Intersections of Experience, Consumption, and Value: A Literature Review on Luxury Markets
Abstract
The research article conducts a literature review to study three related fields which include customer experience and luxury consumption and luxury value perception and creation. The marketing field has only recently started studying customer experience but luxury consumption research spans multiple centuries with established theories about exclusive experiences and personal identity and social status comparison. The perception of luxury value includes multiple aspects of worth which include practical and monetary value and symbolic and emotional worthwhile customers now play active roles in creating value through social connections. The different market perspectives about experiences and value show both commonalities and conflicting viewpoints. The current body of research about this subject lacks thorough investigation of a specific sector. The absence of particular research in this field generates critical questions which need urgent answers. The combination of these theories produces specific outcomes when they encounter situations which maximize scarcity and prestige and experiential value.
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