Publications

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

By Jain, Sheetal; Khan, Mohammed Naved; Mishra, Sita

Introduction

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).

FACTORS AFFECTING LUXURY PURCHASE INTENTION IN INDIA: A CONCEPTUAL FRAMEWORK

By Jain, Sheetal; Khan, Mohammed Naved; Mishra, Sita

Introduction

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).