Date of Completion

5-5-2012

Degree Type

Honors Thesis - Campus Access

Discipline

Marketing (MRKT)

First Advisor

Robert D. Winsor, Ph.D.

Abstract

Luxury is defined as “something adding to pleasure or comfort but not absolutely necessary” or “an indulgence in something that provides pleasure, satisfaction, or ease.” Accordingly, luxury brands offer goods and services to consumers that are beyond what is essential to their basic wants and needs. Luxury brand offerings appeal to the consumer who has the desire for more than necessity; consequently, the purchase and indulgence of luxury requires spending capability to afford more than necessity. Therefore, luxury proves challenged in times of economic challenge for its consumer base; the consequences of the 2008 economic crisis were no exception. In light of financial challenges faced by all types of consumers, one would expect the profitability of all product offerings to suffer accordingly. While luxury goods have experienced the detrimental effects of the recession, they have still have maintained their overall success in light of economic circumstances. This survival has been made possible because of factors such as the effect of the recession on their target market, consumer behavior surrounding luxury brands, and brand management strategy.

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