TY - JOUR
T1 - An exploratory study of consumers’ perceptions
T2 - What are affordable luxuries?
AU - Mundel, Juan
AU - Huddleston, Patricia
AU - Vodermeier, Michael
N1 - Publisher Copyright:
© 2016 Elsevier Ltd
PY - 2017/3/1
Y1 - 2017/3/1
N2 - Specialty media outlets such as The Wall Street Journal, Forbes, and Business Insider have increasingly featured articles that stress the growth of the affordable luxuries market. However, “affordable” and “luxury” are two terms that do not conform to luxury goods literature. While the concept of luxury has been traditionally associated with expensive, difficult to find, and exclusive products, the aforementioned business periodicals seem to suggest that a number of products such as specialty coffee, chocolate, and other commodities can be considered affordable luxuries. We conducted an exploratory investigation to determine whether millennial consumers differentiate between the terms “luxury” and “affordable luxury,” which products they perceive to be affordable luxuries, and the price range they are willing to pay for affordable luxuries. Our exploratory study (1) shows that consumers hold similar quality expectations for luxury and affordable luxury products, (2) reveals differentiating descriptors for luxury and affordable luxury products, (3) suggests that consumers see these products as a way to enhance one's image, and (4) offers pricing guidelines for such products.
AB - Specialty media outlets such as The Wall Street Journal, Forbes, and Business Insider have increasingly featured articles that stress the growth of the affordable luxuries market. However, “affordable” and “luxury” are two terms that do not conform to luxury goods literature. While the concept of luxury has been traditionally associated with expensive, difficult to find, and exclusive products, the aforementioned business periodicals seem to suggest that a number of products such as specialty coffee, chocolate, and other commodities can be considered affordable luxuries. We conducted an exploratory investigation to determine whether millennial consumers differentiate between the terms “luxury” and “affordable luxury,” which products they perceive to be affordable luxuries, and the price range they are willing to pay for affordable luxuries. Our exploratory study (1) shows that consumers hold similar quality expectations for luxury and affordable luxury products, (2) reveals differentiating descriptors for luxury and affordable luxury products, (3) suggests that consumers see these products as a way to enhance one's image, and (4) offers pricing guidelines for such products.
KW - Affordable luxury
KW - Hedonic consumption
KW - Luxury
KW - Millennials
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U2 - 10.1016/j.jretconser.2016.12.004
DO - 10.1016/j.jretconser.2016.12.004
M3 - Article
AN - SCOPUS:85003806647
SN - 0969-6989
VL - 35
SP - 68
EP - 75
JO - Journal of Retailing and Consumer Services
JF - Journal of Retailing and Consumer Services
ER -