A conceptual framework on the influence of authenticity and rarity on luxury brand value
Zhiqing, Jiang
A conceptual framework on the influence of authenticity and rarity on luxury brand value - 2020.
53
The luxury goods market has been expanding globally since the early 1990s. Against the backdrop of recent social and technological advances, luxury consumption has increasingly been democratized. It is far easier now than it was fifty years ago to discover a rare find or purchase a high-end item. Luxury marketers are faced with the challenge of the rapid dilution of rarity and authenticity. This exploratory study is based on existing research examining the definitions and associations of luxury, luxury brand, brand rarity, and brand authenticity. It proposes a conceptual framework illustrating the internal relations of luxury brand authenticity, rarity, and brand behavior. It emphasizes that in a post-scarcity world, the inherent or technical scarcity of goods will be close to nil. The gap in the quality and functional value between each brand will diminish or even disappear. The intangible value generated by brand authenticity has become the core of brand value, setting its price tag and attracting consumers, especially when it comes to luxury brands. Authenticity has become the dominant factor setting luxury brands apart, and the extent to which a brand’s behavior reflects its authenticity in a consistent, continuous, and individual way determines how consumers judge that brand. JEL codes: M30, M31
A conceptual framework on the influence of authenticity and rarity on luxury brand value - 2020.
53
The luxury goods market has been expanding globally since the early 1990s. Against the backdrop of recent social and technological advances, luxury consumption has increasingly been democratized. It is far easier now than it was fifty years ago to discover a rare find or purchase a high-end item. Luxury marketers are faced with the challenge of the rapid dilution of rarity and authenticity. This exploratory study is based on existing research examining the definitions and associations of luxury, luxury brand, brand rarity, and brand authenticity. It proposes a conceptual framework illustrating the internal relations of luxury brand authenticity, rarity, and brand behavior. It emphasizes that in a post-scarcity world, the inherent or technical scarcity of goods will be close to nil. The gap in the quality and functional value between each brand will diminish or even disappear. The intangible value generated by brand authenticity has become the core of brand value, setting its price tag and attracting consumers, especially when it comes to luxury brands. Authenticity has become the dominant factor setting luxury brands apart, and the extent to which a brand’s behavior reflects its authenticity in a consistent, continuous, and individual way determines how consumers judge that brand. JEL codes: M30, M31
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