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(India and China to spur luxury growth, 2011). Moreover, the Chinese luxury has reached US $ 10.7billion (Xinhua, 2011) and is expected to rise further to US $ 27 billion by 2015 (Atsmon et al., 2011).The differences between luxury consumption in India and China may be assigned to several externalfactors, namely, economic, social and cultural factors. They shape consumers‘ perceptions of luxury goodsin India and China.Economic Development and Growth:The economic development of the country has a direct impact on luxury consumption (Eng and Bogaert,2010). A rising economy has increased money in circulation, and more credit is available to consumers toincrease the discretionary purchases as it increases the consumption of luxury products. Conversely, incase of a recessionary economy, luxury consumption may decrease as consumer delay their purchasesunder adverse economic conditions (Browning and Crossley, 2000). The imposition of taxes in the form oftariffs and trade duties may also increase the cost of purchasing luxury items. Moreover, countries alsodiffer in their policies of these taxes on luxury products.The Indian economy was liberalized in 1991. It led to loosening of regulations, making the country a hotspot for all kinds of businesses. In 21 st century, there is increasing flow of credit in India due to its surgingeconomy (Sengupta, 2007). This has resulted in a large number of wealthy individuals in the country,particularly the High Net worth Individuals (HNIs). HNIs are those individuals whose net worth is greaterthan US $1 million (Stanley, 1988). The number of HNIs in India was estimated at about 126,000 in 2010(Banerjee, 2010). These individuals form one of the main segments for luxury consumption in India.Along with HNIs, the disposable income of the middle class has also increased and it has started spendingon luxury. The Indian middle class has been estimated to increase from 5% to 41 % of the totalpopulation from the year 2008 to 2025. The total income will increase to about $1.16 trillion within thistime period. This will form 58% of the entire nation‘s income (Farrell and Beinhocker, 2007). Thephenomenal growth of the middle class makes it one of the main segments for the consumption of massluxury items. With the rising stock market and India‘s economic performance in the last decade, there is acollective atmosphere of self-belief and confidence. It has led to the increasing fulfillment of consumerismand materialism in the luxury sector. This can be seen in case of the luxury automobile market. In India,this market consists of high end models such as BMW 7 series and Audi Q7 that comprise 35% of thetotal passenger car market. This figure is expected to grow by 5% to 7% in the coming years (Singh andZachariah, 2010). Although there are such encouraging figures reported by some sectors, luxury in Indiastill has a long way to go (see Figure 3). High tariffs are imposed on imported luxury goods and even thecustom duties are very high, often about 100% of the total value of the products (―India, Brazil on Hold,Luxury Targets West Asia‖, 2010). These taxes keep changing over time and thus it makes India a lessluxury-friendly country (―India‘s One Billion Euro Luxury Market can double in the Next 3 Years‖,2011).Proposition 4: Custom duty and tariffs create differences in the perception of luxury between India andChina
Figure 3: Effect of Economic Development on Luxury Consumption in IndiaLiberalizationin 1991Growth in BusinessEffects on Luxury MarketNegative EffectPositive EffectLess Growth of LuxurySectorIncreased Flow of CreditTaxesCustomdutiesTariffsHNIsLuxuryConsumersMiddleClassMaterialismSimilar to India, China is also a developing economy. Post the economic reforms of 1978, multinationalcompanies entered in the 1980s and the private sector emerged in the late 1990s. It resulted in phenomenaleconomic development of the country and has further increased incomes of the Chinese population(―Economy of the People‘s Republic of China‖, n.d.). There are two sections of the population that haveconstituted a great market for luxury in China, namely, the High Net worth Individuals and the middleclass. The first section consisting of the High Net worth Individuals (HNIs) is well established in China.There are about 477,000 HNIs, and this is the fourth greatest number of individuals in a single country
Page 1 and 2: Proceedings2012 ACADEMY OFINDIAN MA
Page 3: Anna-Lena Ackfeldt and *Neeru Malho
Page 6 and 7: A few studies have explored audienc
Page 8 and 9: Referring to Table II, data also re
Page 10 and 11: Table I.Descriptive statisticsMean
Page 12 and 13: Developing a Conceptual Framework f
Page 14 and 15: 1. IntroductionLuxury has its origi
Page 16 and 17: Figure 1: Dimensions that different
Page 20 and 21: (―Premium Brands Luxuriate in Chi
Page 22 and 23: use of these forms of money for lux
Page 24 and 25: the latest additions to the brands
Page 26 and 27: Western individualism (Ramamoorthy,
Page 28 and 29: watches to satisfy themselves and t
Page 30 and 31: It may be stated that the different
Page 32 and 33: ―JWT releases first ever study on
Page 34 and 35: Wiedmann, K. P., Hennings, N. and S
Page 36 and 37: (Source: TRAI)India is the second l
Page 38 and 39: suggested that benchmarking of the
Page 40 and 41: Kapoor 1 reported that business sub
Page 42 and 43: The parameters for which the respon
Page 44 and 45: Four factors were extracted, togeth
Page 46 and 47: DiscussionThe key insights from the
Page 48 and 49: eturn on marketing investment. Reta
Page 50 and 51: What is Proximity marketing?Proximi
Page 52 and 53: Conjoint AnalysisFor identifying di
Page 54 and 55: Government service/ retail organiza
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Page 58: Adoption of alternate Technologies-
Page 63 and 64: ooth_campaign.htmlMcGovern, G.J., C
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CustomerorientationH1aPlatforminnov
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Morgan, R.E. & Berthon, P. (2008).
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judged. On the other hand, Brand (1
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hairstyles are ‗Afro-centric‘ o
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METHODSubjectsConvenience sampling
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Use of hair extensions a symptom of
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When asked to state their reasons f
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The third most predominant reason f
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Khumalo, N.P., Jessop, S., Gumedze,
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that influence the diffusion of gra
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future studies. Perry (1998) has br
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acquired during times of a bad catc
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innovation. The adopter might be in
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availability to the adopter, (2) la
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affective responses through nonverb
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Researchers acknowledge that advert
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markets as a form of sexual appeal
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constant, sexual illustrations had
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Table 2Categories and Proposed Cate
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construct Definition Examples of PV
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of understanding the type of persua
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Hovland, R., MacMahan, C., Lee, G.,
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Role of Gratitude and Obligation in
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obligation. Therefore, it is impera
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development of long term business r
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fulfilment of their desire for reco
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intentional, it has incurred some c
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This study is intending to use surv
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Cannon, Joseph P., Ravi S. Achrol,
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Martin, C. A. & Bush, A. J. (2000).
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Can we manage the influence of role
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Affective commitment (AC) refers to
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transactional theory,we draw upon t
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RESULTSConsistent with prior resear
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empowerment are perceived to be hig
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Agarwal, Sanjeev and Sridhar N. Ram
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Meyer, John P. and Natalie J. Allen
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TABLE 1CORRELATIONS FOR THE CONSTRU
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&Prof Geoff Bick(E: geoff.bick@gsb.
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and Reinartz, 2006) and sales (Ahea
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The discourse on CRM has made a tre
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These studies demonstrate that impl
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3. Conceptual frameworkThis section
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This approach is fully supported by
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The table below presents the verbat
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given by respondents are given in t
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With regards toinstitutional factor
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REFERENCESAhearne, M., Rapp, A., Ma
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(5), pp.485-508Gupta, S., Lehmann,
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RIA Policy Brief N.1, pp1-4.Scott,
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In order to understand individual c
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Research DesignResource based view
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Frank H.A. and D‘Souza J. (2004),
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Yang Q., Mudambi R. and Meyer K.E.
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INTRODUCTIONPeople in various parts
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More importantly, environmental con
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However, a number of studies have i
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pro-environmental behaviour.ANTECED
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Role of family is particularly rele
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was further revealed that though co
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This paper provides comprehensive f
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Lepisto, L. R. (1974). An Empirical
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Zimmer, M., Stafford, T. F., and St
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HypothesesCSP and Brand Equity: Ins
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Rural Penetration of Life Insurance
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life) held by an Indian consumer is
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the state of Andhra Pradesh, micro
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The data wascollected from the agen
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The percentage of ULIP business to
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public sector LIC has many satellit
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Significance of t-test is less than
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Significance of t-test is less than
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Physical presence of at least satel
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Examining the association between G
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Cross-tab analysis of economic gree
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Holbrook, M. B. (1986). Emotion in
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Model 2 - Formative Second Order Fa
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We used a 2-step structural equatio
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Measurement Model Misspecification
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DR. RAJNISH JAINAssociate Professor
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Modern retailing is aimed at facili
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and further reported that mood, inv
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strong feelings of pleasures from s
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Scale Development: Scientific proce
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Confirmatory Factor Analysis: Explo
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DISCUSSION
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Retail customer experience is a ref
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Diep, V. and Sweeny, V. (2008), ―
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Sandstorm, S., Edvardsson, B., Kris
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2. LITERATURE REVIEW2.1. Competing
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customer satisfaction (Bolton 1998,
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To account for common method varian
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elevant in emerging markets, it als
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other distribution systems, who (c)
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Deighton 2009) from the marketer to
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some of the leading academic resear
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Schultz, D., and Charles Patti (200
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Coping With Service Failure: The mo
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stress. Secondary appraisal relates
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Prior studies have extensively stud
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the disparaging effects of service
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students were recruited from variou
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Main effects of brand reputationRes
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The main objective of this study wa
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customers reason out the potential
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There are several limitations to th
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Smith, A. K., Bolton, R. N., & Wagn
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QuickTime and adecompressorare need
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Brand Communities on Social Network
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The social networking site revoluti
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strategy due to its impact brand tr
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Cova, B., & Pace, S. (2006). Brand
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Spectator-Based Brand Equity and In
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(www.gallup.com) in mid 2009, it wa
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Team-branding, thus, becomes an imp
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students. These items were measured
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Gladden, J.M. and Funk, D.C. (2002)
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Impact of Sensory Branding on Consu
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were selected by the consumers with
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Reaction to Advertisements and Bran
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„service‟ as ―an act or perfo
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proposed attributes that customers
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There are some limitations inherent
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SERQUAL Scale‖, Journal of Retail
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capabilities for stakeholder engage
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arrived at a consensus. Independent
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different levels of government to p
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NGOs and CBOs. In addition, the cor
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the information generated at each l
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A nation‘s capacity embodies the
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―…there is a lot of good work b
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manifested in many forms. Following
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Grindle, M. 1996. Challenging the S
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impacts of message concreteness in
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2004; Lee, Keller, and Sternthal 20
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Second, to examine the manipulation
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The message concreteness manipulati
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instructions) to different kinds of
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Processing: Review and Extensions,
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May, 2012a. Lillian L. Cheng, Cheng
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senses from experiences. It is a ba
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Acceptability and the Type of Infor
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IntroductionRetail banking is an es
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servicescape of retail banks in Sin
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specific aspects of service environ
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commenting in 1970 that ―For bran
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well as NSSM theory leaves signific
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experience inside the servicescape
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Several observational visits were p
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spending your time there. I don‘t
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‗Our bank is located in the centr
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That servicescape can be utilized s
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McGivern, Y. (2006). The Practice o
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