Publication type: Conference other
Type of review: Peer review (abstract)
Title: Second hand luxury : consumer motivations behind the purchase of pre-owned luxury goods : the case of luxury watches
Authors: Baumann, Yves
Duma, Fabio
et. al: No
DOI: 10.15444/GFMC2021.04.02.06
Proceedings: Proceedings of the Global Fashion Management Conference 2021
Page(s): 242
Conference details: Global Fashion Management Conference, Seoul (Korea), 5-7 November 2021
Issue Date: 2021
Publisher / Ed. Institution: Global Alliance of Marketing & Management Associations
ISSN: 2288-825X
Language: English
Subjects: Luxury consumer behavior; Luxury consumption; Luxury marketing; Second hand luxury consumption; Luxury management
Subject (DDC): 658.8: Marketing management
Abstract: The market for pre-owned luxury watches has attracted considerable attention in recent years. Many luxury watch brands and retailers have started to realize that this market is lucrative and profitable. However, not much is known about what is driving the recent boom and what the consumer motivations are that lead to a widespread interest in preowned and vintage luxury watches. While the field of second-hand luxury consumption in general is rather well explored, scientific literature on the purchase motivations behind specific product categories, in this case pre-owned luxury watches, is scarce. The present study was led by the following research questions: What motivates consumers to acquire pre-owned luxury watches? What are the main drivers of the growing popularity of preowned luxury watches? The study is based on a thorough analysis of existing literature and primary qualitative research, including expert interviews and a computer-mediated qualitative survey to include the consumer perspective. The motivations identified in this study, namely lower price and investment (economic factors), quality and durability (sustainability factors), the need for social acceptance, social understatement, and standing out from the crowd (social factors), availability, design, and brand (product-related factors), as well as treasure hunting and collecting (recreational factors) add to and partly confirm insights in an existing body of literature on pre-owned consumer behavior which, however, is largely focused on fashion. Additionally, five drivers of the growth of the preowned luxury watch market were identified, namely the availability of luxury watches in general, financial opportunities, online channels and e-commerce, and the presence of established companies in this emerging field. The generated insight is relevant for companies in the sector and helps professionals and academics better understand a former niche phenomenon turned mainstream and adapting business models accordingly.
URI: https://digitalcollection.zhaw.ch/handle/11475/24236
Fulltext version: Published version
License (according to publishing contract): Licence according to publishing contract
Departement: School of Management and Law
Organisational Unit: International Management Institute (IMI)
Appears in collections:Publikationen School of Management and Law

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