The word ‘luxury’ derives from the Latin word ‘luxus’ , which according to the Latin Oxford dictionary signifies ‘soft or extravagant living, indulgence’ and ‘sumptuousness, luxuriousness, opulence’ .
There are two aspects to consider when defining luxury, the psychological value and the value of the product/service itself. The psychological value of luxury comes from its function as a status symbol and from a highly involved consumption experience that is strongly congruent to a person’s self-concept. From a product perspective, luxury brands are frequently defined in terms of their excellent quality, high transaction value, distinctiveness, exclusivity and craftsmanship.
In his paper on International Retail Marketing, T.B.… Read the rest