1.

Introduction
The dictionary states that, the English word 'luxury' is derived from the Latin term ‘luxus’ and is
defined as 'the state of great comfort and extravagant living and an inessential but desirable item'.
The basic understanding of luxury as something that is more than necessary.

Luxury is perceived differently by different people, and hence it is very subjective (Phau and
Prendergast, 2000; Wiedmann et al., 2009). According to Veblen, (1899) leisure class consumers
turned to luxury products which could be used to signify wealth and status and distance consumers
when consumed conspicuously from more humble ancestral beginnings. A luxury good is usually
termed as a good having highest quality and price. According to Werner Sombart “Luxury is any
expenditure that goes beyond the necessary” (Werner Sombart, p. 92).

Luxury products carry both private value and social codes (Strach & Everett, 2006) but apart from
any functional utility (Bhat & Reddy, 1998; Vigneron & Johnson, 2004) luxury products are
viewed as symbols of personal and social identity (Vickers & Renand, 2003).

Based on the studies of Dubois et al. (2001), it can be stated that the consumers perceive luxury
products to have six major characteristics i.e. excellent quality, very high price, aesthetics, scarcity
or rarity and uniqueness or extraordinariness and symbolism. Thus the

The definition of luxury products can be summarized as follows:

Luxury products have more than necessary and ordinary characteristics compared to other
products of their category, which include their relatively high level of price, quality,
aesthetics, rarity, extraordinariness, and symbolic meaning.
The characteristics of luxury products are interdependent. This means that if one dimension is at a
high level, it also induces high levels of other dimensions. For example, they are relatively small
in production volumes (high rarity), their superior level of quality and the relatively high effort
made for aesthetics, extraordinariness and a good story behind the product inevitably lead to a
relatively high price (Heine, Klaus, 2012).

2. Changing concept of luxury

According to Mark Potts, head of insights at Mindshare North America, “The definition and
perceptions around luxury have changed a great deal over the years and brands need to understand
the nuances to succeed.” consumers’ luxury behaviors are shifting due to the change in
demographics to evolved values and priorities to new influencers.

1
There are different reasons for which people buy luxury. One reason is a pure aesthetic and another
is signaling i.e. sometimes people buy luxury to show off. The third is the idea of essentialism—
people are not just sensitive to how things look, but to beliefs about their creation. According to
Paul Bloom, professor of psychology at Yale University, “some luxury items resonate not merely
because of aesthetics, or signaling, but because pleasure’s deep,”

Mindshare, North America conducted a research among 1,600 luxury consumers which identified
five main types of luxury consumers, segmented across different age groups, psychological
motivators, media habits, and more.

2.1.Luxury as the evidence of success

57 percent of the consumers are between the ages of 18-34, which is the highest percentage of
millennials across all five groups. They also have the highest percentage of people specifically
ages 25-34—they make up 47 percent of the total Strivers. Strivers are also more ethnically diverse
than three of the other groups; approximately one-third of them identify themselves with an
ethnicity including the highest percentage of men of all five groups.
As far as income goes, Strivers are mostly middle to upper middle class at the moment, because
they’re still early in their careers—but they will eventually work their way into the more elite
income brackets.
When making purchases, strivers are most likely to be influenced by social media influencers,
family members, and TV shows. They consider their luxury purchases, to be liquor, followed by
fashion, auto, and travel.

Strategic considerations for marketers: For Strivers, focus should be on communicating “the
dream” and aspirations of the brand. The brand strategy should be such to show that the brand isn’t
easily obtainable for just anyone. The brand should make sure that they are targeting multicultural
consumers.

2.2.Luxury as a way to set themselves apart

Similar to the Strivers, this group has a heavy demographic tilt towards younger consumers and
the age group of 18-34. This group also has the highest percentage of multicultural consumers,
around 40 percent of Trendsetters identify themselves with an ethnicity.
When making purchases, Trendsetters are most likely to be influenced by social media, shopping
websites, and their friends on social media. When asked about their recent luxury purchases, they
were most likely to have bought Fashion, followed by Liquor, Auto, and Travel.

Strategic considerations for marketers: For Trendsetters, it’s very important to communicate to
them early on. Brand should show that they can help them retain their leading-edge status, and put
a particular emphasis on influencer marketing in media plan.

2
2.3.Lxury as the pinnacle of aesthetics and design
Demographically, this group is where both the age ranges and incomes start to climb higher. Only
19 percent of Aesthetes are between the ages of 18-34. This Aesthetes group also has the highest
percentage of women across all five groups, at 62 percent.
As far as incomes go: one-third of Aesthetes (33 percent) have an annual income of $100-
$149,000. After that, the next highest income group of Aesthetes is $150,000 or higher, for 28
percent of the group.
When making purchases, Aesthetes are most likely to be influenced by brand websites, online
reviews, and search. They were most likely to have bought Travel, followed by Auto, Fashion, and
Liquor as their luxury purchase.

Strategic considerations for marketers: For Aesthetes, it’s very important to communicate the
exemplary design and craftsmanship of the products. Brands should associate themselves with
artists and other influences in creative fields, and put a particular emphasis on engaging older
consumers.

2.4.Luxury as unsurpassed quality and service

Demographically, this group has some similarities to Aesthetes, except that they start to skew even
older, more than 26 percent are ages 65 or older. After that the ages between 45-54 and 55-64 fall
into this group.
Firstly, the income range is $150,000 or higher. After that, 27 percent come in at $100,000-
$149,000, and then 26 percent at $75,000-99,000.
When making purchases, they’re most likely to be influenced by search, online reviews, and
recommendations from their friends. Their preferred luxury purchases are most likely to be Travel,
followed by Auto, Liquor, and Fashion.

Strategic considerations for marketers: It’s crucial to communicate the performance and
leadership of the brand to this group of consumers. Brand should focus on the product or service’s
experience in its respective category, and put a particular emphasis on engaging older consumers.

2.5.Luxury as a meaningful way of life

Demographically, this group has the highest percentage of people ages 65+ out of all five groups.
at 42 percent. Following that, only 9% of this group is ages 18-34 which is the lowest millennial
percentage across all five groups.
The income range of this group is of highest percentage of consumers with an annual income of
$150,000 or higher.
When making purchases, they’re most likely to be influenced by online reviews and brand
websites. and preferred luxury purchase are Travel, followed by Auto, Liquor, and Fashion.

Strategic considerations for marketers: Unlike some of the groups, brands can and should
downplay status and image as part of their communications. Instead, they should focus on
communicating the comfort and ease that their products or services provide. The brand must
engage older consumers.

3
3. Luxury and Sustainability
“Sustainable development is development that meets the needs of the present without
compromising the ability of future generations to meet their own needs”.

By comparing the components of sustainable development with those of luxury, it has become
possible to identify the potential elements of contradiction. For example, all elements related to
showiness will oppose the fairness or social harmony facets of sustainable development. Similarly
pleasure, superficiality is opposed to altruism, moderation, ethics. According to (Bhattacharya and
Sen, 2004) people do support corporate social responsibility (CSR) and ethical concerns but are
not ready to pay more for them. The ethical concerns transform into behavior only if consumers
felt their simple action could have a snowball effect and market influence. Enrich and Irwin (2005)
reviled a surprising fact consumer tend to purposefully ignore sustainability issues when they
purchase, even though they say they are concerned. This willful ignorance has a goal: to protect
consumers from negative emotions. This is why luxury purchases are indeed still less impacted by
sustainable or ethical criteria: nothing should hurt the dream.
Achabou and Dekhili (2013) demonstrated that luxury buyers did not value positively the idea of
buying a Hermès product made of recycled cotton. The regular luxury buyer is usually against
purchasing of recycled cotton in a luxury product. As per their concern recycling means it is
nomore rare, it loses its prestige. In this case cotton becomes impure, drawn from suspect
uncontrolled sources. But this recycled material can be used for the packaging the actual product
and those packages will be destroyed and wasted afterwards.
Davies et al. (2012) said that consumers were less likely to take into account the ethical criteria
when they bought luxury goods than when they bought FMCG goods. the explanation factor
behind this statement were:

a. Luxury purchases are rare: consumers do not perceive their impact on the environment,
unlike mass-produced products such as cotton T shirts which are devastating the water
resources of the planet
b. Each luxury purchase is a blessed moment, a parenthesis for dreaming: why trouble it with
negative ideas about the many dramas on earth?
c. People would expect that luxury brands more than any other would take all into account,
considering their high price and the fact that they have to obey their already existing
national laws about the protection of nature.

Although luxury buyers declared they did not care about sustainable development when buying a
luxury product, they were also very prompt to react negatively when learning some dissonant news
about the luxury brands: those negative news most likely to induce boycott were first engaging
cheap workforce to produce luxury goods, then killing animals for their furs, killing three
crocodiles to make one single luxury bag , destroying unsold products instead of selling them at a
discount web-store etc.
Sustainability is at recent times perceived as stringent and little in line with the desirability of
luxury, new brands have managed to break this rule and bring sustainability at the very heart of
their own dream. This is the case for brands like Tesla (electric luxury vehicles designing the
dream of a better future) or the Stella McCartney fashion brand, refusing to use real leather since
this designer is a vegetarian fan. These examples thus show that sustainability can become in itself

4
an element of desirability and prestige, and therefore be at the heart of the communication of a
luxury brand.
Burberry has been named the leading luxury brand in the 2018 Dow Jones Sustainability Index,
which tracks the performance of companies in terms of economic, environmental and social
criteria.The British heritage label has been included in the index’s ‘Textiles, Apparel & Luxury
Goods’ sector for the fourth year running due to a series of eco-friendly initiatives such as
the recent pledge to stop destroying unsold clothes, which it previously did as a way of preserving
its exclusive image. The brand also announced that it would no longer be using real fur in its
products and will be phasing out existing products made from real fur. These new measures come
after Burberry launched a responsibility agenda in 2017, partnering with sustainable luxury
company Elvis & Kresse to turn 120 tonnes of wasted leather offcuts into saleable products. In
2017/18, the label obtained 48 per cent of its total energy from renewable sources, up by 24 per
cent from the precious year.

Stella McCartney and Adidas announced the launch of the world's first vegan Stan Smith trainers,
an environmentally and ethically-friendly alternative to the iconic tennis shoe, which will be made
entirely from vegan, cruelty-free leather.

US retailer Reformation, which are committed to making every item of clothing as sustainable as
possible by making its clothes from eco fabrics like Tencel, deadstock materials and repurposed
vintage clothing.

4. Luxury Customer Profile

4.1. Automotive
Rolls-Royce Over the Years Rolls-Royce is one of the most fascinating and well-known brands
in the world, the luxury motor car par excellence. For over 100 years, motorcars of the Rolls-
Royce brand have stood for truly outstanding engineering, quality and reliability. Rolls-Royce
grew from the British electrical and mechanical business established by Frederick Henry
Royce in 1884.

“There is simply no sneaking around Phantom; As you drive down the street you can see
camera phones tracking your every move. If you treasure anonymity, this is not the car
for you’’- Bob Austin, Rolls-Royce spokesman.

5
Customer profile:

Rolls-Royce is meant to appeal to a selected individual who happen to enjoy a lifestyle

commensurate with their stratospheric levels of net worth. John Del Tatto, a sales professional
at Manhattan Motorcars, Inc., says the Rolls-Royce buyer falls into one of two groups: Old
Money or New Money. The old money buyer wants an heirloom that he or she can pass down
through the generations. The new money buyer, on the other hand, is looking for instant
recognition. Rolls-Royce buyers are almost all self-employed, heirs to large fortunes, royalty
or entrepreneurs. The person having Rolls-Royce is described as its target customer is someone
who has three, four or five homes; a net worth of around $30 million; and around six other
exotic, collectable or ultra-luxury cars. These customers would see the company’s base price
of almost half a million dollars as, simply, membership dues in a very special automotive club.

Collectively the owners of a Roll Royce can be described with the features:

 They’re self-made
The buyers are almost exclusively entrepreneur, as much as 80 percent of Rolls buyers
build their fortunes by themselves

 They lease cars, but not because they have to.

35 to 40 percent of Roll Royce models are actually leased.

6
 They’re important
Rolls-Royce treats each customer like they’re important. A buyer of Rolls-Royce not
only can wander through the factory inspecting the elements of their car but if they
have an issue, they can just bring it up with the CEO. Müller-Ötvös says every customer
has his personal email address and phone numbers.

 They’re not patient, at least not in America.

A Rolls-Royce takes anywhere from four to eight months to build. But if there’s
something American’s crave, it’s instant gratification. Rolls-Royce dealers in the US
have to be prepared in case a customer walks in wanting a new car which is an unusual
practice anywhere else in the world.

 They have extremely exacting tastes.

The clients of Roll Royce aren’t buying a car, rather, they’re buying a luxury good, a
symbol of success, or perhaps a reward.

 They’re not as old as people think

Average buyer for its flagship Phantom model is in their 50s to 60s, while the more
affordable Ghost (it starts at $263,000) is roughly 10 years younger. The brand’s newest
model, the two-door Wraith, however, is an even younger buyer. The brand’s newest
model, the two-door Wraith, however, is an even younger buyer.

7
4.2. Travel and Hospitality
Travel: Millennial demand for sustainable travel options which is the major factor of the
growth of the luxury hospitality sector. As environmental concerns become paramount,
forward-thinking hotels and resorts are pushing for full circularity and sustainability within a
few years.

 Abandoned buildings are creatively repurposed and adapted to become luxury

accommodation, resulting in unique spaces built with minimum environmental impact.
 Recycled, renewable and local materials which create a synergy with the natural
landscape are prioritized in the construction of new builds.
 There is an uptick in the number of hospitality brands operating 'leave no trace' luxury
camps and tented accommodations, as HNW (high net worth) consumers look for
increasingly authentic travel experiences

8
Hotel art is working a lot harder than it used to. The culturally savvy traveller demands depth
and authenticity, as well as ways to become actively engaged in the creative experience
themselves.

 In an era when experience is everything, guests must feel genuinely connected to a

hotel's art and – by extension – to the creative sentiment of the hospitality brand. With
this in mind, guests are playing an increasingly active role in hotel art programs
 Artists-in-residence lead from the front with workshops and seminars, and leave behind
them an artistic legacy that adds another layer of history and authenticity to a hotel’s
story.
 Architecturally, lobbies are beginning to more closely resemble white cube and
warehouse galleries, where lofty communal areas make way for installations and
exhibition spaces.
 In the luxury sector, art collections are bold, more expensive and more exclusive. High-
profile curators and creative panels with art world credentials become integral members
of the team

At Ace hotels, guests can take part in a range of workshops and symposiums. Current offerings
include Intaglio printing, free photography exhibitions, contemporary art seminars, and
communal craft evenings where activities such as knitting, prop making and stationery
customization are led by experts.

At 21c Museum Hotels, guests are

submerged in a contemporary art
environment – spatially, aesthetically
and culturally, it feels as if you're
stepping into a contemporary art
museum, rather than a conventional
hotel. The US-based brand commissions
site-specific installations and hosts a
program of 21st century art exhibitions
across its locations – flipping the idea
that hotel art is just an accompaniment
to accommodation. "We consider it a
multi-venue museum, now with over
75,000sq-ft of exhibition space spread
across seven cities", says Alice Gray
Stites, 21c's chief curator.

The Gramercy Park Hotel in New York holds a museum-worthy collection of works, leaning
towards bold, pop-inflected pieces that reflect the young, urban vibe of the hotel.

9
The luxury Alila resort brand has pledged that two of its locations will become fully sustainable
by 2020. Alila’s Bali locations are leading the drive towards circularity with a progressive Zero
Waste to Landfill project, which
involves all hotel waste being
processed onsite and reused to fertilise
the organic kitchen gardens and
aiming to be waste-free by 2020.

The Datai Langkawi resort in

Malaysia features a new Nature Centre
that looks out to the surrounding
virgin rainforest. The resort has
eradicated single-use plastics, offering
stainless steel hip flasks and water
distilled from the onsite filtration plant
instead. Bamboo is used for straws, as
containers for toiletries and as a
building material. A permaculture garden sustains the zero-waste, organic restaurant.

10
Customer Profile:

There are the top 4 characteristics of today’s new luxury hospitality consumer:

 Working to live, instead of living to work

The consumers are aspirational and place a high value on their leisure time, holidays and work/life
balance. The focus of millennials on purpose and values in choosing their career and lifestyle
suggests that they may be less likely to opt for high-earning jobs and expensive products, which
becomes a bigger challenge for the luxury sector. Living to works is the way of life where people’s
work or careers and that achievement in their professions is a major source of satisfaction and
meaning in their lives. Money may or may not be a major motivation for these people.

But For millennials working to live is the way of sustainable life style. These people view their
work or careers largely as toil whose purpose is to earn the money necessary to support themselves
and their dependents. These people earn to enjoy the present moment of the life not like the previous
generation who always tries to secure the future ignoring the present time.

 Less loyal than previous generations

Millennials are not driven by brand loyalty anymore. The increased exposure to more sources of
information as a result of digital technology allows this generation to benefit from a greater range
of influences and get to know smaller brands   which often offer same or higher value for money
than well-known brands. Millennials want to ensure value for money; so, they just don’t judge any
product by the brand name but the products actual features and functionality aligning with their
own requirement. Digital emergence made easier gather required information. Naturally they don’t
need to trust only the words of certain know people for any product recommendation. Which is a
challenge for the luxury brand where legacy and non-promotional strategy may affect the business.
Now the people don’t care while buying a less costly product of any not so popular brand over the
same product of highest price from a famous brand if the functionality is same.

 The slowness movement

Our craving for the pre-electricity lifestyle of simple pleasures, farm-to-table food, homemade
meals, handcrafted items, comfort and contentment is a side effect of lives that are too fast, too
busy and too connected. This movement started a few years ago and shows no signs of slowing
down. This opens up an opportunity for travel & hospitality businesses to really embrace local
commerce and sustainability. But current scenario shows that people are enjoying slowness more
than the fast life. Technology has made the life faster so, following slow life style, relaxing close
to nature has come to a demand now. people from hospitality industry say that people are enjoying
rural, clam and quite environment surrounded by nature more that spends huge amount of money
for a luxuries hotel room. The hotel is not a comfortable place to stay while travelling but also an
experience altogether.

11
 The Chinese traveller

When considering the combination of travel and millennials in the luxury market, it is essential for
companies to acknowledge the Chinese consumer. Overall, Chinese consumers are the travel
sector’s biggest spenders and they remain strategically important for luxury brands. China is still
driving much of the volume growth in travel retail, and this will continue to grow with the next
generation of luxury shoppers. There are currently over 400 million Millennials in China, which
is more than the working populations of the US and Europe combined. These consumers are
different from their parents, who were willing to be told what to purchase by the big Western brand
companies. They were keen to make large ‘show-off’ purchases from the big name labels in order
to display their new-found wealth. Today’s young Chinese luxury consumers have more
confidence, prefer more subtle and sophisticated styles, and like to buy ‘cool’ brands.

4.3. Fashion
Luxury is no longer tied exclusively to high ticket purchases. It's democratizing, with new
offerings at reasonable price points and new business models catering to the Instagram generation.
Cultivating an emotional connection to consumers is more important than ever for online brands.
One-to-one messaging, educational curated content and the introduction of personalized tech
offerings have built lasting relationships with customers.

Traditional fashion luxury:

“Berkin” the iconic leather handbag of Hermes, named after Jane Berkin who was an actress and
a co-designer in this bag. It’s a supply marketing which have been the most expensive luxury goods
in the world. The price is around $ 9000 in particular exotic skins. It has been produced by hand-
craftsmanship over 48 hours, and it has limited quantities. Berkin is also available various size
including 30 cm, 35 cm, 40 cm and 45 cm for creating attractive decision of customers. Moreover,
Hermes has aimed to use only natural materials while its competitors have used new man made
materials. Hermes has continuously introduced new exotic materials such as as alligator, crocodile
and even ostrich. All these talents and resources are able to increase the higher standard.

The bag shown below is the most expensive one which was sold for 2,21,844 pounds in 2015. It
was a fuchsia porosus crocodile Birkin in hot pink color. The bag had 18k gold and diamond
element crafted on it.

12
The price of Birkin varies with its size, the bigger
the bag, the bigger the price tag, add to it the
exclusivity of the material and you have the perfect
trifecta: size, material and increasing price. Birkin
are named according to size such as, “Hermès 25
Birkin” or “30”, “35” and “40” with travelling
bags of 50- and 55-centimetres. The numbers refer
to the length of the bag in centimeters.
Togo, epsom, chèvre & clemence are different
type of leather used to make the bag.

Customer Profile:

The ability of brands to understand its target audience enables and directly improve marketing
strategies for the key customers. Traditionally, Hermes has been a unique luxury brand known
around the world by creating the best leather goods and durable fashion forward items. These
reputations and qualities have been adored by its particular group of customers.

Age group - Most customers are mature 25+

Gender – Female

Socio-economic background

 High profile financial background status and rich people. Although, Hermes sales low
volume, but it has created high margin thereby causing its inaccessible price from the
particular customers who can afford it. This means that the brand differently focuses on
specific group of customers.
 Famous person, dignitaries and celebrities such as Queen Elizabeth II, Madonna and
Victoria Beckham who are great loyalists of its brand and can patient its long waiting list.

The neo fashion luxury:

According to Forbes Agency council In 2017, Gucci's sales grew by 44.6% over the previous year
and in the first quarter of 2018. Millennials and Gen Z account for nearly 50% of Gucci’s total
sales.

According to Fast Company, Gucci CEO Marco Bizzarri's partnership with famed Harlem tailor
Dapper Dan has helped to transform the Gucci brand for a new generation of luxury consumers:
the hip-hop crowd. Gucci's name has been used in lyrics by artists including Pusha T and 2 Chainz,
which have likely influenced millennial demand.

13
Gucci is doing well with its new business strategy, its new purpose-driven, environmentally
progressive program, Gucci Equilibrium. The brand has
established this program through a new microsite that
reports the company's CSR policies, environmental
impact, employee satisfaction and structural innovations.
This effort grants Gucci the authenticity, transparency
and, most importantly, accountability that consumers
seek.

Consumer Profile:

Millennials: "Cool" attitude towards life along with

personal satisfaction and purpose which gives the utmost
value to the life of millennials and Gen Z consumers.

5. Conclusion
Companies across industries are facing major challenges that, left unaddressed, will have an impact
on the resilience of existing business models. These challenges are: climate change and
biodiversity loss, new technologies and automation, and rising economic inequality which have
specific implications for the luxury sector.

Climate change and biodiversity loss are affecting the supply of precious raw materials, as well as
the resilience of the sector’s infrastructure; new technologies and automation are changing the
manufacturing process, retail experience, and nature of work and rising economic inequality means
luxury brands will need to re-affirm their value, particularly in emerging markets.

There are three opportunities for luxury brands i.e. engage in the circular economy, contribute a
positive impact on society, and strongly articulate value to all stakeholders.

Engage in the Circular Economy

Luxury companies can engage in the circular economy, a system that protect resources by using
less, wasting less, and recycling more, in the following ways:

 Adopt regenerative sourcing practices and invest in the restoration of important ecosystems
to ensure the availability of precious raw materials derived from nature, such as wool,
leather, exotic wood, cashmere, and rare essential oils.
 Expand product life cycles by sourcing recycled and upcycled materials for products and
by designing new business models that enhance the value of luxury products through giving
them many lifetimes.

14
  Build on existing collaborative relationships with key suppliers to identify, catalyze, and
support innovation in materials and processes.

Contribute a Positive Impact on Society

Luxury companies can use both their core business strategies and philanthropic agendas to
contribute a positive impact.

 Further support social and environmental progress by assessing how products and services
affect society and the planet and using complementary business and philanthropic
strategies to address key issues.
 Use the power of their brands to promote cultural change toward gender equality and
thereby contribute to women’s empowerment; focus on empowering women in luxury
supply chains.
 Help ensure that people working in their value chains receive a fair wage and provide
training for workers to give them the skills they will need for future jobs.

Strongly Articulate Value to All Stakeholders

Luxury companies can prepare for transparency and better engage investors and consumers on
environmental and social progress in several ways:

 Set a new standard for transparency by providing more details about how their business
practices affect the environment and local communities.
 Capture the attention of shareholders who are interested in sustainability and looking to
invest in companies that create long-term value.
 Engage consumers more deeply on a new value proposition for luxury that fully integrates
sustainability.

Implementing these opportunities can help the luxury companies to become a model for other
sectors, demonstrating how social and environmental sustainability can fuel future growth, drive
innovation, and strengthen brand equity.

15
6. References
 https://www.researchgate.net/publication/264871798_Redefining_luxury_A_review_
essay
 https://www.agilitypr.com/pr-news/public-relations/future-luxury-marketing-5-
consumer-types-trends/
 Phau, I. and Prendergast, G.: 2000, Consuming Luxury Brands: The Relevance of the
Rarity Principle, The Journal of Brand Management 8(2), 122–138.
 Strach, P., & Everett, A. M. (2006). Brand corrosion: Mass-marketing's threat to luxury
Automobile brands after merger and acquisition. Journal of Product& Brand
Management, 15(2), 106 - 120.
 Veblen, Thorstein (1899/1979), The Theory of the Leisure Class, New York, NY:
Penguin Books.
 Vickers, J. S. and Renand, F.: 2003, The Marketing of Luxury Goods: An Exploratory
Study - Three Conceptual Dimensions, The Marketing Review 3(4), 459–478.
 Wiedmann, K.-P., Hennigs, N. and Siebels, A.: 2009, Value-based Segmentation of
Luxury Consumption Behavior, Psychology and Marketing 26(7), 625–651
 Sombart,W. 1992. Leibe, Luxus und Kapitalismus. New edn.Wagenbach. 18.
 Heine, K. (2010), "Identification and motivation of participants for luxury consumer
surveys through viral participation acquisition", Electronic Journal of Business
Research Methods, Vol. 8 No. 4, pp. 135-43
 https://www.independent.co.uk/life-style/fashion/
 Bhattacharya, J. and Sen, G. (2004) ‘Doing better at doing good’, California
Management Review, Vol. 47, No. 1, pp.9–24.
 Davies, I., Lee, Z. and Ahonkhai, I. (2012) ‘Do consumers care about ethical luxury?’,
Journal of Business Ethics, Vol. 106, No. 1, pp.37–51.
 Achabou, M.A. and Dekhili, S. (2013) ‘Luxury and sustainable development: is there
a match?’, Journal of Business Research, Vol. 66, No. 10, pp.1896–1903.
 Ehrich, K. and Irwin, J.R. (2009) ‘Willful ignorance in the request for product
information’, Journal of Marketing Research, Vol. 42, No. 3, pp.266–277.
 https://hospitalityinsights.ehl.edu/redefining-luxury-hotels
 https://www.slideshare.net/nermar1/rolls-royce-brand-analysis
 https://www.wgsn.com/en/industry/
 https://medium.com/@verbbrands/the-evolving-luxury-hospitality-market-whats-the-
key-to-its-growth-e231e22af810
 https://www.bsr.org/en/our-insights/blog-view/how-luxury-can-lead-the-future-of-
sustainable-business
 https://www.forbes.com/sites/forbesagencycouncil/2018/11/02/what-can-luxury-
brands-learn-from-gucci-about-millennials/#485570255e5b

16