✅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.
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