Co-creation of value : the key drivers of value which customers seek and obtain from luxury brands and how these differ between genders

Abstract

The aim of this study was to identify the key personal and socially orientated drivers of consumption within an emerging economy to provide a useful comparative study to the existing studies done in Western societies. The study explored the co-creation of value process within the luxury goods market and assessed whether the key value drivers differed between male and female luxury consumers in emerging markets. The study further aimed to determine if and how luxury brand organisations in emerging markets could co-create value through the use of the key drivers identified. A qualitative, cross-sectional, exploratory research method was selected and a total of 13 respondents were interviewed, utilising semi-structured in-depth interviews. Findings revealed that all six key value drivers tested were present in both the male and female decision-making process to purchase luxury goods within an emerging market, with differences and similarities in the key value drivers delineated. The findings also demonstrated that emerging market luxury goods consumers seek to be part of a co-creation of value process and are open to two-way communication with the luxury brand organisations. Finally, the results indicated ways in which luxury brand organisations in emerging markets could co-create value by using the key drivers identified in the study.