Value Perception of

VALUE PERCEPTIONS OF HIGH END BRANDS

How are high end-brands perceived as?

A consumer’s value perception of any high end/ luxury brand varies in terms of geography, demography, culture and consumption pattern. According to a quantitative research across Asian consumers, it was found out that there exist variations in perceptions of the symbolic, experiential, and functional value of luxury brands.

India has been the fastest growing market for luxury goods in the world since 2011, and Mumbai and Bangalore have especially been identified as one of the major hubs for luxury stores.

Consumers are often affected by an internal drive which creates a social image, or a behavior inherent to luxury consumption. This leads to a consumer motive which is reflected in their values and in the behavior. Such goods are often expensive and enable consumers to satisfy their material and socio-psychological needs. The symbolic value gets reflected in the social signals which are constructed through narrative associated with the brand’s meaning, myths, stories, and the consumer’s own wealth, prestige and social status. Hence, it can be divided into two, self-directed and others directed. The self-directed value would be created when possessions help build a unique personality and the latter would be when those decisions are affected by social signals.

The functional symbol relates to the physical display of material quality, craftsmanship, etc.

The experiential value differs from individual to individual, it gets reflected through sensations, cognitive and behavioral intentions aroused by a brands logo, packaging, advertisements and environments.