Consumer Values and the Changing Role of Status in the Luxury Fashion Market

Abstract

Consumption of luxury goods was originally conceptualized by Veblen as conspicuous consumption. More recent literature has noted a shift in the industry as luxury goods have become more prolific in the mass market and status signals have become more complex. Rather than a hierarchical structure, individuals consume goods that align with a group of their desired collective self. As socially conscious consumption has become increasingly more popular in the US, consumer surveys and interviews with industry professionals demonstrate a shift in status being expressed through moral consumption rather than conspicuousness. However, a belief- behavior gap persists due to a lack of access to information and distrust of authenticity in value marketing in the luxury industry. Issues concerning labor practices and inclusivity were the most valued. Consumers who considered themselves consistent ethical shoppers could not, however, confirm a presence of ethical values and practices with their favorite brands.