Luxury goods: An investigation into the perception and increasing availability of these goods to consumers
(2016) Luxury goods: An investigation into the perception and increasing availability of these goods to consumers, no. 85.
Purpose: The aim of this study is to investigate luxury goods and the purchasing of these goods. The study also aims to discover how luxury goods are perceived by consumers, discovering whether these goods are really 'luxurious' or not, due to their increased availability. Methodological Approach: For this particular research project, the researcher has chosen to use a mixed methods approach. The researcher established that the best method for the study would be surveys as it was clear that surveys would satisfy the researcher and be the most suitable method to achieve the aims and objectives of the project. The researcher has chosen to sample students over the entire population. This is because it would be impossible for the researcher to sample every consumer. Findings: The results from the data analysis concluded that luxury goods cannot be defined; it is down to individual perception in how consumers see such goods. The research found consumers associate the words 'expensive', 'quality' and 'treat' with luxury goods and that although a definition cannot be agreed on, there are certain common traits that luxury products have. Research Process: After the identification of the research topic, relevant literature was reviewed and from the literature, key themes emerged. From the key themes, questions were created that would allow the researcher to research the identified areas. The methodological approach that was chosen for this particular study was one that was best suited to the research aims and objectives and the final result of the research reflected that this was the best choice. Limitations: One limitation that the researcher faced was the participant sample size. Although the total sample size was 91 and may be considered large sample, it is relatively small in comparison to the total number of consumers.