Authors: Manaswini Acharya; Abhishek Nirjar
Addresses: International Management Institute, New Delhi, India ' International Management Institute, New Delhi, India
Abstract: There was a time when luxury was meant only for the rich. Things have changed rapidly all over the world and India is no exception to this change. It is observed today that people's buying habits do not necessarily correspond to their income, as had always been the assumption. People, who once could only desire for luxury, have now come to own it. While there is no doubt that luxury has become a lot more affordable it is quite interesting to note that the common man today indulges in luxury even when he cannot actually afford it. This paper takes a qualitative assessment route to understand the various reasons that have now connected the previously disconnected luxury products and the masses. It seeks to understand reasons, as to why masses buy luxury products and the factors that influence them. The study is specific to India and hopes to provide insights about the changing Indian consumer. It was interesting to note that there were both personal and social reasons for the masses attempting to indulge in luxury.
Keywords: India; luxury products; consumer behaviour; affordability; mass consumption; personal reasons; social reasons.
International Journal of Indian Culture and Business Management, 2016 Vol.12 No.4, pp.446 - 467
Received: 05 Feb 2015
Accepted: 18 Apr 2015
Published online: 25 Mar 2016 *