In view of the dynamic growth in the luxury market and the availability of luxury goods to a wider range of consumers than ever before, the luxury market has transformed from its traditional conspicuous consumption model to a new experiential luxury sensibility marked by a change in the way consumers define luxury. In a global context, it is critically important for luxury researchers and marketers to understand why consumers buy luxury, what they believe luxury is and how their perception of luxury value impacts their buying behavior. The main contribution of the present paper is to develop.
