The impact of consumer personality traits on luxury brand market: an empirical study on closet consumers. Shweta Kastiya
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TextPublication details: Hydrabad I UP Publication March 2016Description: 21- 33 p. PaperSubject(s):
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MURTHY, E N BRAND MANAGEMENT
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The market for luxury brands is expanding rapidly in India, thanks to economic deregulation, rapid GDP growth, increasing consumption, and a growing young and upper middle-class working population, who can be classified as closet consumers. Closet consumers are those who have not been born wealthy and are just experimenting with luxury, as yet with a middle-class and conservative mindset. The aim of this study was to explore the impact of consumer personality traits on preferences towards luxury brand market segments. Using Exploratory Factor Analysis (EFA), 16 selected luxury consumer personality traits have been reduced to five major factors, namely, modernity, eccentricity, sincerity, competence and excitement. The findings show that some consumer personality traits are significantly related to preferences towards particular luxury brand market segments. The results offer marketers a basic framework for the development of a luxury brand personality
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