Constructing Luxury for ConsumersWHAT IS LUXURY?The word http://writing-service158110.mystrikingly.com/ ‘luxury derives from the Latin word ‘luxus , which according to the Latin Oxford dictionary signifies ‘soft or extravagant living, indulgence and ‘sumptuousness, luxuriousness, opulence (Christodoulides, Michaelidou, Li, 2008).THE TRADITIONAL, ECONOMIC VIEWThere are two aspects to consider when defining luxury, the psychological value and the value of the product/service itself. The psychological value of luxury comes from its function as a status symbol and from a highly involved consumption experience that is strongly congruent to a persons self-concept. From a product perspective, luxury brands are frequently defined in terms of their excellent quality, high transaction value, distinctiveness, exclusivity and craftsmanship (Fionda Moore, 2008).In his paper on International Retail Marketing, T.B.
