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Fordham Business Student Research Journal

Abstract

When examining the reasoning behind a consumer’s choice of luxury purchase, we rely largely on consumer psychology. One important psychological factor is the concept of needs. Consumers of different socioeconomic backgrounds have different needs, thus influencing what they choose to purchase. While past research has focused on intrinsic and extrinsic aspirations, and the relationship between aspiration and luxury brand preference in predicting luxury consumption, there has not yet been a study conducted focusing on the relationship between socioeconomic status and emotional gratification of purchasing overtly branded (overtly designer) goods in America. After surveying participants in three socioeconomic income groups, it was found that people in the upper income group displayed significantly more positive emotions when purchasing aspirational designer goods.