Psychology Behind Luxury Consumption The demand for status, or "respect, adoration, and voluntary deference provided by others," underlies consumers' persistent desire for luxury. Luxury brands have a very established definition of luxury and how to market it. Consumers are psychologically drawn to luxury products because they convey a feeling of prestige, self-worth, identity, experience value, emotional appeal, and brand loyalty. Customers frequently buy into the narratives that businesses construct to represent their sense of self. For those who oppose self-aggrandizement, luxury buyers are seen as more wasteful, materialistic, and even immoral. Several studies have been commissioned to unravel the connection between customers' attitudes and ambitions and their demand for luxury in terms of psychological factors. Based on the hypothesis that conservatives place a higher value on retaining their status and that this desire is activated by having a high status, Kim et al. discover that conservatives have a high status. There is a larger desire for luxury goods and brands depending on socioeconomic class. According to different observations, conservatives Favour luxury because it gives them a vertical advantage over others in the social hierarchy and validates their views on the validity of the hierarchy. Liberals, in contrast, distinguish themselves in a non-hierarchical way by distinctive and original (usually non-luxury) consumption. Separately, people with high status have a greater demand for uniqueness, which eventually raises their need for experiencing luxury due to its exceptional capacity to satiate uniqueness. Increased access to "big data" that reflects customer opinions, interests, or purpose might provide fresh insights into how and when structural characteristics of the socioeconomic strata influence the demand for luxury.
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