A new study exploring what drives people to make luxury purchases has found that it may hinge on where a particular consumer lives.
University of Delaware researcher Jaehee Jung, along with researches at universities in nine other countries, looked at consumer’s perceptions of luxury and found that people in different countries buy luxury goods for very different reasons.
The study, which was recently published in Psychology & Marketing, found that American consumers primarily buy luxury goods seeking self-gratification rather than for such factors as quality or prestige.
“American consumers generally buy goods for self fulfillment, rather than to please others,” Jung said.
These hedonistic tendencies were also found in developing economies, such as Brazil and India, while in some European countries, such as Germany, Italy and Hungary, consumers are more lured to luxury goods because of their function.
In France, however, the main motivator is exclusivity, with French consumers responding positively to statements such as: “true luxury products cannot be mass produced” and “few people own a true luxury product.”
Jung believes the reason for this is the fact that many luxury goods are from France. “Cultural heritage and pride might have made them feel luxury is not for everyone,” said Jung.
So what motivates you to buy luxury goods? Are you drawn purely for hedonistic purposes, or is it the quality or prestige of the product that compels you?
For more on the study, go here.