Luxury value perceptions and consumer outcomes: A meta‐analysis

Abstract

Luxury value perception is a well‐researched, yet fragmented domain. Extant research reports several dimensions of luxury value perception, where different investigations identify varying dimensions and their impact on several consumer‐related outcomes. However, such findings are inconsistent across studies, which are carried out across various contexts using disparate samples. In this research, we use the Theory of Consumption Value and Economic Theory to provide a comprehensive understanding of the dimensions, outcomes, and moderators of luxury value perception. This investigation synthesizes extant literature through a meta‐analysis to explain the inconsistent findings and offer new insights. The meta‐analysis integrates findings from 64 papers that report 74 separate studies with 32,587 participants/consumers. The impact of the dimensions of luxury value perception (functional, social, emotional, conditional, epistemic, and economic) on consumer outcomes (affective, cognitive, and behavior), and the moderating effects of several moderators (industry type, culture, gender, and publication year) are conceptualized and examined through meta‐analytic techniques. Some relationships are under‐researched in literature and cannot be tested, which provides scope for future investigations. This research is valuable for theory as we offer novel insights and identify boundary conditions that advance theoretical understanding of the domain. Managers will benefit from this holistic understanding as they may apply the insights obtained to formulate nuanced marketing and branding strategies.