Luxury Concept The term “luxury” is routinely used in our everyday life to refer to products, services or a certain lifestyle, yet often without a clear understanding of the luxury concept. Key characteristics of luxury brands include a perceived high price; excellent quality; exclusivity and uniqueness in the sense of scarcity or severe availability; aesthetics of form and colour; a long history and the reputation of a holistic and continuous brand presence; and non-necessity, as symbolic values dominate over the functional characteristics (Dubois et al. 2001): „More than other products, luxury items are bought for what they mean, beyond what they are” (Dubois/Paternault 1995, p. 71). Finally, the luxury concept is strongly related to sensuality: “Luxury defines beauty; it is art applied to functional items. (…) Luxury items provide extra pleasure and flatter all senses at once (…).” (Kapferer 1997, p. 253). Luxury Consumption Values Inspired by the work of Vigneron and Johnson (2004), Wiedmann et al. (2007, 2009) proposed a multidimensional model with four distinct value dimensions for measuring the perceived luxury value of a brand, which provides a comprehensive look at the various functions of luxury brands from the consumer’s perspective. Apart from individual and social motives of luxury consumption, they also take the functional and financial benefits of luxury goods into account. The financial dimension addresses direct monetary aspects, indicating the value of the product or reflecting the opportunity cost (e.g., Ahtola 1984). The functional dimension refers to the core benefits that the consumer expects to gain from a luxury product, such as quality, uniqueness, usability, reliability and durability (e.g., Sheth/Newman/Gross 1991). In contrast to this, the individual dimension relates to the customer’s personal orientation and focuses on the consumption of luxury goods for materialistic aspirations (e.g., Richins/Dawson 1992), hedonic motives, and for strengthening the self-identity (e.g., Vigneron/Johnson 2004; Hirschman/Holbrook 1982). In an interpersonal context, the ownership of luxury goods has a strong social dimension, which leads to benefits based on prestige and conspicuousness within a social group (e.g., Vigneron/Johnson 1999). In the following, these four value dimensions as described above will constitute the basis for a conceptual framework of a multi-sensory marketing approach for luxury brands.