The motivation of Consumers to purchase luxury goods Research Paper

The motivation of Consumers to purchase luxury goods - Research Paper Example With the rapid growth of national economies in most of the world countries, the purchasing power of the people in the countries has also improved and luxury consumption has improved. The consumption of luxury goods by the consumers calls for guidance in most of the countries. The study will involve data collection, analysis and presentation of findings in the form of a discussion. Based on the rapid development of most of the country’s economy and the improvement of the purchasing power, the consumption of luxuries also has some development. In an example, in 2006, an estimated population of 320,000 Chinese consumers who spend their money on luxury products on an estimated 10% of all the global luxury brand sales (Arifoglu, 2012). After six years, the numbers of consumers went up by double or even triple (Hausman, 2000). The change made the number of consumers rise by a 10% making the Chinese consumers become the largest in the world. A report send by the world luxury association indicated that Chinese overseas luxury goods consumption during 2013 totaled to about $8.5 billion, the Chinese shopping on luxuries increased to 68.8 in 2011 (Hidayat and Diwasasri, 2013). Presently, there has been an understanding that the local indicators of consumer attitudes do not sufficiently to the different volitional, internally motivated, avoidance response tendencies in different consumption or acquire situations (Hausman, 2000). A general critique is that these attitude measures are based on the conceptualizations that are too narrowly focused (Hidayat and Diwasasri, 2013). One area of the criticism has indicated that the symbolic, hedonic, and the esthetic facets of consumption are not adequately shown in these conceptualizations and accordingly in the resultant operationalizations (Arifoglu, 2012. The body of literature that relates to luxury products crops up when another related literature from