Self-referencing narratives to predict consumers' preferences in the luxury industry: A longitudinal study

Abstract

Accurate predictions of consumers' spontaneous in-store preferences for new products remain limited, especially for luxury products, for which purchase choices involve subjective and symbolic elements. This paper shows that narratives that are spontaneously associated to products in the store are good predictors of consumers' actual both in-store and after-usage preferences. A longitudinal study of the haut de gamme perfume industry demonstrates that consumers who spontaneously narrate personal stories when testing products in the store are more likely to prefer products in the store and after usage at home. In addition, the present research shows that this effect is stronger for perfume brands that convey a strong heritage. This paper demonstrates that marketers should analyze consumers' narratives at points of purchase to anticipate their long-term behaviors towards luxury products.