A conceptual framework of contemporary luxury consumption

Defining "luxury" as expensive and exclusive products and brands that are differentiated from other offers based on their exquisite design and craftmanship, sensory appeal, and distinct socio-cultural narratives, this conceptual paper integrates the established view of wealth -based luxury with an alternative perspective focused on luxury competencies. These com-petencies include expertise, aesthetic taste, and sensitivity to luxury symbolism and are developed by learning and enjoying the unique luxury features relating to design and craft-manship, sensory appeal, and socio-cultural narratives. The relationship between the wealth-based and competencies-based perspectives is examined for consumption goals; considerations, choice and usage; and consumption outcomes. After identifying individual and societal moderating factors (socio-economic status and self-related factors as well as the effectiveness of social status symbols and the power structure of society), future research issues and research propositions are presented. This paper concludes by advising luxury managers to develop competencies-based strategies to address contemporary lux-ury challenges.CO 2021 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).