Culture and purchase intention for luxury consumption Literature review

Culture and purchase intention for luxury consumption - Literature review Example ect of culture has become more relevant in the globalized world where organizations are targeting the international market in a strategy to increase their revenue. Cultural aspects such as attitude, religions, behavior and information-access influence the consumer decision making process. The hospitality and tourism industry have faced a big challenge while targeting this portion of the customer profile as they enter new markets (Truong, McColl & Kitchen, 2009). Understanding the intention of consumers as they buy luxury products is a priority if such companies have to suit the needs of their target market. The purpose of this review is to establish cultural influence within the luxury market and how this may impact a tourism and hospitality industry. While there is a concession that different countries have different luxury consumption patterns, the influence of culture in this market still remains a contentious issue (Blevis et al., 2007). Secondly, the review seeks to analyze the customer intention and the way culture impacts on this intention within the luxury market. The priority of any managers is to satisfy customers, which can only be accomplished when companies understand customers’ purchase intentions. Through a critical review, the article will analyze the impact of culture and customer intention in the purchase of luxury brands and provide conclusions and implications for the analysis. Therefore, the article will provide a platform through which luxury companies can launch successful brands that satisfy the global luxury market. The luxury market has become one of the potential investment markets in the 21 century. Currently, the luxury market is estimated to have a value of over 300 billion Euros and statistic projections shows that the market is rapidly growing. The luxury market is expected to grow by more than 7% percent each year, which promises high revenue in the future of the market. Besides, countries such as Middle East that have shown