The Whole Society Links Luxury Products To Social Status.

Deluxe: How luxury lost its luster, by Dana Thomas, brings a hard hitting, raw look at the world of luxury and the mass demand of luxury that has occurred. The book was published by the Penguin Group in 2007. Luxury is defined by Thomas as truly special, and was only available to the aristocratic world of wealth and old money in western culture. Luxury signified an experience and lifestyle that denotes royalty, fame, and fortune. However, with large companies owning the former family-owned luxury producing businesses, profits are the main goal not the production of luxury. Thomas reveals the unfortunate demise and rise of

These days we are surrounded by the latest technology: smartphones, hybrid automobiles, and robots that clean your floors. Companies are constantly finding ways to capture your attention; to keep upgrading and spending endless amounts of money on items that you don’t need. In “Honestly–You Shouldn’t Have” by Anna Quindlen, the reoccurring theme of materialisticness is mentioned and is applied to every American, starting from the Industrial Revolution up until now. In reality, having these upgraded objects and over expensive clothing represent how socially insecure they are. They simply cannot live looking poor or old fashioned, they need to show others that they are not bottom feeders. People see what they have and know there is a better model

The “American Dream” is based on the fundamental idea that one’s social status, and ultimately their happiness, is deeply rooted in their financial success and the material items they possess. It is often believed that mass consumerism has become an indicator of one’s ability to participate as an elite member of society and ultimately complete the pursuit of happiness. However, groups also object these views of happiness and suggest that happiness is based on far more than material items. One’s perception on the correlation of materialism and the pursuit of happiness is dependent on an individual's experience as a consumer.

The consumption of luxury goods in China is mounting sharply. Not only those born to elite families, but also many common people are greedy for luxury brands (China, a Booming

Not only is watching The Simple Life entertaining, it draws the viewer into what life would be like with all the perks of the upper class. Even while leveling out the playing field by stripping Paris and Nicole of their high class lifestyle, it is still easy to tell where thy come from by the brand name clothing and accessories. These are versions of emulation and price tag framing. Emulation framing is engrained into young children’s minds as a result of the media and reality television. This type of framing allows for rewarding ones self with a pricey object which leads into price tag framing. It is easy to measure self worth with property and clothing, therefore name brands become very important to portray a good image. By owning something of value, it is easier to feel better about yourself instead of being

in 2011, and their spending jumped by 13 percent. Compare this to single women, whose spending grew less than 2 percent, and the average Japanese consumer, whose spending dropped.5 Young men, it seems, saw the March 11 disaster as a good reason to live for the moment, and Japan’s luxury goods market appears to be a beneficiary. Finally, when we look at segmentation by income, Japanese who spend more than a million yen (about $12,000) a year on luxury goods are more than three times as likely to say they are switching to high-end brands than to low-end brands (Exhibit 3). Those who spend less than half as much are reporting the opposite.

Sociocultural: In the recent years, the desire to appear wealthy has attributed to the increased popularity in luxury products. Also, the desire for luxury goods was promoted by effective advertising and TV programming that promoted conspicuous consumption to middle-income consumers. Middle-income consumers also tend to “reward” themselves with luxury items.

The stereotype of the luxurious woman portrays a woman who is extremely wealthy, adorned with jewelry and designer clothing. At first glance, a woman might aspire to live that extravagant lifestyle. The market plays into feeding this stereotype by marketing luxury items “predominantly to women, and women who can afford them invariably become luxury items themselves" (Chocano 110). Almost all the high-end luxury brands like Prada and Tiffany and Co. are regarded as women’s brands that also offer a small selection of men’s items. The targeting of woman by these brands cause the woman to objectified as only a means to sell their product. The woman wearing all of the clothing becomes a luxury item herself due to how rare it is for her to gain the financial freedom buy the clothes and merely

Society is buying objects we do not need, with the money we do not have, to impress people that do not matter. The American Dream is developing into a more materialistic world, a dream in which the dream keeps getting larger and greedier. Materialism is the tendency to think material objects are more important than people; a desire for money over ethics. Today, life shows us that people have a desire for newest, thinnest, updated—most expensive smartphone or the more expensive lavish materials. Life shows us that our car is undesirable now, especially when our cars do not hook up with that latest cell phone. Life shows us unrealistic standards of a way to live, yet a huge portion of the people in society appear to be emptying out their wallets. This materialistic culture is a show, a phony act when in society we pretend we are what we are not. We all live in a materialistic society where the majority of people are more worried about what we have than who we are. There is an emphasis on what brand a person is wearing, what car someone is driving, and just how many objects one has, in general. A person must wonder where this hunger and greed comes from and why most Americans fall susceptible to this phenomenon, including me.

The pursuit of the American Dream has led to trends of high-cost material possessions. High tech digital devices, summer homes, and designer shoes are just some of the few examples of American materialism that is not only present, but also increasing as people purchase these kinds of products to fit in with the continually changing demands of

When people buy big houses and nice cars, it tells people that I work hard for these materials. Hard work and dedication can make you successful to buy luxury items. Americans love their possessions more than life. There was a news story that a millionaire died and left all her money to her dog. She cared more about the dog than other people lives.

This behavior brings competitive advantages to the European luxury brands. Moreover, customers in different countries have different purchase behaviors. For instance, some countries’ customers are willing to move away from common recognized brand, because they want to purchase more exclusive products. Furthermore, because of the increasing speed of globalization, people are more likely willing to travel between different countries. These travelers will buy luxury good during their trips. In fact, Chinese tourists contributed over one third of sales in Europe. The luxury goods industry should notice to adjust the actual demand between local people and tourists in Europe

The overall sales of luxury goods in the year 2009 is expected to be more than US$150 billion and Asia contributes 10% to it. The concept of luxury is now not confined to only to Europe and US, the Asian subcontinent contributes majorly to it, with India and China as the newly emerging markets. Professor James Twitchell (2002) comments on the democratization of luxury and the changing consumer psychology These new customers for luxury are younger than clients of the old luxe used to be, they are far more numerous, they make their money far sooner, and they are far more flexible in financing and fickle in choice. They do not

In terms of social culture, for one thing, the China consumers are attracted by middle- and high-end products and somehow more attracted by French luxury goods, and they believe that the higher the price, the better the quality (Yuval, Vinay and Cathy, 2011, para7) (Exhibit 1). For another thing, the traditional virtue of thrift is rooted in the mindset of the Chinese, with which some of the rich in China indicate that they would not spend a large sum of money to get a product.

A customer‘s luxury value perception and the motives for luxury brand consumption are not simply tied to a set of social aspects of displaying status, success, distinction and the human desire to impress other people, but also depend on the nature of the financial, functional and individual utilities of the certain luxury brand. Pointing to the fact that luxury value lies in social and individual as well as in functional and financial aspects, it is important to synthesize all relevant cognitive and emotional value dimensions in a multidimensional model. Our model might be a useful instrument for both academics and practitioners who want to better understand consumer behavior; it may also serve as a basis to successfully create, market and monitor luxury brands or products in a crosscultural context. Even if the world of luxury products is not homogeneous, we believe that the underlying consumer motives and desires transcend national boundaries in a structure that derives from the individual‘s situation and the luxury value dimensions. Our multi-dimensional model integrates these consumers‘ value perceptions from different perspectives. Encompassing cognitive and emotional dimensions, it might already lead to a better understanding of the conditions and drivers of luxury product perception and to