Review on Luxury Products

Abstract

With the development of society, people's living standards has been improved gradually. Luxury products are also common to see in the ordinary people's life. In these circumstances, researchers are focusing their attention on luxury products and other phenomena caused by the consumption of luxury goods. This paper aimed to provide theoretical references for further studies and practical suggestions for the market practice. The author took literature reviewing as the basic research method reviewing literature related to products, from two aspects, that is luxury products consumption and consumers behavior. As for the result of this paper, based on the reviewing literature about the definition of luxury products, this paper found that there is still not a clear definition of luxury products. What's more, there are still many factors affecting consumers' behaviors, such as price, quality, etc. What's more, the theory about consumers' segmentation could be applied to the company making proper marketing strategies, especially for a company specializing in luxury products.