EXCEL International Journal of Multidisciplinary Management Studies

Vol.2 Issue 1, January 2012, ISSN 2249 8834 Online available at http://zenithresearch.org.in/

LUXURYS NEW DESTINATION CHANGING PARADIGMS OF THE INDIAN CONSUMERS AN EMPIRICAL STUDY
DR. BUSHAN D. SUDHAKAR*; ARUN KUMAR. PARISE**
*Reader, Department of International Business, Pondicherry University, Pondicherry, India. **PhD Scholar, Department of International Business,

Pondicherry University, Pondicherry, India.

ABSTRACT The purpose of this study is to investigate, Indian consumer migration towards Luxury brands form value middle tier brands. A total of 100 respondents were interviewed face to face based on structured questionnaire in Chennai city and analysis was done by using both descriptive as well as factor analysis and multivariate analysis. The findings suggest that there is significant difference with the gender difference, social status, price, quality to purchase a luxury good. There is a higher association between the annual household income and Purchase of luxury goods. This study has the practical implications of Middle tier brands for the better understanding of the consumers and the factors which are mobilizing them to migrate, so they can adopt different strategies to retain them. Though several studies exist in the area of Consumer behavior changing trends, studies with related to consumer migration are hardly seen. This study may serve as a base point to conduct in depth research in the area concern. KEYWORDS: Luxury brands, Middle tier brands, Movement, Consumer. ___________________________________________________________________________ 1. INTRODUCTION Luxury marketer would say it is the art of pampering and satisfying consumers senses and ego. Now many global brands feeling encouraged in coming to India where companies can start making profit very soon. Due to rapid economic growth in India attraction towards branded goods and clothing increases rapidly. In view of the dynamic growth in the market and the availability of branded goods to a wider range of consumers than ever before, the market has transformed from its traditional conspicuous consumption model to a new experiential brand sensibility marked by a change in the way consumers define luxury. In a global context, it is critically important for brand manager, researchers and marketers to understand why consumers buy branded goods, what they believe brand is and how their perception of luxury value impacts their buying behavior. There are lots of reason behind it may be social factor s and economical factors. A fast growing economy and a rising number of affluent consumers have pushed India into the league of most brand conscious countries globally. The issue of luxury consumption has received a great deal of interest among marketing scholars. Little is known however about how to optimize the market and manage consumer expectations with regard to this specific consumption context (Vigneron & Johnson, 2004; Wiedmann, Hennigs & Siebels, 2009). The importance of social influence on consumer purchase intentions is recognized in most consumer behavior models (Bearden, Netemeyer, & Teel, 1989; Mourali, Laroche & Pons, 2005; Ratner & Kahn, 2002). Moreover, social

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Vol.2 Issue 1, January 2012, ISSN 2249 8834 Online available at http://zenithresearch.org.in/

influences are particularly salient in luxury consumption context (Tsai, 2005; Wiedmann et al., 2009) wherein consumers ar e highly affected by their internal drive to create a favorable social image from the outcome of their purchase behavior (Hume, 2010; Leigh & Gabel, 1992; Shukla, 2010). Therefore, it can be speculated that such consumption may be highly influenced by normative and informational interpersonal influences. The individual consumption decisions are systematically affected by cultural and social values and norms (Hofstede & Hofstede, 2004). It is reasonable to suggest that different cultural groups may show varying levels of susceptibility to interpersonal influences. In todays marketplace, many brands use str ong brand origin cues in their promotions appeals (Money & Colton, 2000). Douglas and Wind (1987) suggest that in markets such as luxury fashions and accessories, a specific country of origin or foreign image in general may carry a prestige connotation. Chevalier and Mazzalovo (2008) argue that luxury brands spend a disproportionate amount of their overall budget on brand image building. Thakor and Lavack (2003) suggest that most of the country-of-origin literature has emphasized origin effects at the product level as opposed to brand level. Keller (2009) opines that brand related cues act as a crucial competitive advantage element for luxury brands. Shukla (2010) observes that due to the highly social nature of luxury consumption, consumers try to gain social advantage by following the desired groups consumption pattern. Focusing on different facets of the independent self, Kampmeier and Simon (2001) theorize that consumers will demonstrate fitting in behavior by using brands which match the image of the group they wish to belong to. Consumers hardly ever take decisions in isolation. Instead they try to bring disparate information together and make sense of it (Grewal, Krishnan, Baker, & Borin, 1998; Harcar & Spillan, 2006). Hult, Keillor and Hightower (2000) found significant differences in consumer motives as well as factors influencing their consumption. Hume (2010) observes that representation of social class via luxury consumption is one of the frequently discussed social issues. The word ==luxury refers to products or services of a very high standard; however, it elicits no clear understanding (Wiedmann et al., 2009). Cornell (2002) observes that luxury is a slippery term to define because of the strong involvement of the human element and value recognition from others. However, researchers agree that luxury goods are conducive to pleasure and comfort, are difficult to obtain, and bring the owner esteem, apart from functional utility. Therefore, luxury goods enable consumers to satisfy their sociopsychological needs to a greater degree than regular goods (Shukla, Shukla & Sharma, 2009). Han et al. (2010) argue that even in the absence of dir ect visibility, consumers are concerned about which luxury brands will make a good impression on others. Therefore, luxury consumptionAccording to Confederationto interpersonal influences. AT Kerneys report the may be highly susceptible of Indian Industry (CII) and Indian luxury market is set for a 20% growth in the year ahead. The report suggests that luxury players in India have three paths to choose from growing cautiously by getting the basics right; experimenting selectively to adopt a differentiated position in the market; or gaining the first-mover advantage in high-potential sectors by bold =market making moves. The luxury market witnessed a robust growth of 20% over the past year and is estimated to have reached $5.8 billion, in line with the five-year projections. Luxury products have grown the fastest at 29%, well above expectations of 23% , says the report. The report says that while jewellery, electronics, cars and fine dining have grown beyond expectations, apparel, accessories, wines and spirits have continued their strong growth. Real estate and yachts have remained more or less flat due to high prices and absence of marine infrastructure, respectively. The report suggests that consumers are accepting and adopting global trends much faster than anticipated. Digital and social media have made it possible for companies to connect with the once hard-to-reach Indian consumer.

EXCEL International Journal of Multidisciplinary Management Studies

Vol.2 Issue 1, January 2012, ISSN 2249 8834 Online available at http://zenithresearch.org.in/

India, we have numerous international and domestic brands. Of the overall market, nearly 30% could account for the premium and luxury segment and the balance could be shared between the low and mid-segments. Indian consumers are much more knowledgeable as they travel quite a bit. They are sophisticated and they know what to get where and at what cost. Over the last ten years, the Indian market is quite evolved and developed especially for the premium and luxury segment. Now, with the increasing purchasing power, this market is growing very rapidly in the country. We expect the market to grow by huge steps. The economy has indeed faced slight setback owing to the slowdown but we expect it to leap back during the second half of the year. Rising affluence after years of solid wealth creation, and a steady transition from a saving to a spending culture will see China become the world's largest luxury goods market over the next decade, according to CLSA. CLSA Asia- Pacific Markets, majority owned by France's Credit Agricole SA, expects Greater China to account for as much as 44 per cent of global luxury sales by 2020, up from 15 per cent now. One of the main reasons for the shift, according to CLSA, is that mainland Chinese millionaires are on average 15 years younger than their overseas peers. And three decades of double-digit GDP growth has created a lot of them. CLSA estimates that the number of individuals with more than 1 billion Yuan ($151.7 million) has increased at an annual rate of 50 per cent from 24 in 2000 to 1,363 in 2010. Capturing this vast market and tapping into expanding wallets is front and centre in terms for strategy for many the world's best known luxury brands who are rapidly ramping up in China. With consumers for luxury goods more in numbers than adult population of several countries, luxury brands are setting up shops in India to tap the growing market. In 2009, the luxury market in India stood at $4.76 billion and is expected to grow to $14.7 billion by 2015, notwithstanding the infrastructure and regulatory constraints, says the study, which will be unveiled at the CII-ET Luxury summit in Delhi. 1.1 BRANDING LANDSCAPE VALUE TIER BRANDS MIDDLE TIER BRANDS PREMIUM BRANDS LUXURY BRANDS ICONIC CONSUMER MIGRATION BRANDS FIGURE 1.1: BRANDING LANDSCAPE

FRAME WORK OF CONSUMER MIGRATION

Household Migration

Individual Migration

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A ge & G ender Ec onomic S tatus S tandar ds of living Exposur e to m arket and var ious Br ands S ocial stat us I mage S elf Satis f action Celebr ity Endor s ement U sage of t he pr oduct M ar keting att itude P r ef ere nce s in pur chase Br and a war eness Remittance f low Flow of ideas & inf orma tion Social & Ec onomic st atus Behavi or al Change s Expos ure to Mas s me dia Bra nd awa re nes s

H ous ehol d r equir ements F amily inf lue nce Li fes tyle D ecis ion making

PURCHASE (LUXURY PRODUCTS)

1.2 FRAME WORK OF CONSUMER MIGRATION

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Vol.2 Issue 1, January 2012, ISSN 2249 8834 Online available at http://zenithresearch.org.in/

Migration and consumer behavior has received attention as separate topics in literature, the interrelationship between them has got little attention, and probably the statement still hold true even today, at least for a country like India (Lloyd 1977). Four main categories of luxury goods can be identified: Fashion (couture, ready to wear, accessories), Perfumes and cosmetics, Wine and spirits, watches and jewellery (Jackson 2004). The two main factors which accelerated development in this sector were principally: The economic growth of the country which creates =new rich and Using the product defines the =new luxury (Vigneron 1999). When analyzing the consumption of goods some researchers focused on the profile of the buyer and the other reasons for their choices (Dubois 1993). It is definitely not easy to understand easy to understand a consumer by looking age, gender and religion etc. Infect to understand consumer needs today, first of all there a need to understand their lifestyle, attitude and opinions. The consumer behavior has been changing over the globe day by day, now a days the options that they have is plenty (Garg 2007). For many consumers price becomes less importance than convenience, availability, service and time. Different segments consumers shows different behavior in purchasing (Ordonez 2003). The perceived quality'' approach analyzes product quality from consumers viewpoint, making quality a subjective assessment dependent on their perceptions and need fulfillment (Northen 2000) . 2. RESEARCH METHODOLOGY Here we are using descriptive research method to explore different dimension of factors which effect consumer preference for brands. These can be classified into the following dimensionsFINANCIAL DIMENSION OF LUXURY VALUE PERCEPTION The financial dimension addresses direct monetary aspects such as price, and best value for money. FUNCTIONAL DIMENSION OF LUXURY VALUE PERCEPTION The functional dimension of brands refers to the core benefit and basic utilities that drive the consumer based luxury value such as the quality, uniqueness, usability, reliability, and durability of the product (Sheth et al. 1991). INDIVIDUAL DIMENSION OF LUXURY VALUE PERCEPTION The individual dimension focuses a customer=s personal orientation on luxury consumption and addresses personal matters such as materialism (Richins and Dawson 1992), self-identity value (Vigneron and Johnson 2004; Hirschman and Holbrook 1982). SOCIAL DIMENSION OF BRAND The consumption of luxur y goods appears to have a strong social function. Therefore, the social dimension refers to the perceived utility individuals acquire by consuming products or services recognized within their own social group(s) such as conspicuousness and prestige value, which may significantly affect the evaluation and the propensity to purchase or consume brands (Vigneron and Johnson 1999, 2004; Bearden, and Etzel 1982; Brinberg and Plimpton 1986; Kim 1998). 3.1 OBJECTIVES 1. Factors which influence migration of customer from mid value brands to luxury brands? 2. Is quality, reliability, pricing, uniqueness (which satisfy wants) of brand plays a major role in migration?

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Vol.2 Issue 1, January 2012, ISSN 2249 8834 Online available at http://zenithresearch.org.in/

3. Is perception influenced by past experience, image enhancing objective, celebrity promoting brand play a major role in consumer preference? 3.2 QUANTITATIVE TECHNIQUES USED FOR DATA COLLECTION Primary data has been collected for the first time and they are original in character. The primary survey was carried out through interviewing 100 respondents based on structured questionnaires in Chennai city. Secondary data was also substituted from the available sources that are original. STATISTICAL TOOLS USED Percentage Analysis Chi-Square Test Anova Test 3.3 HYPOTHESIS DEVELOPMENT Referring to luxury goods, many authors have shown and demonstrated that the price of a product may have a positive role in determining the purchasing behavior. Gentry et al. (2001) found that one reason why consumers buy luxury brands is because of the superior quality reflected by the brand name. This is congruent with the assumption in the field of perceived quality that not mass-produced, but often hand-made luxury brands offer excellent product quality and performance as compared to non-luxury brands. Uniqueness is based on the assumption demonstrated in research that the perceived, exclusivity and rareness of a limited product enhances the consumer=s desire or preference for a brand (Verhallen 1982; Lynn 1991; Pantzalis 1995). Image enhancing value also plays a major role in consumer preference for brands. In contrast to the external (social) facet of one=s self, self -identity refers to the internal (private) facet of one=s self in terms of the way the individual perceives him or herself (Mehta 1999; Sergey and Johar 1999; Jamal and Goode 2003. H1- There is an association between the age and price, quality and brand image of the luxury product H2- There is an association between the gender and perception of luxury brand H3- There is a significant difference between gender and purchasing decision factor 4. ANALYSIS All the respondents were adult male and female customers consists of 57 females (57%) and 43 males (43%), with an average age group of 20 25. Majority of the respondents were viewed that luxury brand is a Best quality one (49%), about 31% of respondents felt that luxury brand is the one which differentiates your social image and 17% felt that it will demonstrates your social status in the society. Majority of the respondents felt that Quality (53%) is the key factor that motivates them to purchase the luxury brand, 17% of the respondents that both the price & Brand image are also the factors which motivates to go for Luxury than the middle tier brands. Maximum of the respondents felt that Reliability is the main factor that motivates them to migr ate to luxury brand. Reliability means in terms of the quality that the brand gives and durability of the product. Around 31% of the people felt

EXCEL International Journal of Multidisciplinary Management Studies

Vol.2 Issue 1, January 2012, ISSN 2249 8834 Online available at http://zenithresearch.org.in/

that the brand uniqueness in terms of the self satisfaction is the key factor and 20% respondents consider the factor Value for money which leads them to migrate from middle tier brands to luxury brands. The maximum respondents (52%) agree that the luxury brand increases their image in the society and indicates the social status of the people. 17% respondents strongly agreed that the luxury brand will increase the image of the person who is using it. 4.1 EMPIRICAL RESULTS AND DISCUSSION Consumers prefer Luxury products from the Value Middle tier Variable Frequency Image 16 Uniqueness 13 Price Quality 54 TOTAL 100 17 Percentage 16 13 17 54 100

PRICE 17% UNIQUENESS 13%

IMAGE 16%

QUALITY 54%

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It is understood that the consumers are very keen on the quality of the product and they perceive that the luxury brands are with good quality. So that they are migrating from the other segments to the luxury segments. Ranking the order of importance of factors while buying a luxury branded product instead of normal middle tier brand Factors Reliability Uniqueness Value for money Social Status Rank Percentage 3 2 4 1 24 26 9 41

Most of the people felt that there Social status will be the first factor for them while purchasing the luxury brand, the factor Uniqueness is the second factor that which motivates them to purchase the luxury product, the Reliability and the Value for money got the third and forth ranks. HYPOTHESIS H1 H0- There is no significance association between the age and price, quality and brand image of the luxury product H1- There is significance association between the age and price, quality and brand image of the luxury product Age Price Quality Image Uniqueness Total Chi Square Value 15-18 2 13 2 2 19 19-21 10 33 7 5 55 22-25 4 7 6 6 23 25-28 1 0 2 0 3 TOTAL 17 53 17 13 100 16.833 0.051 P- Value

The Pearson Chi square value is 0.051 is more than the tabulated value, so that the null hypothesis is accepted at 5% level of significance and it shows that there is significance

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association between age with regards to price, quality and brand image of the luxury product is not there. The consumers are moving from the value middle tier segment to luxury segment because of the quality that the products have, the brand image of the products. The Indian consumers mind is slowly changing and they are now not bothering about the price of the product, but looking for better quality with comfort and brand image of the product. H2 H0 - There is no association between the gender and perception of luxury brand H2 - There is association between the gender and perception of luxury brand Gender Social Status Best Quality Differentiation Others Total Chi square value P - value

15-18 8 23 6 0 37 25-28 11 31 18 3 63 Total 19 54 24 3 100 16.833 0.243

The Pearson Chi square value is 0.243 which is greater than the hypothetical value (0.05) and hence accepts null hypothesis at 5% level of significance. Therefore there is association between gender and perception of luxury brand. The consumers irrespective of the gender are moving from value middle tier brands to the luxury brand. The perception about the luxury brand does not differ with the gender. The people irrespective of gender are purchasing the luxury brand products with the perception that they are with good quality, give comfort and increase their social status in the society. H3 H0 - There is no significant difference between gender and purchasing decision factor H3- There is significant difference between gender and purchasing decision factor Sum of Squares Mean Square F P - value Between Groups Within Groups Total 86.160 1.040 0.520 85.120 0.878

0.592

0.555

Since p value is more than the tabulated value i.e., 0.555 > 0.05 the null hypothesis is accepted at 5% level of significance. Hence conclude that there is no significant difference between gender and the purchasing decision factor. It shows that while purchasing the

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product which belongs to luxury category instead of the other category the decision of the consumers irrespective of the gender is same. With this we can understand that consumers irrespective of the gender are purchasing the luxury products. 5. CONCLUSION The findings suggest that there is significant difference with the gender difference, social status, price, quality to purchase a luxury good. There is a higher association between the annual household income and Purchase of luxury goods. It clearly says that affordability, quality, availability, celebrity, self-satisfaction, image and social status are the key drivers to the migration of consumers to Luxury brands from value middle tier branded goods. This study has the practical implications of Middle tier brands for the better understanding of the consumers and the factors which are mobilizing them to migrate, so they can adopt different strategies to retain them. The findings may also help the luxury brand marketers to frame better strategies to target, attract, position and brands in the mind of consumers. It confirms the view that brand perception and purchase value is, apart from socially oriented motives of buying to impress others=, also affected by financial, functional, and individual aspects. It would seem that the dimensions presented in this paper are appropriate variables for segmenting the market for branded items. Even though consumers in different parts of the world buy or wish to buy branded products for apparently varied reasons, they possess similar values and - regardless of their country of origin their basic motivational drivers are really the same: the financial, functional, personal, and social dimensions of brand value perception, only the individual weighing differs. 5.1 MANAGERIAL IMPLICATIONS Knowledge of all relevant aspects of consumers =luxury perception and more robust measures of luxury value across countries is important for managerial practice. Our framework synthesizes cognitive and emotional dimensions and might lead to a better understanding of the conditions and drivers of luxury product perception and to a broadened view of luxury value which lies in social, individual, functional, and financial aspects. In contrast to former studies exploring the customer=s perception of and the motives for purchasing luxury, we are able to identify a broader variety of potential luxury value drivers with our conceptual model. Based on this, marketers should first explore the values expressed by their brands, products, and market communication and then compare them to their customers =luxury value system. If necessary, they should revise their marketing strategy and product positioning accordingly. REFERENCES 1. Bawa, K., and Shoemaker. (1987): The Coupon-Prone Consumer: Some Findings Based on Purchase Behavior across Product Classes, Journal of Marketing, 51(4), 99110. 2. Bearden, W. O., Netemeyer, R. G., & Teel, J. E. (1989). Measurement of consumer susceptibility to interpersonal influence. Journal of Consumer Research, 15: 473481. 3. Bijapurkar, Rama (2008). Winning in the Indian Market, Singapore: John Willey and Sons Pvt Ltd.

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