International luxury marketing

Purpose: This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design: This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings: The authors outline pivotal changes in luxury marketing including the growing prominence of emerging nations and technology adoption. A systematic review of luxury marketing literature reveals that most research is still centered around developed nations. The field has a relatively low impact and no dominant authors. The research content does not converge with luxury industry trends. This provides an exciting contribution opportunity for academic researchers. Originality: The briefing saves busy executives, strategists, and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format

Charting research on international luxury marketing: where are we now and where should we go next?

PurposeDespite luxury's increasing globalization and broadening scope via digitalization and new markets, the intellectual structure of the overall research corpus remains tenuous. This work therefore aims to provide an overview of published work on international luxury marketing and to contribute to a better understanding of the research area.Design/methodology/approachUsing a systematic approach, 1151 items (papers) were retrieved and 181 selected from the international luxury marketing field published before 2019. These items were analyzed by using various bibliometric techniques to identify the most productive countries, journals, influential authors, papers and research clusters.FindingsAlthough most of the outputs originate from business, management and marketing journals, other disciplines also research this topic. The analysis reveals an emerging field, with 85% of the published papers appearing between 2010 and 2018, which are primarily the output of US- and UK-based authors and none of whom dominates the field. The three identified keyword clusters are (1) consumers and consumption (2) tools and (3) core themes.Practical implicationsThis article contributes to our understanding of the evolution, current status and research trends of published research on international luxury marketing by presenting a mapping analysis and proposing future research directions.Originality/valueThis is the first bibliometric mapping analysis of research on the topic from its conception to 2019. It contributes insights from different research disciplines, adds to the categorization of the international luxury marketing literature and provides promising future research directions in terms of research areas and strategies.

Priceless time – The UHNWI's most precious possession: implications for international marketing theory and practice

PurposeTraditionally, international luxury marketing highlights possible disparities of cultural and value perception. The context-specific nature of traditional international luxury marketing, which ranges from educational and cultural to financial and offering-based variations, delivers little guidance to managers in the field regarding how to cater best to their highest target segment. The study aims to exemplify the relevance of global consumer culture (GCC) theory for the ultra-high-net-worth-individual (UHNWI) context. The authors' research on UHNWIs maps the DNA, so to speak, of the UHNWI customer experience (CX) by determining what drives UHNWI purchasing behavior independent of background – in other words, what matters most to this exclusive consumer segment.Design/methodology/approachInterviewing 15 UHNWIs using a means-end approach and incorporating the emerging consensus technique (ECT), the authors explored the CX of UHNWIs leading to their purchasing decisions.FindingsThe authors' analysis reveals the three main constituents of the UHNWI CX: the value of time, expectation mismanagement and the utilitarian nature of luxury. The findings highlight that UHNWIs see traditional luxury as a necessity rather than a luxury and value different factors, such as time, much more highly. The findings highlight the UHNWI homogenous nature, connecting GCC to purchasing behavior.Practical implicationsThe authors' study delivers empirical evidence of what matters most to the UHNWI segment and drives their purchasing behavior. The authors are questioning existing luxury segmentation strategies and lay out a clear guidance on how to design and deliver effective and efficient marketing, sales and communications strategies for the elusive UHNWI segment. The research highlights that it is the experience and the three main dimensions, namely expectation mismanagement, luxury as a utility and the value of time. Following UHNWI CX DNA framework will allow luxury companies to build their marketing and client acquisition efforts on a solid understanding of what matters most to the UHNWI target segment.Originality/valueThe study highlights the commonalities of UHNWIs in terms of what matters most to them. Based on this, the authors develop a UHNWI CX DNA. The authors propose that traditional context-specific differences upheld by international marketing researchers might not apply to the UHNWI segment. The authors deliver evidence that UHNWI are an excellent example of the applicability of GCC theory. The only difference in perception the authors noticed was between CX evaluations of self-made UHNWIs and those who inherited their wealth in an otherwise homogenous segment.

Is Luxury Compatible With Corporate Social Responsibility (CSR)?

Luxury as a field of research has attracted many scholars who examined the potential connections and (in)compatibilities between luxury and corporate social responsibility (CSR). While some studies emphasize the incompatibility between luxury and sustainability, others highlight the important efforts of luxury brands in terms of luxury offerings and sustainable marketing strategies to fit eco-friendly consumers. To foster this research stream, this chapter develops a deeper understanding of the rise and evolvement of CSR in the luxury sector and the major marketing strategies implemented by luxury brands to fit with the needs of today's responsible consumers. The authors will first present a chronological literature review through three key periods, including the underground and advancement stages to the consolidation of sustainable luxury marketing as an established research stream. Then, a framework identifying different luxury CSR strategies will be proposed. Finally, opportunities and futures challenges will be discussed at the end of this chapter.

Understanding the Luxury Brand Consumer

The definition of luxury brands has been long debated among marketing scholars; however, understanding how consumers perceive luxury is important too. This research presents a new framework that includes antecedents reflecting external and internal points of reference, luxury accessibility levels that ultimately impact consumer behavior toward luxury brands. It is understood that consumers have different lived experiences and may also have access to different goods in the marketplace. Hence, the proposed framework contributes to the luxury marketing literature by highlighting these important antecedents which induce various perceptions of luxury. Three propositions are presented to summarize the framework, which also supports future research aims.

Social Media Marketing and Luxury Consumption: A Literature Review

People and companies worldwide are by now involved and attached to web 2.0 technologies and in particular to social media platforms. In this context, these digital technologies and social media have modified and improved the way to communicate and collaborate between companies and customers in all sectors through by implementing effective interaction mechanisms. However, the approach to social media and digital technologies in sectors such as luxury has been slower. Therefore, the main aim of this study is firstly to systematically examine and review the current studies conducted on the related area of ​​social media and luxury marketing. Secondly, in addition to providing an overview of the main themes and trends covered by the relevant literature, this review has focused on the consumption of luxury and the dual dimension that it can take in a social media context. Third, a systematic review of the literature on academic research on social media marketing in luxury brands was conducted to collect, examine and synthesize the reactive studies. This review also provided important insights on social media marketing in luxury brands and key research topics were classified into three insights, on consumer behavior, brand awareness and advertising activities in a social media context. Therefore, this study, for both academics and marketer manager, could represent a solid theoretical basis for empirical studies on the phenomenon of social media marketing in the field of luxury marketing and luxury brands.