| Summary: | India leads the world in wealth creation (Voight, 2007). The country’s economy is constantly growing at a rate of 7-8% each year and High Net Worth Individuals are on a rise. This makes India a lucrative and beneficial market for luxury brand goods. Analysts are predicting that over the next decade, India could become luxury's biggest market. As a result, it was important to conduct this research. The main purpose of this study is to find out the characteristics that encourage people buy luxury brands and the factors that influence their decisions.
Urban youth population and the middle income group of the country are rising in affluence and the spending power of people is also increasing. People here are extremely fashion conscious and believe in conspicuous consumption propensities. Symbolic meanings are derived from luxury brand goods to define one self.
In this research, an approach to understand the meaning of luxury and luxury brands goods is presented. It is suggested that the factors that influence consumers to purchase luxury brand goods can be exhibited by a mix of three dimensions based on psychological implications, cultural implications and societal implications. As a result, it is vital to analyse the consumers’ perceptions, awareness and preferences of Indian luxury market.
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