Influence of Social Value on Purchase 0f Luxury Brands Concerning Demographic Variables : Case of India

The purpose of the study is to understand the influence of social value on the purchase of luxury brands to find whether the perception of social value differs with demographic variables like gender, occupation, age, income, education, religion and marital status. Data collected from 1200 respondents in Mumbai. It was found that social value has a significant effect on the purchase of luxury brands and there was a significant difference in perception of prestige value among people of different age groups, gender, occupation, religion, and monthly income. There was a significant difference in perception of snob value among people of various age groups, ethnicity, gender, and religions. Luxury brand companies can target the right target segment by understanding how social value influences the purchase of luxury brands and whether there is any significant difference in social value concerning the various demographic variables. They can devise strategies to enable the right target segment to access their products efficiently.