| dc.description.abstract | The wealth trends of the world are constantly changing and this proves to be a challenge to the luxury brands. Earlier, the brands followed a fixed marketing strategy for all the customers which helped them to increase their sales. But with increasing customer demand and specifications it has become essential for the luxury brands to personalize their marketing strategies to turn customers into loyal ones. In the traditional approach where had a fixed set of opulent customers to focus on and therefore had a pre-determined strategy for them. But there is a huge segment of the current-day millennials who are drawn to premium products and willing to spend their cumulative savings on them. Therefore, present-day luxury marketing involves not just to focus on managing the brand’s identity and reputation but also to understand the factors influencing consumer behaviour towards the brand. As a result of knowing more about the interests and buying habits of customers a brand can invent new methods to attract customers into buying the products. Therefore, through this paper, we aim to establish the extent to which these factors can be held responsible in determining consumer decisions of purchasing luxury products | en_US |
