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✅The literature review of the study sheds light on various factors like reviews, quality, perception, price, etc. But the research work primarily focuses on the price factor.
Even though a diverse range of factors influence consumer’s decision to purchase a premium offering, the study specifically lays emphasis on ‘price.’
The positivism philosophy with deductive approach was used in the study as it basically involved gathering data from people to understand how price influences their behaviour towards luxury products.
50 respondents were selected due to the restricted availability of time and resources during the research process.
The participants were intimated that the information that was collected from them would only be used for research and academic purposes.
The data shows that females are more inclined towards luxury shopping than men.
The analysis of age factor shows that companies mainly focus on the customer segment between 26 to 46 years of age.
The income analysis indicates that people buying luxury products have ample disposable income.
It is assumed that all research respondents shop for luxury products. So there is a 100% positive response on whether or not they buy luxury products.
The evaluation of alternatives is another factor when it comes to buying luxury products. As per the data analysis, if a consumer demands a specific luxury brand, he or she does not give much focus on assessing the available alternatives.
Pricing strategies like discounts and odd pricing can influence the purchasing decision of customers relating to luxurious products.
References
§Arora, A. P., and Kishor, N. (2019). Factors Determining Purchase Intention And Behaviour Of Consumers Towards Luxury Fashion Brands In India: An Empirical Evidence. British Journal of Marketing Studies (BJMS), 7(4), 34-58.
§Bell, E., Bryman, A., and Harley, B. (2018). Business research methods. Oxford university press.
§Gray, D. E. (2019). Doing research in the business world. Sage Publications Limited.
§Levens, M. (2019). Enhancing the Value of Lifestyle Bundles. Economics and Culture, 16(1), 1-7.
§Mamat, M. N., Noor, N. M., and Noor, N. M. (2016). Purchase intentions of foreign luxury brand handbags among consumers in Kuala Lumpur, Malaysia. Procedia Economics and Finance, 35, 206-215.
§Osman, S., Arif, A. M., and Yean, C. X. (2018). Predictors of Purchasing Intention of Luxury Goods Among University Students in Selangor. Malaysian Journal of Consumer and Family Economics.
§Pino, G., Amatulli, C., Peluso, A. M., Nataraajan, R., and Guido, G. (2019). Brand prominence and social status in luxury consumption: A comparison of emerging and mature markets. Journal of Retailing and Consumer Services, 46, 163-172.
§Salehzadeh, R., and Pool, J. K. (2017). Brand attitude and perceived value and purchase intention toward global luxury brands. Journal of International Consumer Marketing, 29(2), 74-82.
§Taherdoost, H. (2016). Sampling methods in research methodology; how to choose a sampling technique for research. How to Choose a Sampling Technique for Research (April 10, 2016).
§Walliman, N. (2017). Research methods: The basics. Routledge.
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