Factors Influencing Consumer Purchase Intention of Luxury Branded Perfumes

Abstract

The Prestige Cosmetics & Fragrances segment dominates the luxury consumer goods market, which has grown considerably over the past decade. According to the Coco Chanel quote, «Luxury is a necessity that begins where necessity ends». Luxurious goods were once considered a luxury reserved for a select few. «Luxury» was used to describe uncommon and limited-supply items which were only available to a select group of people. As time has progressed, luxury goods have become more accessible to middle-class consumers as the luxury market has grown. A total of more than 1.2 trillion euros was spent on the luxury market in 2018. Because of the increasing purchasing power of today’s consumers and the large size of the global luxury market, understanding this consumer group is critical to a company’s success in enhancing its business success in the luxury perfume market. Developing effective plans to meet and exceed consumer expectations is essential for companies in the luxury industry. A luxury brand has distinct characteristics that make it stand out from the rest. This study examined these and other theories focusing on five factors influencing consumers’ purchase intention of luxury branded perfumes. The five factors above are perceived uniqueness, brand image, quality, price, and status. This study aims to shed light on the factors influencing the desire to purchase high-end branded perfumes. More specifically, it aims to discover the root causes of the phenomenon of buying luxury branded perfumes and the primary determinants of luxury-goods consumption. A survey was used to gather data, and structural equation modeling with partial least squares was used to analyse the framework. Because of the findings, four variables (brand image, quality, price, and status) were found to have a positive relationship with purchase intention. The results also show that perceived uniqueness does not significantly impact the desire to purchase luxury perfumes. Marketers and managers could use the results of this study to understand luxury consumer behaviours better and develop marketing strategies that would help their products succeed in the luxury market.