Table 2 Glossary of key concepts in the... | Emerald Publishing

Table 2

Glossary of key concepts in the luxury literature

Key concept	Definition	References	Example
Luxury good	Products which are not necessary, or essential, but are hedonic, and highly desired by wealthy or affluent people to signal social exclusivity	Grossman and Shapiro (1988)	Some goods are perceived as luxurious because they are unaffordable to most people – e.g. yachts, private jets, and mansions
Luxury brand	An offering that consumers perceive to be of high quality and worthy of commanding premium price. It conveys a prestigious image due to authentic and desirable benefits that resonate with consumers	Ko et al. (2019)	Brands like Louis Vuitton, Dolce & Gabbana, Givenchy, and Balenciaga convey prestigious images to the owners
Luxury strategy	The luxury strategy aims at creating the highest brand value and pricing power by leveraging all intangible elements of singularity, i.e. time, heritage, country of origin, craftsmanship, man-made, small series, prestigious clients, etc.	Bastien (2015), Kapferer and Bastien (2017)	Managers use a luxury strategy to transform goods to be perceived as luxurious even though they are for mass consumption – e.g. personal care and cosmetics
Unconventional luxury	Whereas traditional views on luxury emphasize intrinsic product-focused traits, unconventional luxury focuses on the epistemologically scarce, experiential, and agentic elements of luxury	Holmqvist et al. (2020a, 2020b) Thomsen et al. (2020, p. 442)	Consumers seek “moments of luxury” to recreate hedonic escapism from their daily routines

Key concept	Definition	References	Example
Luxury good	Products which are not necessary, or essential, but are hedonic, and highly desired by wealthy or affluent people to signal social exclusivity	Grossman and Shapiro (1988)	Some goods are perceived as luxurious because they are unaffordable to most people – e.g. yachts, private jets, and mansions
Luxury brand	An offering that consumers perceive to be of high quality and worthy of commanding premium price. It conveys a prestigious image due to authentic and desirable benefits that resonate with consumers	Ko et al. (2019)	Brands like Louis Vuitton, Dolce & Gabbana, Givenchy, and Balenciaga convey prestigious images to the owners
Luxury strategy	The luxury strategy aims at creating the highest brand value and pricing power by leveraging all intangible elements of singularity, i.e. time, heritage, country of origin, craftsmanship, man-made, small series, prestigious clients, etc.	Bastien (2015), Kapferer and Bastien (2017)	Managers use a luxury strategy to transform goods to be perceived as luxurious even though they are for mass consumption – e.g. personal care and cosmetics
Unconventional luxury	Whereas traditional views on luxury emphasize intrinsic product-focused traits, unconventional luxury focuses on the epistemologically scarce, experiential, and agentic elements of luxury	Holmqvist et al. (2020a, 2020b) Thomsen et al. (2020, p. 442)	Consumers seek “moments of luxury” to recreate hedonic escapism from their daily routines

Source(s): Authors' own creation