The new wave of luxury : The meaning and value of luxury to the contemporary consumer

Abstract

Purpose The aim of this study was to explore what luxury represents to contemporary consumers in their own life contexts.

Design/methodology/approach A mixed-method qualitative approach was adopted that comprised individual, personal interviews and focused interviews with small groups.

Findings The study contributes to the field of luxury research by (1) highlighting consumers’ interpretations of luxury as highly subjective, relative and contextual; (2) showing that according to consumers, luxury relates to both consumption and non-consumption contexts; (3) illustrating the value of luxury as a multidimensional construct in both contexts; and (4) demonstrating how luxury may relate to a consumer’s desire to be meaningful and genuine, thereby generating prudential value. In these cases, luxury is closely linked to consumers’ perceptions of meaningfulness and well-being.

Practical implications For marketing managers, the findings suggest that the wave of new luxury – seeking meaningfulness – may serve as a novel means of branding.

Originality/value This study demonstrates that the significance of the concept of luxury transcends commercial settings and offerings, i.e., the brand, product or service. The findings show that luxury may also be generated in non-commercial contexts and specific activities (e.g., running, gardening). Based on these findings, it is proposed that luxury in non-commercial settings is characteristic of the new wave of luxury; and that in such settings, luxury may contribute to personal wellbeing, thereby generating prudential value.