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Luxury experience and consumer behavior: a literature review

India is home to a burgeoning population of high net-worth individuals, and this has led to a corresponding increase in The consumers of the 21st century seek a relationship with brands that extends beyond the monetary transaction. The consumers connect with various components of the brand to gain emotional and sensory experiences. This elicitation of feelings and experiences assists consumers in forming a unique and personal relationship with the brand. The desire to have a special relationship with a luxury brand is stronger than with non-luxury brands. As a result, luxury brands are becoming synonymous with going above and beyond to provide consumers with a personalized and unforgettable experience.

Luxury experiences are developed by providing consumers with symbolic or experiential value in addition to functional value. Various marketing stimuli, including retail environment, online website experience, social media management, and individualized brand communication, convey symbolic or experiential value. However, the COVID-19 epidemic and accompanying lockdown limitations across the globe at the end of 2019 posed an obstacle for premium firms seeking to enhance the offline consumer experience. This modification created new opportunities for luxury brands to construct online consumer experiences. In fact, internet sales of luxury goods and services climbed from 12 to 23% over the previous year.

The expansion of luxury experiences such as hospitality, cruises, fine dining, private aircraft, vehicles, yachts, fine wines, and spirits, as well as gourmet food, is faster and more promising than the growth of luxury fashion. Despite the possibility that luxury experiences may fuel future exponential growth in the luxury business, research on luxury experiences is largely weak and dispersed. By performing a systematic literature review (SLR), this study intends to investigate the connection between luxury experience and consumer behavior in depth and provide a comprehensive picture of the literature from its inception to the present.

Luxury experiences among consumers

The luxury experience is a component of luxury marketing that is The expansion of luxury experiences such as hospitality, cruises, fine dining, private aircraft, vehicles, yachts, fine wines, and spirits, as well as gourmet food, is faster and more promising than the growth of luxury fashion. Despite the possibility that luxury experiences may fuel future exponential growth in the luxury business, research on luxury experiences is largely weak and dispersed. By performing a systematic literature review (SLR), this study intends to investigate the connection between luxury experience and consumer behavior in depth and provide a comprehensive picture of the literature from its inception to the present. becoming increasingly important. Consumers are inspired to engage with premium businesses through the experiences they have. Although a number of research studies have thrown light on the beginnings, progression, and prevalence of luxury experiences among consumers, there is a dearth of research that examines the existing body of knowledge in a comprehensive manner.

As a consequence of this, this study employs a technique known as a systematic literature review in order to gain a better understanding of the trends that have been observed in the previous research on luxury experiences and consumer behavior and to suggest future research directions in order to further develop the subject matter.

The vast majority of studies that have been conducted on luxury experiences have concentrated their attention on the premium service experience as it relates to hospitality and tourism. In the luxury goods sector, the next generation of researchers ought to investigate different ways in which customers might be provided with luxurious experiences. In addition, there is a pressing need for additional research into the ways in which customers’ luxury experiences have been impacted by recent outbreaks of COVID-19 and technology breakthroughs.

This study is one of a kind because it not only provides a state-of-the-art understanding of the literature on luxury experiences and consumer behavior by conducting an analysis of the applied theories, research contexts, study characteristics, and methods that were used in previous studies, but it also makes suggestions for future research opportunities that could help advance the field. The insights will also be of use to luxury brand managers in the process of building an extraordinary premium experience for consumers.