and Russian markets (El & Gamal, 2013). Through this study, the researcher delves into identifying and exploring these factors and also provide differences in buying behaviour of the millennials from the two countries regarding the purchase of luxury bags and accessories. In this study the researcher presents different aspects of consumer buying behaviour and discusses them with regards to the two countries (Salem & Salem, 2018). By performing this study, the researcher presents a thorough examination of the numerous factors that drive the millennials towards buying the luxury bags and accessories. Over the years there have been several studies which have explored and discussed this topic, however, very little research has been done to explore and understand the factors that influence millennials in the UK and Russia, and their perceptions towards luxury products likes bags, belts, sunglasses, watches and other such accessories (Kapferer & Michaut-Denizeau, Is luxury compatible with sustainability? Luxury consumers’ viewpoint, 2014). This is a significant gap in terms that the UK is one of the leading fashion hubs and Russia is one of the nations that has a significantly higher number of rich people, in particular the millennials.

1.5 Methodology

In the current study interpretivism philosophy was used. The main reason for selecting this philosophy was that it enabled the researcher to present the data in such a manner that it could be easily understood by the readers and thereby conduct the study in a successful manner. Furthermore, through this philosophy, researcher focused on ‘making sense of the data’, thereby furthering adding value for the readers. Furthermore, the interpretivism philosophy enabled the researcher to understand views and thoughts of the participants. In order to conduct this study, the data was collected through semi-structured and structured interview method. This method was selected mainly due to reason that using this method enables the researcher to gather significant amount of data pertaining to the research topic. To support interview methodology, researcher used inductive research approach. It is also known as bottom-up approach and enables the researcher as well as the readers to gain better and effective understanding about the subject matter. Moreover, because of this approach, results obtained during the current investigation can be generalised as well. This means even though at first they are related with driving factors and differentiating factors for UK and Russian millennials while buying luxury bags and accessories, but later, they can be applicable to the fashion industry in general as well. Since the sample size is vast, i.e. 160 participants, using questionnaire survey methodology was well-suited strategy. While, to analyse the data researcher relied on quantitative analysis methods. Herein SPSS software was used to perform independent t-test analysis to compare the two markets and chi-square tests to determine the influence of age on shopping behaviours.

1.6 Structure of the study

The current study has been divided into five sections or chapters. Through these chapters the researcher discusses different aspects of the subject matter and the research process as well (Salem & Salem, 2018). By dividing the study into different chapters, the researcher presents the study in a detailed and well-organised manner. Following paragraphs present an overview of the five chapters of the study. The first chapter is introduction. As the name suggests, it is the first chapter read by the readers. It consists of different sub-sections like background, justification, aim and objectives, research questions, scope of the research and others. It is therefore important for the researcher to appropriately develop this chapter (Pajić, Consumer behaviour factors and contemporary trends on the luxury goods market, 2019). Since it is the first chapter, it should be developed in such a manner that it helps in attracting the readers and keep them engaged as well. Second chapter is literature review. In this section, the researcher performs a critical analysis of the various past studies which have been carried out on different aspects of the research topic. Through this chapter, researcher presents a significant understanding of the subject matter and therefore is helpful for the readers in gaining conceptual clarity about the study and its various topics (Wiedmann & Hennigs, 2012). By critically analysing the past studies, the researcher also identifies and presents gaps in the past studies which can be filled by the current study. In context of the current study researcher has discussed various aspects about the research topic such as British and Russian history of luxury. In the third chapter, i.e. research methodology, the researcher discusses methods and techniques that have been used in the current investigation. It is a very important part of the whole study. In most of the cases it acts as ‘guiding stone’ to the researcher, thereby helping in effectively conducting the study (Arora & Kishor, 2019). Here the researcher discusses topics of philosophy, approach, instruments for data collection, data analysis methods, ethical considerations and others have been discussed in this chapter. One of the key objectives of this chapter is to enable the researcher to identify and discuss reasons for selecting methods and techniques used in the investigation as well as their limitations or drawbacks. Findings and analysis is the fourth chapter. Here the researcher presents results of the data that was collected from different sources (Yi & Kumah, 2013). In context of the current study, this chapter presents a description of the focus group interviews using Coding methods and the analysis of the questionnaire findings using SPSS. This chapter then relates the empirical data with the Five Stage Buying Process Model in order to fulfil the purpose of this study and provide clear answers for the research question of this thesis. The last chapter is the conclusion section. It is the last section of the study and presents an overview of the whole research process (Penz & Stöttinger, 2012). Through this chapter readers gain an understanding about the whole study in a brief manner. Chapter five summarises the results and states the limitations and the suggestion for the further investigation of the topic. The overall conclusions, limitations and opportunity for further studies are discussed. Constructive commercial suggestions will also be made in this chapter.

CHAPTER 2 LITERATURE REVIEW

2.0 Introduction

The section of literature review is an important part of any research investigation. It is of utmost importance for the researcher to perform this chapter in an efficient and effective manner, because it can have an influence on overall success of the investigation as well. Since the current research topic has been studied and evaluated by a number of previous authors and researchers, there is abundance of information on this topic. Therefore, it was imperative for the scholar to conduct this chapter appropriately. Here, the researcher has performed a thorough and critical analysis of the past studies that have been carried out on the research topic. Thus, Giovannini & Xu (2015) rightly stated that the literature review chapter helps and enables both the researcher as well as the reader to develop sound theoretical understanding of the subject and also gain conceptual clarity about it.

2.1 Luxury buying behaviour

Wu & Chaney (2015) states there is no accurate and true definition of the term ‘luxury’. According to the authors, it is very a subjective term as every person considers luxury in different manners. Giovannini & Xu (2015) argues that for some people luxury might be being able to buy even just the necessary goods such as food, while for some individuals it might be associated with buying expensive and hard to acquire products. Therefore, there is no fixed way of defining luxury. As the number of companies that produce and sell high-end and costly products, i.e. luxury items, studying and analysing the luxury buying behaviour has become important for the researchers and experts in this field. Studying luxury buying behaviour of the people enables marketers and companies to develop appropriate strategies that helps them in attracting and retaining the customers. ) found that due to an increase in disposable income of the people, sale and demand of luxury items has increase manifolds. An increasing number of individuals, with enough financial backing are looking to buy such products. Sun & D'Alessandro (2016) states one of the main reasons for such behaviour is not only due to increase in incomes of the people, but also because of the fact that buying such products helps in improving their image and goodwill among others such as their friends and family and the society in general. Today, people can buy expensive, high-end and high-quality items, because they can afford doing so, as put by Phau & Teah (2015). In view of Parrott & Danbury (2015), there is an increasing amount of societal pressure on the people to buy luxury and expensive items. Arora (2017) argues that if one or some people in a society buy luxury items, then the other people start to feel the need that they also need to buy similar luxury products, even if they do not want to buy it or simply cannot afford it. Amatulli & Guido (2015) described this situation with peer pressure. This has become a common behaviour among the public and as Kassim & Zain (2016) states, it is ‘on the road to become a norm in the society’. However, Cimatti & Campana (2017) contradicts this by stating that this is actually not the case, i.e. increasing number of people are not buying luxury items out of peer pressure. Phau & Teah (2015) supports this and presented in their study a discussion which described that only those individuals who have the necessary means and resources are able to buy luxury products; which means that such people who have enough financial backing and are in a position to buy such products, eventually do purchase them. Wu & Chaney (2015) stated that luxury items are bought only by the rich people, because they have the necessary means and resources. Ting & Goh (2016) observed a change in attitude and behaviour of such individuals towards luxury items. According to the authors, such people do not consider buying luxury products as a spending activity, but rather they believe they are investing into them. For instance, buying a luxury apartment in a posh locality of the city is an investment for such people from which they gain returns. Similarly, buying luxury bags and fashion accessories is a means of improving their power and influence in the society, which then not only helps in maintaining their ‘reputation’, but also helps in enhancing it.

2.2 Buying behaviour of millennials towards luxury items

In recent some years the number of millennials, i.e. the young generation buying luxury products has increased at a rather rapid pace. This shows that more and more individuals from the younger generation are looking to purchase luxury items. Pasricha (2020) states that the millennials are essentially transforming the luxury marketplace. This is mainly because of the reason that their expectations from such brands is a lot different from that of their predecessors. It has been estimated that this market will be completely changed by the year 2025 comes around. By the same year, millennials will account for more than 50% of personal luxury market which in 2018 was 32% (Danziger, 2019). Furthermore, in next five years, the millennials will bring 130% growth in the luxury market space. This clearly shows that the role of millennials is very important for growth and development of the luxury market. According to Burnasheva (2019), one of the key reasons for explosive growth in this market is due to the advent and rise of social media. Stępień & Lima (2018) describes the current generation as social media generation, as they tend to be more active on platforms such as Instagram and Twitter, etc. Burnasheva & GuSuh (2018) states that arrival of social media is one of the main factors that influences behaviour and attitudes of the millennials towards luxury items. Today, the younger generation wants to showcase and promote their lifestyle on social media. Thus, in order to get more attention on such channels and to increase their followers on these platforms, the millennial generation tends to buy more luxury items. In recent years, the prominence of social media influencers also has become a key part of the buying and selling process of luxury items (RANI, 2020). Increasing number of such organisations are turning to hiring social media influencers who have significant following on social media channels such as Facebook and Instagram. Luxury fashion companies are turning to such individuals more rather than hiring conventional marketing companies. This is mainly due to reason that as social media is gaining more and more attention, with increasing number of people relying on it every day. Giovannini (2015) states the social media influencers have become an important means through which companies reach out to their target customers. According to Kapferer & Michaut (2019) people tend to follow the advice and suggestions of these social media influencers, as they buy products that are promoted by such individuals.

2.3 Factors influencing purchase of luxury bags and accessories

Over a decade ago, it was recommended that the advertising of extravagance brands was one of the quickest developing divisions of promoting when all is said in done. After 10 years, 7 of the main 100 worldwide brands were extravagance items: Hermès, Louis Vuitton, Tiffany, Cartier, Gucci, Armani and Burberry (Debnath & Khan, 2016). A few research foundations routinely report on the impressive estimation of the extravagance products showcase. Decision Research anticipated for example that, by 2012, it would be worth £225 billion (generally $361 billion or €279 billion) comprehensively by 2012, while Hussain & Kofinas (2017) revealed that interest for such extravagance embellishments as satchels and shoes specifically was expanding quite a long time after year in China. Future predictions openings are introduced by the hearty and quickening interest for extravagance merchandise in the Asia Pacific district in spite of the downturns that have struck in the zone over late occasions (Peshkova & Urkmez, 2016). The district all in all is professed to represent half of all worldwide extravagance buys. It is anticipated that the market in Greater China (counting Taiwan) alone will represent practically half by 2020 and will be worth €169 billion (about $219 billion): an impressive increment from its 15% share in 2010 (Cynanthia & Wang, 2016). Various extravagance brands have been advertised in Asia for a very long while and others have all the more as of late perceived the rising white-collar class there as a worthwhile objective market. The Internet has become a significant vehicle for creating or fortifying a feeling of network among a brand's clients by giving them the feeling that they are for the most part similar individuals who are driven by a comparable energy (Shteyneker & Isaac, 2019). A procedure concentrated on the creation and upkeep of brand networks is an instinctive consistent activity for extravagance items, in that history and custom manage the cost of a prepared method of reasoning for the feeling of belongingness (Shahid, Exploring Motivational Factors and Brand Equity as Drivers of Luxury Consumer Buying Behavior: An Empirical Study, 2019). All around oversaw correspondence can besides offer individuals a basic division between clients of their image and clients of different brands, and in this manner incite brand reliability. Pajić (2019) reports that Cartier was the principal extravagance brand proprietor to actualize a brand network system, by setting up a music-concentrated network on MySpace to as a way to advance client association with the brand around the world. In 2009, Burberry stuck to this same pattern by propelling a long-range interpersonal communication site, "Specialty of the Trench", to energize a feeling of network among its supporters. In excess of 7,000,000 visits in around nine months up to mid-2010 produced important showcasing research information and open doors for additional advancement of the brand (Mitchell, Purse Parties: A Phenomenology of In-Home Counterfeit Luxury Events, 2017). The impact of reference bunches on the acquisition of extravagance merchandise has been perceived in the scholastic writing. It has been proposed that distinguishing proof with reference bunches has been liable for the "purchasing furors" produced when constrained releases please the market Salman (2016). The representative idea of extravagance merchandise implies that buyers are under substantial impact to buy the "right" brand to t into their reference gathering or gatherings. An examination by Oe (2015) reasoned that more youthful buyers were especially inclined to this sort of impact, in that utilization of specific items and brands was found to have been utilized for the depiction of a mental self-image and to allow passage into specific gatherings. It is commonly concurred that the social gathering is critical in societies, prompting similarity with the people who are seen to issue (Cynanthia & Wang, 2016).

2.4 Buying behaviour of millennials in the UK

In Britain before the seventeenth century the word 'extravagance', which initially got from French world 'luxurie' and signified 'desire' and 'intemperance', had negative undertones. Garments was an image of pecking order, and just a few classes could wear costly attire. Just in the twentieth century the term 'extravagance' began to pick up power in Britain (Hall & Towers, 2017). In any case, Britain has never been in excess of a basic retail focal point of extravagance style. The British extravagance purchaser can be portrayed as in vogue and princely, principally considering design as an undertaking. Prior to the Brexit declaration and the spread of the COVID-19, the primary purposes behind twenty to thirty-year olds extravagance buying were the motivation driver and a potential for success to have out (Heo & Muralidharan, 2019). Another intriguing overview distributed by (Dabija & Bejan, 2018) states that there are 11 variables which do impact the twenty to thirty-year olds want to happen the top of the line extravagance merchandise in the UK. Another significant developing trigger for the UK extravagance shopper is manageability, as the twenty to thirty-year olds are anticipating from extravagance organizations to be progressively faithful in their worth chain models (Giovannini, 2015). Another steady affirmation to the way that extravagance organizations ought to be all the more socially capable records among twenty to thirty-year olds by 80%. However, Hall & Towers (2017) contends that recent college grads do no truly focus about supportability when purchasing extravagance merchandise and that they purchase for the most part not to have an impact on others, however for themselves. There are likewise other basic notices that uniqueness and the quality are viewed as strikingly significant factors in the extravagance purchasing conduct. Practically 71% of the twenty to thirty-year olds inhabitants in the UK addressed 'exceptionally intrigued' for the inquiry concerning the enthusiasm of top of the line design products (Debnath & Khan, 2016). Conversely, recent college grads in China, the US and Italy have less significance for a similar extravagance product. The membership box is another well-known subject for twenty to thirty-year olds in the UK, as this age normally buy in to get the most recent patterns about their preferred extravagance brands and increase extra advantages (Pajić, 2019). This can be embraced comprehensively in the brands promoting plan so the two gatherings (brands and customers) can profit by the membership.

2.5 Buying behaviour of millennials in Russia

Russia is a nation with gigantic potential. Moscow holds a seventh situation of the main urban communities, where the very rich people live. Recent college grads, in this way, are anticipated to be the first open door for extravagance brands to pick up deals in Russia and in 2019 nation experienced high deals as a result of the neighbourhood spenders (Burnasheva & GuSuh, 2019). Despite in light of the fact that no specific research has been done to see how extravagance Russian recent college grads do shop extravagance organizations ca not accomplish high-volume deals in Russia. That is the reason understanding the primary parts of how to impact the age Y in dynamic procedure is urgent (Danziger, 2019). Luxury has consistently been available in Russia. The popular Russian balls, which were held by Romanov's line, where roughly 350 visitors were wearing most costly garments around then. Such balls were especially prestigious across Europe, and the last ball was gone in 1903 in the Winter Palace (Hall & Towers, 2017). Today, there are renowned Russian balls too, for instance, Tatler Debutante ball which is held every year in Moscow, where all the Russian famous people are meeting and wearing the best design dresses (Shteyneker & Isaac, 2019). The watches are the basics properties at the mogul's life in Russia. Patriarch Kirill, leader of the Orthodox Church, was caught by the picture takers, wearing his Breguet, which worth over $60.000 during his visit to Kyiv in July 2009 (Burnasheva & GuSuh, 2018). Watches are the indications of acknowledgment at two levels: brand acknowledgment and article acknowledgment. In the event that the primary factor is very clear when customers are pursuing the brand picture, as Rolex. The subsequent factor transcendently alludes to the engaging quality of the individuals' consideration (Grotts & Johnson, 2013). The mindset of the post-Soviet Russians reflects in the more significant expense, which they like to pay. This can be shown by the way that they need to have interesting watches. In any case, this significant expense disposition for the most part began to vanish, moving to the attention to item information (Cynanthia & Wang, 2016). In any case, Russian recent college grads like to shop abroad, expressing particularly in the adornment’s division that the nature of the in-store administration must be affirmed. It has been contended that online networking has an essential influence in twenty to thirty-year olds commitment through various channels, as Instagram and Facebook in Russia (Shahid, 2019). Friends correspondence is another significant factor, the same number of brands imagine that their diplomats assumes an essential job in brand mindfulness acknowledgment.

2.6 Theories of Consumption

The luxury brands give unmistakable advantages as well as immaterial, which include: indicating status, confidence needs and satisfying inner self. The dynamic procedure has been dissected by Burnasheva & GuSuh (2018), where there are three phases:

The input stage comprises of the advertising blend, marking and social gatherings.

The process stage, inside which there are three components: brain research character, inspiration mentality and discernment learning.

The output stage: which incorporates the buy conduct, inclusion and assessment.

The consumer decision-making process is a.difficult process to understand (Debnath & Khan, 2016). In addition, the above model gives an incredible capacity to examine purchasing conduct, as each progression diminishes the vulnerability of misconception the clients. Another mainstream structure of the extravagance utilization is called relaxation class which was created by Mitchell (2017), in which the creator mentioned the objective fact of the regular day to day existence of the high society and present day society about vicarious and obvious utilization. In this hypothesis, it was contended that as society turns out to be increasingly versatile and less affectionate, the showcase of riches is not, at this point through recreation exercises, yet through obvious utilization, that will empower them to recognize the individuals who can bear the cost of the extravagance, from the individuals who cannot (Parrott & Danbury, 2015). Veblen's hypothesis of utilization has numerous focal points to use in this thesis. Be that as it may, the key pundits of this hypothesis are:

This hypothesis looks at the top-down methodology, yet the pacesetters can likewise be produced using the base up approach.

There can be a flip between stages, which hypothesis does not consider.

Looking for further insights on Employee Satisfaction and Work Engagement? Click here.

Salman & Warraich (2016) additionally called attention to that attire and individual appearance are connected together. It was expressed by Wiedmann & Hennigs (2012) that wearing in vogue garments have a positive impact on the public activity. It ought to be noticed that online shopping is increasing more speed than any other time in recent memory, encountering twofold digit development. Sic, before the spread of the COVID-19, 70% percent of extravagance shopping has been impacted by advanced connections (Pajić, 2019). Therefore, no one knows without a doubt how the extravagance division will be recouped, yet the inclinations to buy over the web will stay for some time. It is essential for the organizations to design their promoting techniques properly, how to reach twenty to thirty-year olds after the finish of the lockdowns over the globe (Salman, 2016).

2.7 Conclusion

Since the current research topic has been studied and evaluated by a number of previous authors and researchers, there is abundance of information on this topic. Here, the researcher has performed a thorough and critical analysis of the past studies that have been carried out on the research topic. Studying luxury buying behaviour of the people enables marketers and companies to develop appropriate strategies that helps them in attracting and retaining the customers. Due to an increase in disposable income of the people, sale and demand of luxury items has increase manifolds.

REFERENCES

Shahid, S. (2019). Exploring Motivational Factors and Brand Equity as Drivers of Luxury Consumer Buying Behavior: An Empirical Study. Abhigyan, 42-51.

Wiedmann, K.-P., & Hennigs, N. (2012). Luxury consumption in the trade-off between genuine and counterfeit goods: what are the consumers’ underlying motives and value-based drivers? Journal of Brand Management, 544-566.

Pajić, M. A. (2019). Consumer behaviour factors and contemporary trends on the luxury goods market. Notitia-časopis za održivi razvoj , 101-117.

Salem, S., & Salem, S. O. (2018). SELF-IDENTITY AND SOCIAL IDENTITY AS DRIVERS OF CONSUMERS'PURCHASE INTENTION TOWARDS LUXURY FASHION GOODS AND WILLINGNESS TO PAY PREMIUM PRICE. Asian Academy of Management Journal .

Parrott, G., & Danbury, A. (2015). Online behaviour of luxury fashion brand advocates. Journal of Fashion Marketing and Management.

Arora, A. P., & Kishor, N. (2019). FACTORS DETERMINING PURCHASE INTENTION AND BEHAVIOUR OF CONSUMERS TOWARDS LUXURY FASHION BRANDS IN INDIA: AN EMPIRICAL EVIDENCE. British Journal of Marketing Studies (BJMS), 34-58.

Yim, M. Y.-C., & Sauer, P. (2014). Drivers of attitudes toward luxury brands. International Marketing Review.

Salman, F., & Warraich, U. A. (2016). An Empirical Study to Examine Consumer Behavior towards Luxury Brands in Pakistan. Global Management Journal for Academic & Corporate Studies, 79.

Mitchell, N., & Scheinbaum, A. C. (2017). Purse Parties: A Phenomenology of In-Home Counterfeit Luxury Events', Qualitative Consumer Research. Journal of Brand Management.

Kapferer, J.-N., & Michaut-Denizeau, A. (2014). Is luxury compatible with sustainability? Luxury consumers’ viewpoint. Journal of Brand Management , 1-22.

Sun, G., & D'Alessandro, S. (2016). Exploring luxury value perceptions in China: Direct and indirect effects. International Journal of Market Research, 711-731.

Phau, I., & Teah, M. (2015). Consumer attitudes towards luxury fashion apparel made in sweatshops. Journal of Fashion Marketing and Management.

Arora, A. P. (2017). Buying behaviour of consumers towards luxury fashion brands. Global Journal of Enterprise Information System , 123-126.

Kassim, N., & Zain, M. (2016). Quality of lifestyle and luxury purchase inclinations from the perspectives of affluent Muslim consumers. Journal of Islamic Marketing.

Burnasheva, R., & GuSuh, Y. (2018). Millennials’ attitudes toward online luxury buying behavior in South Korea: a q-methodology approach. Asian Business Research, 1.

Stępień, B., & Lima, A. (2018). Luxury Goods’ Perception Within Millennials Cohort: Evidence against global homogeneity myth. International Journal of Marketing, Communication and New Media.

RANI, M. (2020). MILLENNIALS AND BUYING PATTERNS. Studies in Indian Place Names, 845-858.

Kapferer, J.-N., & Michaut, A. (2019). Are Millennials really redefining luxury? A cross-generational analysis of perceptions of luxury from six countries. Journal of Brand Strategy, 250-264.

Hussain, A., & Kofinas, A. (2017). Intention to purchase counterfeit luxury products: A comparative study between Pakistani and the UK consumers. Journal of International Consumer Marketing, 331-346.

Shteyneker, A., & Isaac, O. (2019). Factors Influencing Consumer Purchasing Intention within Fashion Luxury Brand in Malaysia. International Journal Of Management And Human Science, 21-28.

Pajić, M. A. (2019). Consumer behaviour factors and contemporary trends on the luxury goods market. Notitia-časopis za održivi razvoj , 101-117.

Salman, F. (2016). An Empirical Study to Examine Consumer Behavior towards Luxury Brands in Pakistan. Global Management Journal for Academic & Corporate Studies, 79.

Hall, A., & Towers, N. (2017). Understanding how Millennial shoppers decide what to buy. International Journal of Retail & Distribution Management.

Dabija, D.-C., & Bejan, M. B. (2018). Generation X versus millennials communication behaviour on social media when purchasing food versus tourist services. Economics and Management.

Burnasheva, R., & GuSuh, Y. (2019). Factors affecting millennials’ attitudes toward luxury fashion brands: A cross-cultural study. International Business Research , 69-81.