Redefining the Meaning of Luxury Goods: A Conceptual Paper

Abstract

This paper discusses the concept of luxury brands and the possible drivers for the increasing level of high consumption of such goods. Factors such as availability of counterfeits, psychological need and emergence of new media are closely scrutinised. A critical analysis of the concept particularly regarding how it has evolved over the years help branding strategists and marketers understand how the perceptions of luxury brand has been shaped in the mind of consumers. Finally, this paper analyses future implications that this change may have on marketing and branding strategies.

Key words: Luxury, Luxury branding, Affordable Luxury, Country of Origin, Conspicuous Consumption