Luxury Consumers and Consumption Behaviour in Experiential Luxury (5cr)

Intro

“Luxury, to me, is not about buying expensive things; it´s about living in a way where you appreciate things.”- Oscar de la Renta, fashion designer
Contemporary luxury consumers are a diverse group with unique needs and desires. This course will explore the world of luxury experiences and consumption among ultra-high-net-worth individuals to everyday consumption. You’ll learn what luxury means to different people, why they crave luxury, and how to market to this discerning audience. Whether you’re aspiring to work in the luxury industry or simply want to understand luxury consumption, this course is essential to you.

Learning objectives

After successful completion of the course, the student is able to:
* Is able to understand luxury experiences and consumption in relation to changing societies and analyze the cultural differences.
* Is able to analyze the value creation and co-creation in experiential luxury.
* Is able to identify the difference between service and luxury service and the implications of luxury to the service provider.

Contents

Contents
1. Luxury industry and consumption from brands to second-hand luxury purchases and unconventional luxury.
2. Luxury online
3. Conspicuous, inconspicuous, and hedonic consumption in luxury
4. Heterogeneity of luxury consumers
5. Luxury value structures
6. Luxury consumption as a lifestyle

Lähtötaso ja sidonnaisuudet muihin opintojaksoihin

No pre-requirements.
The course is linked with following courses: 1. Evolving Luxury (5 ECTS); 2. Leading Experiential Luxury Business and Marketing (5 ECTS).

Assessment criteria - grade 1

When the implementation type of the course is CONTACT, ONLINE or BLENDED it is required that the student is present during those teaching hours that are marked in the study schedule. If you are absent more than 25 %, your grade will be lowered by one. If you are absent more than 50 %, the course is failed.

The student is aware of the variations between luxury consumers and their consumption in relation to changing societies. The student can evaluate the factors that may affect consumer’s understanding of luxury to a limited degree. The student has basic understanding to interpret luxury consumers’ consumption behavior. The student is able to recognize some forms of value that consumers are searching for in luxury experiences and consumption.

Assessment criteria - grade 3

The student understands the variations between luxury consumers and their consumption in relation to changing societies. The student can evaluate the factors that may affect consumer’s understanding of luxury. The student has rather good understanding to interpret luxury consumers’ consumption behavior. The student is able to recognize different forms of value that consumers are searching for in luxury experiences and consumption.

Assessment criteria - grade 5

The student is able to analyse the variations between luxury consumers and their consumption in relation to changing societies. The student can evaluate the factors that may affect consumer’s understanding of luxury very well. The student has an excellent understanding of luxury consumers’ consumption behavior in different contexts. The student applies theoretical knowledge/model to recognize different forms of value that consumers are searching for in luxury experiences and consumption.