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History as a Factor Creating the Value of a Luxury Brand

100%

Dryl W.

Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

2022

vol. 56

issue 5

63-80

Theoretical background: The attributes of a luxury brand include both the physical characteristics of the product and the symbolic values that the brand provides to the consumers. Symbolism is interpreted as prestige, beauty, charisma, the creation of which requires larger and more time-consuming efforts than just producing a unique, expensive, high-quality product. An important aspect of a reliable, trustworthy image is the history of the brand and its creators. In the opinion of many authors, it is an important element of the brand’s value, not only shaping its luxurious image, but also providing psychological values. Although history is not always indicated directly among the attributes of luxury brands, it is the basis of other values ascribed to them. The luxurious nature of the brand is often defined in the literature through the prism of its symbolism, an important element of which is history, along with heritage and country of origin. A prestigious heritage is built and maintained in time and culture by brands that are embedded in historical notions of luxury. As a result of associations with the heritage, brand is perceived as the highest quality, unique and authentic one. Symbolism, heritage and the history of a luxury brand are related to emotional qualities of personal indulgence and self-expression. Purpose of the article: The aim of the article is to verify the importance of the history of the brand in the process of shaping the value of a luxury brand in the perception of consumers. Research methods: A total of 203 valid responses were collected from wealthy respondents declaring monthly income over PLN 20,000 gross. An analysis of the results of the study was carried out, as well as an analysis of the literature. Main findings: In the era of dynamic development of new technologies, unpredictable changes in consumer expectations towards companies and their offers, it turns out that history, heritage and attachment to tradition are highly valued by consumers of luxury goods. They shape a higher level of trust, both in the company’s brand and its products, and increase the consumers purchase willingness. Companies that can boast of long history should undoubtedly communicate it intensively and care about providing consumers not only with basic values related to the product itself, but also symbolic values, which are particularly important for consumer of luxury goods. History and the heritage of a luxury brand constitute one of the essential elements of the brand’s value and should also be treated as such by companies.

Comparing consumers’ value perception of luxury goods: Is national culture a sufficiently explanatory factor?

75%

Beata S., Ana P. L., Lutfu S., Michael B. H.

Economics and Business Review

2016

vol. 2(16)

issue 2

The aim of this paper is to explore the grounds for commonalities and differences between customers’ value perception of luxury goods (CVPL) from different countries. An international e–questionnaire was conducted amongst 1,193 respondents. Data from 5 different countries (Saudi Arabia, Turkey, Germany, Portugal and Poland) were analyzed with adopted and modified scales from Wiedmann et al. [2009], Vigneron and Johnson [2004] and Holbrook [1999, 2006]. The country comparison of functional, social and hedonic value components in CVPL indicates strong cultural grounds for the existing differences, but diverges from similar studies in the field. Differences between CVPL between countries cannot be sufficiently explained by reference to the cultural traits of the specific country setting (for example, Hofstede’s cultural dimensions). CVPL is more an outcome of a subtle interplay between the economic, cultural and religious facets of the given country. Longitudinal studies of dynamic interplay between economic, social and cultural country-specific factors explain the differences and commonalities in a far more precise and detailed manner than referring only to a single category of explanatory factors. Research shows the need for “glocal” marketing strategies within the luxury goods sector when it comes to the local CVPL attributes.

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1 Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

1 Economics and Business Review

1 Ana P. L.

1 Beata S.

1 Dryl W.

1 Lutfu S.

1 Michael B. H.

1 2023

1 2016

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History as a Factor Creating the Value of a Luxury Brand

Comparing consumers’ value perception of luxury goods: Is national culture a sufficiently explanatory factor?