Basics

Abstract

Since antiquity, myriad studies in economics, consumer research and sociology have been trying to define the notions of luxury, luxury good and luxury brand (Valtin, 2005, p. 19). Yet, to date, no universally valid, overarching definition exists (Vickers/ Renand, 2003, p. 461). In the following, the goal is thus to provide a deeper understanding of both the etymological complexity and historic ambivalence of the concept of luxury, to discuss dominant approaches to defining the term of the luxury brand and to give a succinct overview on the latter’s functions and effects on the consumer.