Feb 28, 2019
A first approach to luxury
As a basis for an adequate understanding of our project, it seems convenient to highlight the nature of luxury products. For instance, luxury goods respond not only to a need Functionality and a want Aesthetics and Quality but essentially to a dream as a reflection of Hedonism and Status.
Seeking for distinction and social/private satisfaction, luxury consumers behave in line with the economic Veblen Effect as a reflection of the Bandwagon and Snob values. The Veblen Effect  defines abnormal market behavior where consumers purchase the higher-priced goods whereas similar low-priced, but not identical, substitutes are available.
