How Does Luxury Affect and Reflect the Society of Modern Society

Abstract

This article delves into the intricate relationship between social status and consumption of luxury items. It provides an in-depth examination of important works from academics such as Thorstein Veblen, Pierre Bourdieu, Susan B Silverstein and Juliet B Schor. Additionally, data analysis is employed in this research study to demonstrate a correlation between GDP per capita growth and demand for luxury products as measured by LVMH's financial results. These findings underline the link between financial security and luxury goods consumption, further cementing wealth's relationship with high-end items. However, as noted in the paper, this relationship can be intricate, as different considerations such as individual goals, social pressures and cultural norms all play an integral part. Future study should explore more complex understanding of luxury consumption by exploring customer behavior, market segmentation, psychological considerations and economic issues. Overall, this research serves as an effective platform for further investigation in this fascinating subject and offers advice to luxury firms who wish to adapt their marketing plans according to changing consumer needs.