Luxury From Luxus to Masstige

7/21/2019 Luxury From Luxus to Masstige

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Luxury: From luxus to masstige 2013

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MKM234: Coursework Component 1 Front Sheet

Student Number: u1318461

Component Comments Weight Actual

Mark

Depth of Research and Evidence of Wide

Reading

20%

Consulting with Quality Academic

Literature and Evidence of Critical

Engagement

30%

Well Structured with a Clear Narrative

and Flow

20%

Identification of Clear Research Gaps and

the Formulation of Valid Future ResearchQuestions

20%

Organisation, Presentation and

References

10%

Total

100%

General Comments: Agreed Mark:


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LUXURY: FROM LUXUS TO MASSTIGE

STUDENT NUMBER: U1318461

MKM 234

MSC LUXURY BRAND MANAGEMENT

ASSESSMENT 1LITERATURE REVIEW

DATE OF SUBMISSION: 12/12/13

WORD COUNT: 3273


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Abstract

Luxury in its voyage of centuries have changed its course several times, success

of luxury has been its continuous evolution. The face of luxury today is

different than what it was in the ancient times. This literature review will shed

light to the genesis of the word luxury, how luxury became the vital organ of all

civilizations. Exclusivity has always been the corner stone of luxury. The only

common string between the temples of Roman Empire, Colonial era courts,

Tsars Faberge and Charles Fredrick Worths haute couture was exclusivity.

Luxury brands have been forced to balance between the exclusivity and

accessibility, Masstige as it is called to be mass and prestigious at the same

time. The thin line to be mass for the masses and prestigious for the riches at

the same time is the reason why luxury brands have not only sustained but

even seen the heights which were not imagined few decades ago. The theory of

masstige has been critically investigated and future research areas and gaps in

the available literature have been identified.


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Contents

1. Introduction .......................................................................................................................................... 5

2. Meaning of luxury ................................................................................................................................. 6

3. History of luxury .................................................................................................................................... 6

4. Characteristics of luxury........................................................................................................................ 8

5. Exclusivity .............................................................................................................................................. 8

6. Masstige ................................................................................................................................................ 9

6.1 Introducing masstige: The new order ................................................................................................. 9

6.2 Pyramid model: Win Win Formula .................................................................................................... 10

6.3 Success stories .................................................................................................................................. 11

6.4 The influencers .................................................................................................................................. 12

6.5 Snob Effect and possible repercussions ...................................................................................... 13

6.6 Attaining the equilibrium ............................................................................................................ 14

7. Suggestion for future research ........................................................................................................... 15

8. Conclusion ........................................................................................................................................... 17

9. Bibliography ........................................................................................................................................ 18


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1.IntroductionThe worldwide luxury market is expected to hit the one and half trillion dollar

mark, out of which Europe shares the largest chunk of 70% (Lucas, 2012). In the

past few decades luxury markets have seen a drastic growth.

This growth is not due to coincidence the story of this immaculate progress lies

in the evolution of the luxury sector. The unparalleled growth became possible

by changing the corner stone of luxury that is its exclusivity in order to attract

the masses. This literature review details the concept of masstige by which

luxury brands have ventured to serve the masses by keeping the prestige intact.

The literature investigates exclusivity the main characteristic which was

reshaped by the advent of the masstige concept.

Then the literature review defines the core of the review which is masstige and

then explains how brands it was able to infuse masstige into luxury by keeping

their aura intact using the pyramid model. Success stories of brands are

discussed who have successfully grown using masstige without damaging their

perceived exclusivity.

Success in this strategy is a balancing act as masstige can lead to disasters as

snob effect can come into equation and customers can stop buying brand,

strategies of creating perceived rarity is discussed so brands can remain

exclusive and oblige the masses at the same time.


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luxury were supported by their cultural rituals, burial and other ceremonies

were glamorized by using luxury such as gold. (Okonkwo, 2007, p.15).

Luxury played an equally important part in the Roman era. Romans initially

thought of luxury a tool of moral degradation (Berry, 1994, p.57). There were

limitations on the consumption and presentation of luxury clothing jewelry and

wealth which averted masses from replicating the riches and engaging in

conspicuous consumption (Thomas, 2007, p.169).

At the turn of the 15th century the face of luxury changed forever, the

renaissance was the period of the change and modernization for the Europe.

Whether it be artists like Leonardo da vinci or the advent of English literature

renaissance brought marvels and the most important of them were the Italian

designers who made magnificent clothing this period also saw the boom of

American aristocracy and their luxury. (Okonkwo, 2007, p.20). European royalty

signified luxury as they thought of it as a tool of communicating rank.

(Belozerskaya,2005, p.21) The main reason for the increase in demand of

luxury good was due to the rise in banking industry in Europe, most of the

wealth was concentrated in banks which resulted in refined taste of the new

wealthy. (Goldthwaite,1989, p.34).

18th century was the era of revolutions, France and America saw revolutions

which brought immense change in the luxury, these changes were carried into

the 19thcentury liberalism was encouraging for luxury that was the first time

luxury was separated from morality it freed the luxury from the clutches of

religion which resulted in gigantic growth of the sector. (Kapferer and Bastien

2009 p.9). 19

th

century was the beginning of luxury we see, many of the topbrands in today luxury scene launched in this era. Haute couture which ruled

the world of clothing and luxury for many decades was also developed. Post

world war economic boom and American consumer culture resulted in boom of

demands for luxury products. (Okonkwo, 2007, p.72).


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4.Characteristics of luxuryChanges in political thoughts and civilizations were the reasons behind the

changes in luxury but this evolution suggests that luxury became more

powerful (Sekora,1997, p.2). The underlying meaning of luxury is based

mainly on two broad factors which are psychological value and product

perspectives, psychological value achieves the desired status a person want to

achieve by using luxury products whereas product perspective relies on the

attributes and features of a luxury good which are exclusivity, scarcity, price,

uniqueness and artistry. (Fiona and moore 2009) Luxury products can be

distinguished from other products by few basic traits which are exclusivity, high

price and brand image which makes the traits more necessary when compared

to the functions of a product. (Jackson and Shaw ,2000, p.158).

5.ExclusivityThe idea of luxury is essentially linked to the concept of exclusivity which

suggests premium pricing and rarity (Hudders et al 2013). This notion is

argued that if luxury goods are not premium priced they lose their elitism and

rarity (Dubois and Duquesne 1993). The rising demand for individuality and

prestige defines the reason luxury falls within the service industry. Exclusivity is

not the most important issue in valuation however lack of exclusivity would be

a reason for devaluation. Therefore a brand should never lose its uniqueness.

(Kapferer and Bastien 2009)

Luxury brands are supposed as exclusive for the reason that they have unique

and distinctive characteristics that are not found in other brands (Caniatoa et al

2009). The tradition of luxury is based on rarity which is why Hermes Kelly

bag sales are restricted due to the shortage of ideal crocodile skins obtainable

worldwide Moreover Patek Phillippe, Romanee Conti vineyards and Ferrari also

limit its production of Watches, Wine and cars respectively. Nonetheless


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shareholders of luxury companies do not appreciate physical shortage of

production as it hurdles quick growth. (Kapferer 2012).

Luxury products as extraordinary and quite rare (Kisabaka,2001, p.12) the

growth of the luxury market can only be achieved by becoming less exclusive

(Kapferer 2012). The Veblen effect suffices that rarity results in profits. It

conflicts with the traditional demand theory that the rise in the price of a good

would elevate the demand of the product. One of the reasons behind it is

conspicuous consumption where people desire to be unique and would not like

to be associated with the masses hence the demand for a product reduces as a

result of the increase in the number of its consumers. Another reason behind

this theory is the bandwagon effect which could also be defined as the peer

pressure effect where consumers buy the same products that are bought by

their peers or between people in common groups (Tynan et al 2008)

6.Masstige

6.1 Introducing masstige: The new order

Today many luxury brands are widening their portfolios and are now selling to

the masses. Luxury brands have to face two contrary challenges. First to

maintain their uniqueness and individuality and secondly to do that while

raising brand awareness to new or prospective consumers due to which they

could increase their market share (Kastanakis and Balabanis, 2011). The new

phenomenon of masstige or mass prestige account for the goods that fall

between the category of mass and class. In terms of pricing compared tosimilar products they are priced higher but less than the traditional luxury

goods (Silverstin and Fiske, 2003).

There has been an increasing demand for masstige goods which enables

consumers to buy a mid range product of a luxury brand which would associate


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them with the company (Kapferer and Bastien 2009) but it is also argued that

Going mass for luxury brands would mean to sell in retail and department

stores, duty frees and through online selling which would contradict their

notion of being exclusive and the brand message hence making them ordinaryand widespread (Thomas, 2007, p.156).

6.2 Pyramid model: Win Win Formula

Thomas (2007, p,170) stated that the biggest change in the luxury market was

the liberalization of luxury when the words mass and prestige were joined

together to make up the term masstige due to which most luxury brands are

dealing with lower priced products in their selling portfolio which is to secure

targeted sales and also guide customers to their higher end products. Today

The Haute couture industry in places like France is diminishing, only few

designers like Chanel are still manufacturing it as haute couture is created by

the finest craftsmen and attract its niche market of consumers but due to

economic recession luxury brands now are focusing on other products that are

placed mid- low level on the pyramid whereas haute couture is positioned on

the very top because of its exclusivity and inaccessibility. The pyramid principle

depicted in figure 1, has allowed brands to extend their wings into different

segments and bring in mass products to increase companies bottom line

without eliminating the elite products (Kapferer and Bastien, 2009, p.251).


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Figure 1: The pyramid business model (Kapferer and Bastien 2009).

The challenge for luxury brands regarding pyramid model is to maintain

consistency between different products similar to how an orchestra falls

together under a conductors wand. However there are several obstacles

involved which includes loss of creative authority that could in turn persuade

consumers decisions and that lower level products could affect the image ofhigher end products (Kapferer and Bastien, 2009, p.252). Categorization of

different product lines and redesigning of more prestigious products can

restore prestige (Kastanakis and Balabanis, 2011).

6.3 Success stories

According to research there are many luxury brands who have applied the

concept of masstige in their business models. For example BMV has been

renowned for making one of the most expensive cars but now have introducedBMW 1 series that costs around $19000 as compared to BMV sedans that costs

around $50,000(Truong, McColl and Kitchen, 2009)

Chanel also practices masstige as it targets younger women with the brand

association of Coco Mademoiselle which is relatively admired in Asia (Edwards,


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2012) as well as introducing costume jewellery in their product lines

(Crane,1997). Chanels success story lies in the success of all the levels on its

pyramid; Chanel is one of the few brands that has a profitable haute couture

line whereas its masstige products such as leather accessories are equallysuccessful and profitable (Kapferer and Bastien, 2009)

6.4 The influencers

Historically the sense of luxury was constrained through different laws, however

during the time of Industrial revolution there was an injection of wealth in the

economy which made masses within reach of luxury products (Hauk and

Stanforth 2006). This change was named as democratization of luxury (Truonget al, 2008) as Twitchell, (2003,p.88) explained that products that were only

bought by the privileged were now consumed by the commoners too.

Fiske and Silverstein (2003) suggested that people from the middle and lower

classes were now able to consume luxury goods because luxury brands were

selling their products at reasonable premiums as well as brands were trying to

improve their quality and production efficiency to attract new consumers. There

are a number of major factors explaining the reason for this occurrence. On

one hand, the economy over the world predominantly on the western

hemisphere has become more favorable as a result of increasing employment

levels amongst the working class which leaves them with sufficient disposable

income to spend on luxury goods (Fiske and Silverstein, 2004). On the other

hand in many Asian countries people who were unexposed to the cult of luxury

were now increasing consuming luxury products as shown in a research that

60% YSL coutures sales areconstituted by Asia (Nueno and Quelch, 1998).

Historically the sense of luxury was constrained through different laws, however

during the time of Industrial revolution there was an injection of wealth in the

economy which made masses within reach of luxury products (Hauk and

Stanforth 2006). This change was named as democratization of luxury (Truong


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et al, 2008) as Twitchell, (2003,p.76) explained that products that were only

bought by the privileged were now consumed by the commoners too. Tungate

(2008, p.91) agreed this democratization of luxury was observed in the

beginning of 1960s after the 2nd World War when the supremacy of the hub offashion Paris was questioned and the concept of haute couture started

becoming extinct. However argue in their book that due to the introduction of

standard sizing industrially manufactured and conveniently priced goods the

notion of prt a porter was already initiated in Italy during the 1950s (Corbellini

and Saviolo, 2009)

6.5Snob Effect and possible repercussions

Consumption of prestige brand is associated with the indication of power and

social status, it is the way by which consumers communicate their social image

and rank (Baek et al 2010). Self-monitoring impacts prestige consumption

whereas sexual orientation of consumers effects conspicuous consumption

(Cass and McEwen, 2004)

Brands have extended their product range since the democritaization of luxury,

more products are focused towards the middle income segments which have a

different meaning to luxury which is more connected to exclusivity (Truong et

al 2009).

For products which have higher exclusivity factor like luxury snob effect

becomes relevant, opposite of bangwagon snob effect refers to the state when

consumers decrease or completely abandon a product due to increase in its

demand from other customers. People want to look unique thus are attracted toexclusivity (Leibenstien, 1950). Figure 2 below depicts that prestige is often

related to two factors price and the cognizance of social status, snob is an

interpersonal effect which works in two direction at first consumers with higher

cognizance of social status will buy the product when the product is new but


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when eventually price will fall they will stop buying the product. (Vigneron and

Johnson 1999).

Figure 2:Prestige seeking consumer behaviors (Vigneron and Johnson 1999).

6.6Attaining the equilibrium

Kapferer and Bastien (2009) suggests that the evolution of luxury from its more

conventional form towards its more unorthodox form of masstige and tradingup has resulted in humungous growth for the luxury brands like Louis Vuitton

and Ferrari but to manage the tradeoff between the new and conventional

forces brands have to enforce rigorous and unconventional techniques. By sub-

branding companies can use branding factors to maintain space between there

prestigious and masstige sub-brands, whereas these factors can also help them

to mutually enjoy advantages of all the company brands (Keller, 2009).

Masstige brought growth and exceptional profits the culture of chavs in Britain

and bling America flourished but it brought new complications for the

industries. Now luxury brands had to face the problem of higher inventories

and unsold items because fashion trends started to change faster, thefts were

increased and increased desire for luxury in the growing middle class led to

counterfeiting (Thomas, 2007, p.154).


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Truong et al (2009) suggests that luxury brands can still manage the prestige

by balancing two essential factors prestige differentiation and charging a

slightly higher price, prestige can be achieved by advertising in high end

fashion magazines whereas visual prestige can be enhance by providingelegant, chic and alluring stores. Price premium can induce slight inaccessibility

to counter the snob effect.

Kapferer (2012) proposes that rarity and exclusivity can be mimicked by

offering limited edition products every now and then which will uphold the

desirability of the product, selection of distribution channel can create of

impression of rarity where firms can sell its entry level relatively cheap products

such as fragrance from famous departmental stores. The alliance of Karl

Lagerfeld and HNM in introducing a pret a porte line is the best instance of

equilibrium where Karls exclusive craftsmanship was combined with a

extended distribution channel of HNM and a feel of rarity was given by pricing it

a bit higher than normal HNM lines (Thomas, 2007). Communicating the dream

is essential in creating rarity, brands can advertise about their relatively

expensive lines instead of the cheaper ones creating prestige in the minds of

the customers (Kapferer, 2012).

7.Suggestion for future researchThe literature review suggested many variables that can be researched in

future; finding reliable and good source articles on the subject was difficult.

The studies on the subject of masstige and its impact were limited.

Most of the studies present on the subject of masstige were based on

theoretical models and conceptual framework. Future studies can conduct

empirical test on the masstige and the factors that affect the theory some of the

questions which are empirically tested in future are.


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1) The impact of masstige on the financial growth of the luxury brands.2) The impact of masstige on interpersonal factors and consumer behavior3) The impact of higher income levels and other economic indicators on

mass luxury

Many future studies can be conducted on the subject, the two main factors in

luxury buying behavior which are self-consciousness and price level can be

studies in depth to understand its impact on the mass luxury and consumer

psyche. Another area of study that can be explored in future is the impact of

masstige in context of different geographical and demographic denominations.

There was no empirical study on the influence of pyramid model on different

luxury brands which can also be investigated.

Empirical research could be done to deduce the impact of price premiums on

masstige strategies (Truong, McColl and Kitchen, 2008). There is also very little

research available on the emerging luxury markets of China, India and

Russia(Tynan, McKechnie and Chhuon,2010) that have growing a middle class

which is a core segment that has been focused to sell masstige goods. Without

in depth study of these markets it is difficult to ascertain the level of impact

given by masstige.


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8.ConclusionMeaning of luxury has always been a relative term but masstige has changed its

meaning in entirety, although luxury changed its course many time in history

but masstige proved not only to be the most significant change but it also took

luxury sector to heights which were not imagined before.

Change in economic factors and growth of the middle class has created a

voluminous demand but fulfilling this demand needs to be tackled carefully.

Luxury brands are in constant drive to utilize the advantages of masstige

keeping in view the side effects it can cause, exclusivity is what differentiates

luxury from other goods and services. It is essential for luxury brands to attaina progressive equilibrium between going mass and keeping it rare at the same

time.

Brands are using strategies such as virtual reality and infusing premium pricing

to create exclusivity. Premium pricing can help brands to counter the snob

effect by high end luxury customers. Masstige is the future of luxury but the

only contention is to keep the exclusivity and accessibility of luxury products in

intact.


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