The effects of democratization of luxury

: exploring the influence of online luxury consumption and second-hand luxury products on the symbolic value of luxury

Abstract

Powered by globalization, new technologies like the internet, and an increase in demand for second-hand luxury markets, luxury democratization is a phenomenon that may impact considerably luxury consumption and the ways in which consumers perceive the symbolic value of luxury. This paper addresses a research gap in the literature regarding the impact of online luxury consumption and the emergence of second-hand luxury markets on the symbolic value of luxury. A 2 product type (new, second-hand) x 2 buying context (in-store, online) in-between subjects experiment shows how second-hand luxury items are perceived by consumers as having less status and are less prone to conspicuous consumption when compared to new luxury items. It also shows that the difference between second-hand and new luxury items is only relevant when discussing in-store contexts. This result provides interesting insights for luxury brands and businesses selling second-hand luxury items that will need to adapt their strategies in the face of luxury democratization.

Date of Award	28 Jun 2023
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	João Niza Braga (Supervisor)