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History as a Factor Creating the Value of a Luxury Brand
Abstract
Theoretical background: The attributes of a luxury brand include both the physical characteristics of the product and the symbolic values that the brand provides to the consumers. Symbolism is interpreted as prestige, beauty, charisma, the creation of which requires larger and more time-consuming efforts than just producing a unique, expensive, high-quality product. An important aspect of a reliable, trustworthy image is the history of the brand and its creators. In the opinion of many authors, it is an important element of the brand’s value, not only shaping its luxurious image, but also providing psychological values. Although history is not always indicated directly among the attributes of luxury brands, it is the basis of other values ascribed to them. The luxurious nature of the brand is often defined in the literature through the prism of its symbolism, an important element of which is history, along with heritage and country of origin. A prestigious heritage is built and maintained in time and culture by brands that are embedded in historical notions of luxury. As a result of associations with the heritage, brand is perceived as the highest quality, unique and authentic one. Symbolism, heritage and the history of a luxury brand are related to emotional qualities of personal indulgence and self-expression.
Purpose of the article: The aim of the article is to verify the importance of the history of the brand in the process of shaping the value of a luxury brand in the perception of consumers.
Research methods: A total of 203 valid responses were collected from wealthy respondents declaring monthly income over PLN 20,000 gross. An analysis of the results of the study was carried out, as well as an analysis of the literature.
Main findings: In the era of dynamic development of new technologies, unpredictable changes in consumer expectations towards companies and their offers, it turns out that history, heritage and attachment to tradition are highly valued by consumers of luxury goods. They shape a higher level of trust, both in the company’s brand and its products, and increase the consumers purchase willingness. Companies that can boast of long history should undoubtedly communicate it intensively and care about providing consumers not only with basic values related to the product itself, but also symbolic values, which are particularly important for consumer of luxury goods. History and the heritage of a luxury brand constitute one of the essential elements of the brand’s value and should also be treated as such by companies.
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DOI: http://dx.doi.org/10.17951/h.2022.56.5.63-80
Date of publication: 2023-04-19 10:27:31
Date of submission: 2022-11-04 18:38:36
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