What is Luxury Consumption

The luxury industry has changed in established and emerging markets due to the globalization of luxury brands. While rising luxury businesses combine tradition with contemporary and embrace digital channels for reach, established luxury brands draw on their rich history and innovate to stay current. Due to the mix of cultures brought about by globalization, luxury businesses now need to strike a balance between cultural sensitivity and global appeal. Luxury firms are being forced to adopt ethical business methods to meet the growing demands of consumers worldwide for sustainability. Luxury brands need to adapt to this changing environment, stay culturally sensitive, and embrace sustainability if they want to succeed in the international world of luxury consumers. This chapter focuses on the determinants influencing consumer behavior towards the existing and established brands in the backdrop of globalization.