For most of the people, luxury symbolizes exclusivity, rarity, expense, excellent artistry, high quality, magnificence and extreme pleasure. These attributes are completely different from the characteristics of fast fashion.
Nowadays, luxury as an industry is no longer catering the needs and requirements of the rich and elite clientele of the society. It has become easily accessible to people coming from different types of background.
Three major psychological factors influence the purchasing habits for luxury goods.
Luxury consumers express their self-identity by associating with a luxury brand through which they can express their personal values and beliefs. Self-identity of a consumer dominates the manner in which they associate with their individual self. This creates an emotional bond between the consumer and the brand. The individual values of a consumer is one of the compelling forces behind the consumption of luxury goods.
- Maslow theory
Maslow’s hierarchy puts forward the fact that people are motivated by five factors: physiological (food, shelter, clothing), safety (security, employment, health, education), love (friendship, family), esteem (respect, freedom, recognition) and self-actualization (desire to be the most one can be). As per the Maslow’s hierarchy, theory the fourth stage which is self-esteem is very important to attain self-actualization in life.
- Social identity
Some researchers propose that there is a connection between positive social identity and a person’s self-esteem gained by buying luxury goods. When wearing luxury a person’s confidence and morale boosts. They feel unique and good about themselves.
The Millennials and Generation Z consumers make up 85 percent of the luxury buying population. The younger generation want to buy luxury goods that do not harm the environment. Due to these statistics, luxury brands need to start making goods that are more sustainable.