Consumer Buying Behavior for Luxury Goods with Reference to Economic Slowdown and Current Government's Budget Provision:An Empirical Study
Luxury brands have often been associated with core competences of creativity, exclusivity, craftsmanship, precision, high quality, innovation and premium pricing. These product attributes give consumers the satisfaction of not only owning expensive items but added psychological benefits such as esteem, prestige and a sense of high status that remind them and others that they belong to an exclusive group and only a select few who can afford these expensive items. Very little research has been done on consumer behavior in the luxury segments. Demand for luxury brands in India dipped to the tune of 60% in the first quarter of the 2009-10 due to economic downturn and this has economic repercussions. Therefore, it is necessary to carry out research in this field.
This paper focuses on two main influencing factors such as economic downturn and the effect of the union budget in India on Demand for Luxury Brands. Thus, it becomes important to gain insights into consumer behavior during times of duress so as to adopt appropriate marketing strategies for luxury brands in such times. The methodology of research used in the paper is descriptive statistical analysis based on data collected through questionnaire survey around Delhi and NCR region. Based on findings of the study, the paper finally developed a matrix of strategy for marketing luxury brands among Indian Consumer.
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