THE ECONOMIC THEORY OF LUXURY GOODS
Journal Title: International Marketing and Management of Innovations - Year 2017, Vol 0, Issue 0
Abstract
The main idea of the study is the research about the connection between theory of luxury goods and their practical aspects in the economy. This kind of goods are completely different than any other that exists on the market. In the theoretical part will be an explanation of what they are luxury goods and how their understanding has changed over time. The next step is to introduce and explain the concepts such as Giffen’s Paradox and Veblen’s Effect. These concepts explain how the theory works with practice about luxury goods. Theoretical goal of this article is to explain how luxury goods are understood in economics as well as their understanding of customers changed over time. The practical aim is to check whether the theoretical approach to economics luxury is a reference in practice. It is worth to look through the eyes of customers on the theoretical aspects, because the patterns can be adjusted by the economic context. The study method was applied interview with the clients of a luxury brands, because they are only an attempt to correct research. This is because they participate in the economy of luxury. The value of the research is their novelty, as well as the ability to being implement by the managers of luxury brands.
Authors and Affiliations
Anastazja Magdalena Kasztalska
Keywords
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