Impact of education on purchase behaviour of luxury brands

Abstract

Purpose and objectives of the study: In this study, we aim to understand the influence of education on the frequency of buying luxury products, influence to buy luxury products and intention to purchase the same brand that they have previously purchased. Also we study the different luxury value dimensions and how these are influenced by education. Research Methodology: Data was collected from 1200 respondents in Mumbai. These people belonged to people of both genders, different occupations, income groups, religions, age groups, education and marital status. Results: It is found that there is a relation between education and the place from which they buy luxury brands. There is a significant difference in perception of financial value among people of different educational levels. There is a significant difference in perception of self-identity value among people of different educational levels. Managerial implications: Luxury brand companies can target the right target segment by understanding how education influences the purchase of luxury brands and whether there is any significant difference in financial value, functional value, individual value and social value with respect to education.