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https://doi.org/10.31695/IJASRE.2020.33754

has been cited by the following article:

• TITLE: The Effect of Conformity in Luxury: How Does Price Conformity or Nonconformity Affect Desirability in Luxury Clothing?

  AUTHORS: Mital Evelyn

  KEYWORDS: Price Conformity, Luxury Consumption, Market Price, Conspicuous Brands

  JOURNAL NAME: Open Journal of Business and Management, Vol.12 No.1, January 24, 2024

  ABSTRACT: Price conformity is the extent to which the price of a product is similar to the market price. There is a gap in research about how price conformity affects how the consumer perceives it. Does a higher price highlight exclusivity or deter potential customers? Three different studies about different types of luxury clothing consumers are analyzed alongside studies performed about conformity in the social context. These topics will be analyzed alongside each other and used to draw conclusions about consumer reactions to price conformity. From this, it is found that status seeking individuals may be more likely to see a much higher price as more unique and more desirable. Meanwhile, conformity seeking individuals may be prone to stick to the status quo. The outlier is that patricians may not have a reaction to price conformity or nonconformity because pricing is not significant to them. These conclusions provide insight for new firms and marketing managers into their specific consumer demographic and how they can change their strategies accordingly.