After years of economic and financial crisis, there is now a general recovery in consumer spending and increased sales of luxury goods - which nevertheless tend to hold strong even in times of crisis - and a growing search for exclusive experiences, to the point that it is said we are living in the so-called experience economy (Pine and Gilmore, 1999). At the same time, the literature on luxury is not yet widely shared and definitive, as luxury is a subjective and relative concept (depending, for example, on one’s socio-economic class of affiliation, geographic origin, etc.) (Hoffmann and Coste-Manière, 2011; Urkmez and Wagner, 2015). The purpose of this study is, therefore, to investigate how luxury-related concepts are evolving in the light of the current growth in luxury goods sales in the experience economy; in particular, the objectives of this work are to identify the purchasing grounds, the characteristics, and the distribution channels of luxury products. The descriptive-exploratory study has adopted a qualitative methodology and in-depth personal interviews as a survey technique (Molteni and Troilo, 2007). Specifically, five experts of the luxury and contemporary collection sectors were interviewed. The study points out that, although the existence of different categories of luxury is recognized, “real” luxury is associated with high or inaccessible luxury (Allérès, 2003) and there is a growing demand for products belonging to this category of luxury. The prevailing purchasing motivations include pleasure / personal experience and passion for specific objects; actual luxury goods truly stand out, not only because of factors highlighted in literature such as rarity, excellent quality to price ratio, or symbolism, but also for functionality, good design, and innovative technology. In the perception of the respondents, these products are being increasingly sold online, but direct contact with the product and salespersons remains very important. This article offers some insightful preliminary reflections on today’s concept of luxury and the relationship between luxury and contemporary collection. After a brief review of the literature on experience economy, luxury, and contemporary collections, the paper illustrates the research method, the findings, some preliminary theoretical and managerial implications, the limitations of the study, and suggests future research steps.

The role of luxury and contemporary collections in the experience economy. Preliminary results.

Emanuela Conti
2018-01-01

Abstract

After years of economic and financial crisis, there is now a general recovery in consumer spending and increased sales of luxury goods - which nevertheless tend to hold strong even in times of crisis - and a growing search for exclusive experiences, to the point that it is said we are living in the so-called experience economy (Pine and Gilmore, 1999). At the same time, the literature on luxury is not yet widely shared and definitive, as luxury is a subjective and relative concept (depending, for example, on one’s socio-economic class of affiliation, geographic origin, etc.) (Hoffmann and Coste-Manière, 2011; Urkmez and Wagner, 2015). The purpose of this study is, therefore, to investigate how luxury-related concepts are evolving in the light of the current growth in luxury goods sales in the experience economy; in particular, the objectives of this work are to identify the purchasing grounds, the characteristics, and the distribution channels of luxury products. The descriptive-exploratory study has adopted a qualitative methodology and in-depth personal interviews as a survey technique (Molteni and Troilo, 2007). Specifically, five experts of the luxury and contemporary collection sectors were interviewed. The study points out that, although the existence of different categories of luxury is recognized, “real” luxury is associated with high or inaccessible luxury (Allérès, 2003) and there is a growing demand for products belonging to this category of luxury. The prevailing purchasing motivations include pleasure / personal experience and passion for specific objects; actual luxury goods truly stand out, not only because of factors highlighted in literature such as rarity, excellent quality to price ratio, or symbolism, but also for functionality, good design, and innovative technology. In the perception of the respondents, these products are being increasingly sold online, but direct contact with the product and salespersons remains very important. This article offers some insightful preliminary reflections on today’s concept of luxury and the relationship between luxury and contemporary collection. After a brief review of the literature on experience economy, luxury, and contemporary collections, the paper illustrates the research method, the findings, some preliminary theoretical and managerial implications, the limitations of the study, and suggests future research steps.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11576/2657866
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