Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
Series Vol. 53 , 01 December 2023
Open
Access | Article
Redefining Luxury in the Digital Age: Cross-Cultural Dynamics of Collaborations, Engagement, and CSR-Driven Consumer Perceptions
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Abstract
The study delves deeply into the changing landscape of luxury markets, highlighting its importance in an era of rapid changes in consumer preferences. Spotlighting transformative collaborations and the rise of luxury “Masstige”, powerful forces emerge that challenge the long-standing paradigm of exclusivity, leading to a more inclusive luxury sector. Furthermore, digital platforms no longer simply serve as transactional conduits, but have transformed into complex eco-systems vital to brand narratives, particularly among young people. Through the analysis, a growing significance of sustainability and Corporate Social Responsibility (CSR) is uncovered, both showing discernible economic benefits such as increased brand loyalty. A clear duality in perceptions of luxury emerges between Eastern and Western markets, molded by globalization interwoven with regional cultural nuances. For luxury brands in an era of rapid development, it is imperative that they embrace sustainability wholeheartedly, adapt flexible digital strategies, and be acutely aware of the cultural intricacies of the brand's positioning. Overall, the luxury industry’s future is unambiguously green, digitally astute and culturally attuned.
Keywords
transformative collaborations, corporate social responsibility, digital evolution, cross-cultural consumption
References
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Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
- ISBN (Print)
- 978-1-83558-153-7
- ISBN (Online)
- 978-1-83558-154-4
- Published Date
- 01 December 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/53/20230802
- Copyright
- 01 December 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited