Consumer Behavior

Project Report
A study on teenagers’ (boy) perception about
‘Luxury Consumption’

Course: Consumer Behavior

Course Coordinator: Dr. Saikat Banerjee
Submitted By: Group
Name Roll Number Email Id
Alok Yadav 5 aloky_kd20@iift.edu
Debojyoti Das 13 debojyoti_kd20@iift.edu
Girish Morankar 17 girish_kd20@iift.edu
Kaushik Anand 23 kaushik_kd20@iift.edu
Neeraj Kumar Sinha 29 neeraj_kd20@iift.edu
Niraj Kumar 30 niraj_kd20@iift.edu
Rohan Asodekar 38 rohan_kd20@iift.edu
Vibhav Pandit 51 vibhav_kd20@iift.edu
Wahib Waqas 53 wahib_kd20@iift.edu

1|Page
CONTENTS

ACKNOWLEDGEMENT ……………………………………………………………………………………… 3
ANALYSIS OF SURVEY ………………………………………………………………………………………. 4
1. INTRODUCTION ……………………………………………………………………………………. 5
2. BACKGROUND ………………………………………………………………………………………
3. SURVEY AND QUESTIONAIRE ………………………………………………………………..
4. CONCLUSION ………………………………………………………………………………………..

2|Page
ACKNOWLEDGEMENT

We would like to express our gratitude to Dr. Saikat Banerjee, for his expert guidance as well as
for providing necessary information regarding the project details. We would also like to thank
IIFT administration for giving us the access to various resources for detailed analysis. And last,
our sincere thanks to all the respondents who were a part of research survey.

3|Page
ANALYSIS OF SURVEY
Topic
A study on teenagers’ perception about ‘Luxury Consumption’
Number of respondents : 30

Questionnaire
(To understand demographics)
a. Name
b. Location & address
c. Age
d. Gender
e. EQ
f. Annual Family income
g. Contact details
1. Which brands do you shop frequently and which brands do you shop occasionally? Why?
2. How much do you spend on your preferred brand? Who makes the decision?
3. Which factors do you/your family consider while making a purchasing decision of brands?
4. What prevents you from buying the desired product? Do you prefer substitutes?
5. Do you occasionally try new brands or do you stick to established brands?
6. What comes to your mind when you hear the phrase “Luxury”
7. What comes to your mind when you hear the phrase “Luxury Consumption”?
8. What comes to your mind when you hear the phrase “Luxury Brand”?
9. What are the ‘phrases’ you would like to associate with luxury brands?
10. Can you name some luxury brands?
11. Do you use any of luxury brands? (if yes) How long have you been using this product? What
made you stick to this brand/product? (if no) what is your dream luxury brand you would like to
buy? Why?

4|Page
12. What kind of benefits one should get from luxury brands?
13. Which factors do you/your family consider while making a purchasing decision of luxury
brands?
14. Do you bargain when you purchase luxury goods? Why? Why not?
15. Do you look for promotional schemes when you plan to purchase luxury goods? Why? Why
not?
16. From where do you shop for luxury brands? Online or retail outlets? Why?
17. How do you get information about luxury brands?
18. Who motivate you to buy luxury brands? How?
19. What role do social media influencers play in your consumption of luxury products?
20. Does celebrity endorsement matter to you while you purchase luxury goods?

5|Page
 1. Introduction
Luxury is no longer restricted today to only the rich and the selected few but is being used for
mass marketing now. The concept of luxury has been changing dramatically across time and
culture. Earlier, luxury was connected with things like wines, champagne, designer clothes and
sports cars. These days, people have become richer and luxury is a blurred genre that is no
longer the preserve of the elite. More and more consumers have increased their financial status
as the old values of tradition and nobility have become less important. People are having much
more disposable income in comparison to earlier generations, resulting in a tendency towards
fulfilling personal needs and aspirations through experience. Therefore, it could be said that
luxury is more about experience, rather than financial value. This is not to say that luxury is
about status, but luxury is more than financial value. Indeed, they run hand in hand. The need
for personal gratification and aspirations has led to greater emphasis on having things which
make life better and easy. It means that consumers want to improve their life.

Many demographic changes have taken place in the Indian population which have led to
increase in purchase of luxury brands. After the advent of globalization, the youth have better
job opportunities and higher disposable incomes which has increased their purchasing power. It
is assumed that the young have less of liabilities at the start of their career and thus are high on
materialism which drives consumerism among them. This had elevated the consumption
pattern to conspicuous level.

Indian consumers are very different from a consumer in China or the West. Indians culturally
are value conscious and always look for a good bargain. People always seek value and search
for information regarding at what price they can get brands internationally. Consumers are
ready to experiment; they have become bold. It's not conventional pattern of buying anymore.
People are ready to experiment with colours, styling, irrespective of age. Consumers are brand
conscious and logo-centric and logo has to be shown well. For men, shoes with prominent logo
sell more in India. Women shoes do not sell well because they don't see value. However,
women buy sunglasses and handbags which are more visible. Indian buyers give a huge
importance to perception and value. Quality and craftsmanship is a selling point but not decider
point for Indians, it is prestige that people associate with brand that they are paying for and
therefore more than anything else it is perception of the brand in the country that is either
making a brand successful or is creating struggle.

6|Page