Publications

Effect of value perceptions on luxury purchase intentions: an Indian market perspective

By Sheetal Jain, Sita Mishra

Abstract

India is witnessing a phenomenal growth in the luxury market segment. However, empirical studies in this domain are few and far between. The main objectives of this study are, firstly, to build and empirically test the theoretical framework designed to measure the effect of value perceptions on intention to purchase luxury fashion brands among Indian consumers. Secondly, to determine the role of gender in understanding the relationship between luxury value dimensions and purchase intention. This study employed researcher controlled sampling and questionnaires were administered through the personal interview from actual users of luxury fashion brands. Structural equation modeling (SEM) was applied to test proposed hypotheses using AMOS. The statistical analysis indicated that conspicuous value was the most significant predictor of purchase intention among Indian luxury consumers followed by hedonic value and social value. The results of the study also revealed that gender does not play moderating role in the relationship between luxury value dimensions and purchase intention among Indian consumers.

Factors Affecting Sustainable Luxury Purchase Behavior: A Conceptual Framework

By Sheetal Jain

Abstract

In recent years, there has been a paradigm shift in the luxury realm as consumers are increasingly inclined toward sustainable orientation. Yet, very few studies have been performed in this domain to gain an in-depth understanding about sustainable luxury consumer behavior. This study is based upon an extensive review of literature and aims to fill this gap by classifying various factors pertaining to sustainable luxury purchase intention into four broad categories, namely, culture, self-oriented (personal) values, others-oriented (social) values and economic value. Going further, an integrated conceptual framework based on dual theoretical framework of theory of planned behavior (TPB) and Schwartz’s value theory is proposed in the study to provide a holistic view about the key determinants of sustainable luxury fashion consumption.

Sadhu—On the Pathway of Luxury Sustainable Circular Value Model

By Sheetal Jain, Sita Mishra

Abstract

The concepts of ‘luxury’ and ‘sustainability’ are antithetical to each other. However, a paradigm shift is presently witnessed in luxury domain. Lately, sustainability is swiftly becoming a critical issue for both luxury brands as well as society as a whole. This case study focuses on the company—‘Natweave Textile Studio.’ It is a textile company founded by Indian textile designer Subhabrata Sadhu in 2009, with a yearning to conserve the rich heritage of rarest and finest cashmere by using the traditional skills of native Kashmiri artisans. The company specializes in producing high-end and exclusive Pashmina scarves and shawls with focus on entirely pure, handmade, and natural production process. Sadhu sources finest Pashmina fibers from Pashmina goats reared in its natural habitat in Changthang plateau in the Kashmir region. He strongly believes in protecting and preserving the rare art form and providing a platform to the Kashmiri craftsmen—custodians of this ancient skill, to showcase their culture to the world. He collaborates with Kashmiri weavers to create contemporary products and remodel ethnic weaves into timeless luxury items and works hard to combine traditional techniques with modern designs to build sustainable luxury products.

Factors Affecting Luxury Purchase Intention: A Conceptual Framework Based on an Extension of the Theory of Planned Behavior

By Sheetal Jain, Mohammed Naved Khan, Sita Mishra

Abstract

Luxury fashion industry evolved in France in 19th century (Crane, 1997; and Djelic and Ainamo, 1999). The custom made creations of haute couture houses served small elite segment of the society (Gupta, 2009). Veblen (1899) introduced the term "conspicuous consumption" to represent the elite segment of the society who consumed luxury goods and inherited highest status in the society. However, in the 1990s, numerous new alliances and mergers and acquisitions among firms eventuated. Many privately held and familyowned firms transformed into public companies. Simultaneously, large increase in the demand for luxury goods transpired and therefore marked the onset of "democratization" of luxury industry (Dubois and Laurent, 1995; Vickers and Renand, 2003; Ernst and Young, 2005; and Okonkwo, 2007).

IMPACT OF DIGITALIZATION ON INDIAN LUXURY MARKET

By Sheetal Jain

Abstract

Luxury markets have seen monumental growth in the last decade. Emerging markets have turned to be the major source of this growth. Lot of economic instability, social unrest, global currency wars and threat of terrorist attacks was witnessed in 2015, yet global luxury goods industry remains highly optimistic. Indian luxury market remains firm and maintains its position as the fastest-growing luxury market (Aroche, 2015). It is estimated to reach US$ 14 billion by the end of 2016 from US $8.5 billion in 2013 growing at the rate of 25% p.a. (Assocham, 2014).

FACTORS AFFECTING LUXURY PURCHASE INTENTION IN INDIA: A CONCEPTUAL FRAMEWORK

By Sheetal Jain, Mohammed Naved Khan, Sita Mishra

Abstract

Luxury has been the aspiration of people since long time. Historically, it was destiny of ‘happy- few’ but now with the humongous growth and democratization of luxury industry, luxury consumers are no longer restricted to the traditional well-off elite but has also become part of the lives of masses (Nueno & Quelch, 1998 and Silverstein & Fiske,2003) .Today,luxury is affordable by the younger generation with new money.Emerging markets such as China, India, Russia, Brazil, Malaysia, Egypt, Thailand and Turkey are seen to have great potential for luxury goods. The reason behind the sudden increase in the demand of luxury goods is the drastic change in social, political and economic conditions of these economies. Researchers have found that nouveau riche consumers in emerging markets like India, China, Malaysia and Korea are one of the most important target markets for luxury firms across the world (Shukla, 2011).

Measuring the impact of beliefs on luxury buying behavior in an emerging market: Empirical evidence from India

By Sheetal Jain, Mohd Naved Khan

Abstract

Demand for luxury brands is increasing at a very fast pace in emerging markets like India. But very few quantitative studies have been conducted to explore the reasons behind this sudden surge in demand. Thus, the purpose of this paper is to understand the impact of beliefs on consumer buying behavior for luxury fashion brands in the Indian context employing theory of planned behavior and to develop a comprehensive understanding regarding motivating factors behind luxury goods consumption.

Understanding consumer behavior regarding luxury fashion goods in India based on the theory of planned behavior

By Sheetal Jain, Mohammed Naved Khan, Sita Mishra,

Abstract

India has emerged as one of the strongest economies in the world. Despite the recent global economic crisis, India has sustained its economic growth. India is optimistic about its future growth and development with a new reformist government in power. By 2024, India has been forecasted to become the third largest economy in the world (Worstall, 2014). The strong boom in the Indian economy has propelled the growth in the number of high-net-worth individuals (HNWIs) in India. A study by Wealth-X reported that, in the past year, India has seen a striking rise in the number of dollar millionaires from 196,000 to 250,000. It is predicted that by 2018, India will have 437,000 millionaires. With 14,800 multimillionaires residing there presently, India is amongst the top eight countries in the world where one may find the very wealthy (Wealth-X report, 2015). The sharp rise in its ultra-rich population has spurred the demand for luxury goods in India, thereby making the luxury goods’ market one of the most attractive and fastest growing segments in India. Globalization; increase in disposable income; the growing number of young, well-educated people; and the surging numbers of the upper middle classes are other major factors responsible for the increasing demand for luxury goods. The Indian luxury market is expected to grow at the rate of 25 per cent per annum and reach the mark of $14bn in 2016, up from $8.5bn in 2013 (Assocham report, 2014).

The 5C’s Value Framework for Luxury Brands in Emerging Markets: A Case on India.

Abhay Gupta, Sheetal Jain, Sita Mishra

Abstract

The 5C’s Value Framework for Luxury Brands in Emerging Markets: A Case on India.