Scarcity as a Desirable Attribute of Luxury Fashion Brands in Millennial Marketing
Purpose – Marketing literature considers scarcity a mechanism that increases the desirability of the offer and an inherent attribute of luxury products. This market needs to capture the millennial segment. The objective of this paper is to develop a proper scarcity strategy to be used when connectin...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Faculty of Economics & Business, Zagreb, CROMAR (Croatian Union of Marketing Associations)
2019-01-01
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| Series: | Tržište |
| Subjects: | |
| Online Access: | https://hrcak.srce.hr/file/337253 |
| Summary: | Purpose – Marketing literature considers scarcity a mechanism that increases the desirability of the offer and an inherent attribute of luxury products. This market needs to capture the millennial segment. The objective of this paper is to develop a proper scarcity strategy to be used when connecting luxury brands to millennials. Design/methodology/approach – An empirical study based on an experimental design was carried out to test the effect of each of the strategies (second line, my luxury, or exclusive selection of cheaper products) on different dimensions of how millennials perceive luxury brands (refinement, elitism, and hedonism), looking for causality relationships. Findings – The hedonism factor, closely connected with purchase experience, seems to be the most valuable for millennials and best encouraged by the second line strategy. In this way, luxury brands draw millennials into their market in a natural way, through an accessible price. But the second line strategy could imply a process of brand devaluation for the traditional customer base. Limitations – The difference in the results obtained using the “current shopping intention” and “future shopping intention” variables deserves more attention. Different ways of measuring future shopping intention could be applied to test the effects on the results. Originality/value – A different methodology, that is, an experimental study is presented to compare marketing strategies in the luxury market. In this way, a better relationship between exclusivity and the needs of millennials can be established as regards their attraction to luxury brands. |
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| ISSN: | 0353-4790 1849-1383 |