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*Corresponding author: schen440@fordham.edu
The Investigation on The Factors Influencing Lady Dior Handbag
Consumption in China’s Luxury Market: Whether Price is The
Dominant Factor
Sijia Chen1, *
1Gabelli School of Business, Fordham University, 150W. 60th St, NY, New York, USA
Abstract. The luxury industry is full of challenges especially under the COVID-19 pandemic, business has
been struggling through, such as logistics problem. Despite the difficult economy background, China’s
luxury market experienced a double-digit growth while Dior increased the price of Lady Dior handbag.
According to the law of demand, quantity demand falls as price increases. Luxury goods are not necessities,
thus in economics, luxury goods are defined to have an elastic demand. It is predicted that total revenue falls
when price of Lady Dior rises. This is because of the elastic demand will lead to a fall in quantity demand
but proportionately larger than the rise in price. However, the financial report of Dior has shown a rises total
revenue and increase in demand for luxury goods. This paper explains why consumers are still willing to
buy luxury goods even though price increases and the value of price elasticity of demand (PED) of Lady
Dior handbag. PED is a numerical measure of the responsiveness of quantity demand of a product following
the change in price of goods.
1 Introduction
Luxury goods are often expensive and scarce, with high
quality. The Chinese luxury market has always been the
dominant market for luxury brands. Chinese customers
have a desire to pursue extravagant lifestyle and develop
the increasing desire as more western luxury brands has
entered China [1].
During the COVID-19 pandemic, the price of Lady
DIOR handbag is increasing constantly since January
2020 [2]. The price increased 17.65% throughout the
period. However, it is expected that the total revenue of
luxury goods to decrease since they are not necessities.
The Chinese luxury market benefit from the reduction of
international travel, which created exponential boost in
domestic spending. Chinese luxury market has a 48%
growth [3]. As a major luxury brand, the total revenue of
Dior has also been increasing.
This paper is going to figure out the price elasticity
of demand of Lady Dior, the determining influence of
price, and what other factors influence consumers’
decision in luxury consumption.
2 Literature review
Chinese luxury consumption behaviours, the influencing
factors and economic effects have been investigated. In
this part, it introduces the basic concept of luxury and
relevant theories, include the background of the research
followed by the basic economic concepts related to the
research and finally the key effect that are used to
explain the influence of price in luxury market.
2.1 Luxury goods
Luxury goods has a fastly growing demand while
consumer’s income increases at a much lower rate [4].
Etymologically, luxury has two meanings: luminosity
and sumptuousness. Luxury is usually related to
exclusive, high status and quality [5]. What kind of
product is luxury has changed throughout the period. In
the past, people usually consider that piano is a luxury in
1900, but now space tourism is a luxury [6]. Usually,
there are some characteristics of luxury goods:
- Brand history
- Goods that have the highest quality
- Goods that are very expensive, which are distinct
from essential goods
- Goods that are unique and scarce
- Goods designed with unique creativity
2.2 PED in economy
Price elasticity of demand (PED) is the numerical
measure of the responsiveness of the quantity demand
following change in the price of the product, ceteris
paribus [7]. The value of PED reflects the sensitivity of
consumers towards the price of the product. When
PED>1, people have a relatively elastic demand towards
the good, products with this kind of PED has a high
proportion in consumer’s income and often has many
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© The Authors, published by EDP Sciences. This is an open access article distributed under the terms of the Creative Commons Attribution
License 4.0 (https://creativecommons.org/licenses/by/4.0/).
substitutes. When PED<1, people are relatively inelastic
towards the change in price of the product, product with
this kind of PED only take up a small proportion of
consumer’s income and often has few substitutes. In real
life, the PED is not that extreme. However, when PED is
infinite, the demand for the product is perfectly elastic. If
the PED=0, the demand is perfectly inelastic. Usually,
the expense on luxury goods take up a large proportion
of consumer’s income and they are not necessities, thus
consumers usually have a relatively elastic demand
towards luxuries, then PED>1. As price increases, the
quantity demand decreases which falls proportionately
greater than the rise in price, as price elasticity of
demand is elastic. Therefore, total revenue should
decrease when luxury goods are more expensive.
However, the annual financial report of Dior shows a
rise in total revenue, while the price of Lady Dior
handbag raises. This research will discuss whether price
is the dominant factor influencing the luxury
consumption.
2.3 The Veblen effect
Veblen effect is a popular theory in microeconomics,
which it means consumers will follow the luxury
consumption of rich people [8]. The sociologist
Thorstein Veblen studied the phenomenon of
conspicuous consumption, called this effect as the
Veblen effect. It explains the purchase of conspicuous
consumption, the demand for the good rises as the price
increases [9]. The important economics feature helps
explain that The Veblen effect divided price into two
categories: the utility from a product is consist of both
qualities and the price paid for it. Conspicuous price is
the price others think people paid for these goods; it also
determines conspicuous utility. Some consumers may
even stop purchasing when conspicuous price decrease
since the utility falls [9].
2.4 The Bandwagon effect
Bandwagon effect means people’s demands can lead
other people to consume the same products. This theory
means that people have a desire to purchase the same
goods as others, but they initially do not have the desire
to buy it. One’s demand can be more affected by the
demand of others.
2.5 The Snob effect
The last effect is the snob effect, which means that
people’s demand for the goods decreases when others
consume lots of them. Consumers may feel threatened
when seeing other people wearing the same or similar
luxury goods as they do [10]. Therefore, some
consumers choose unfamiliar brands or stop consuming
popular brands with common items. The need for
uniqueness allows consumers to engage in distinguishing
among all consumers. Different consumers have
different response to the change in price [11-15].
2.6 The materialism
Materialism is a tendency to consider material
possessions and physical comfort as more important than
spiritual values. Materialistic consumers are interested in
finding ways to make their social status outstanding by
using luxury goods to symbolize their personal standing
and getting effective response from others. There are
extrinsic goals, which is to achieve financial
accomplishment, social recognition, and social image. In
other words, materialism is an explanation for luxury
consumers because of their intrinsic motivations and
other motivations, according to previous research.
Intrinsic motivations derive from a macro-theory of
people’s motivation. Intrinsic goals, such as the desire
for enjoyment, fulfilling personal needs, and physical
fitness. Luxury consumption is tied to the idea of
physical appearance and achievement vanity in luxury.
3 Methodology
This part explains the methodology used in this research,
including which methods are used, how the data is
collected, what kind of data, and the limitations of these
measures, and how they are used to answer research
questions of this project.
3.1 Research methods
The methods used in this project cover qualitative and
quantitative methods. Specifically, in order to find the
background information of this project, secondary data
collected from Google scholar, Jstor will be used. Also,
official statistics from Christian Dior Official Website is
used as resource to find out the change in total revenue.
3.2 Questionnaire
Using questionnaire, a quantitative data, as my research
method is because responses are standardized with
closed-form questions. The results of questionnaire can
show the proportion of attitudes of the respondents,
while the answers are fixed. Questions includes their
basic information, their attitude towards the price of
luxury goods, and their thoughts of reason for
purchasing luxury. The questionnaire is mainly sent to
consumers who have stable and high income, or
consumers who are in wealthy families.
3.3. Interview
By using the quantitative data, questionnaire, it is also
necessary to use the qualitative data— Interview. By
interviewing Dior’s salesmen and consumers helps to
explain and gain better understanding on the behaviours
of consumption. Also, interview has open-ended
questions so that answers are not limited. The answers
from interview will be more accurate than that of
questionnaire and maybe even unexpected. The
questions include people’s change of attitudes towards
the increase of price, the strategies that company uses to
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maintain consumer loyalty, and his own interpretation of
luxury consumption during the COVID-19.
4 Findings and discussion
In this part, the essay will explain the data from
questionnaire and interview, followed by a conclusion of
the research question. Eventually, the results based on
the real response will also be evaluated (Table 1 to Table
8).
4.1 Results from questionnaire
Table 1. Respondents’ Gender Frequency Table
Gender Frequency Percentage Gender
Male 44 22.34% Male
Female 153 77.66% Female
Gender Frequency Percentage Gender
Total 197 100% Total
Table 2. Respondents’ Age Proportion Bar Chart
Age Proportion
41-7 21.83%
31-40 26.40%
19-30 18.78%
10-18 32.99%
The questionnaire has a total respondent of 197, in
which there are 77.66% of the respondents are women,
and 22.34% of men respondents. respondents are
covered form teenagers to elderly, a range from 10 years
old to 70 years old. Half of them occasionally purchase
luxury goods, 41.62% of them purchase luxury goods at
a low rate, only 8.12% of the respondents often buy
luxury goods.
Table 3. Respondents’ Frequency of Luxury Pruchasement
Frequency Proportion
Barely 41.62%
Occasionally 50.25%
Frequently 8.12%
The questionnaire also covers their preferred
determining factors whether buy the luxury good or not,
each respondent is allowed to choose two influencing
factors. The most determining factor is the style
(including the colour, the sense, the decorations of the
product), which nearly 83% of the respondents think this
is the most important factor when choosing luxury goods.
The next top choice is the brand of the luxury goods,
where there are almost 62% of the respondents chose
this. On the other hand, only 49% of the respondents
think price is a determining factor when deciding to
purchase luxury goods. Although the proportionate of
choosing ‘price’ as the determining factor is not small, it
does not show a high connection between price and the
quantity demand.
Table 4. Respondents’ Attitude about Luxury Consumption
Factor
Category Proportion
Limited
edition 1.52%
Practicability 55.84%
Price 49.24%
Style 82.23%
Brand 61.93%
Since the research question mainly focus on the price
of the luxury goods, respondents were asked to choose
the determining level for one about the price of the good.
The results show that most people consider price as an
important or not-that-important factor, each with 32.99%
and 39.09% proportion respectively. Only less than 20%
of the respondents think price is crucial, and 10.15% of
them think that it is not important.
Table 5. Respondents’ Attitude about The Importance of Price
Factor
Level Proportion
Not important 10.15%
Not care 39.09%
Important 32.99%
Very
important 17.77%
Furthermore, since this paper discusses about Lady
Dior handbag, respondents were asked to whether they
would choose to buy Lady Dior with the increase of its
price. Over half of them decide to purchase the Lady
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Dior handbag, but they need to consider other factors as
well. Less than 10% of them will buy it and 32.99% of
the respondents refuse to purchase Lady Dior.
Table 6. Respondents’ Choices
Choice Proportion
Perhaps 32.99%
I will not 57.36%
I wil 9.64%
Previous research and new report show that many
consumers rush to boutiques to purchase Lady Dior
before it become more expensive, thus respondents were
asked to choose their reasons in explaining why an
increase in luxury goods may even stimulate the desire
for people to purchase it. Over half of them, 62.44% of
them, prefers the choice of ‘Price is not the most
determining factor when purchasing luxury goods. Some
respondents said that they may want to get the luxury
goods before the next increase in price, and some said
consumers may be forced to buy the luxury goods but to
their own needs. Others said that the increase in desire
may be a result of a thought that an increase in price
means increase of the item’s value and scarcity.
Table 7. Respondents’ Attitude about the Price Factor
Attitude Proportion
Price is not
the
determining
factor when
purchasing
luxuries
30.96%
Worry the
product will
increase price
again
62.44%
Others 6.6%
Lastly, respondents were asked to answer why most
people has the desire to own luxury goods. 55.84% of
the respondents think having luxury goods is a symbol of
high-quality lifestyle. 25.38% of them thinks it
represents personal taste and 13.2% of them think it
represents social status.
Table 8. Respondents’ Attitude about What Luxury Means
Hat Luxury
Means
Proportion
Symbolises
superior 55.84%
Symbolises
taste 25.38%
Symbolises
social status 13.2%
Others 5.58%
4.2 Key findings of interview
In December, the author has interviewed a manager in
Chongqing Dior. He used to be the salesman in Dior
located in Chongqing IFS mall, and now he is the
manager of the Chongqing district. During the interview,
the author has asked questions about his attitude towards
the luxury market in China and Chongqing, his answer
towards the price factor in consuming luxury goods, his
understanding of Chongqing people luxury consumption,
how sales are trained and other relative questions.
‘During the COVID-19, as China has been locked
down, many cities forbid citizens to travel abroad. Since
most Chinese consumers are into purchase luxury abroad,
their luxury consumption has changed from foreign
countries like France and Italy to their local city. This
switching consumption has greatly increased the Chong
Qing’s Dior consumption.’ This is what the salesman
mentions that the total economy of Dior has increases,
despite price of all goods increases. This is because of
the proportion of the increase in price is greater than the
proportion of the decrease in consumer quantity.
Furthermore, he also suggests that Dior and other
luxury brands will increase their product price
approximately 2 times a year, usually the increase
percentage is about 10% to 20%. The manager of Dior
mentions that consumers will consider factors such as
style, colour, raw material, scarcity, limited edition, and
product value. Moreover, some consumers even have
different purchasing objective. Granted, most consumers
purchase luxury goods for themselves because they like
the product. Some consumers buy luxury goods simply
because they have been influenced by social media, as
well as social trends. Others consume luxury goods as a
present to themselves since they have worked so hard for
a long time. These consumers think they will feel
satisfied and encouraged from luxury goods. Some of
them buy luxury goods as a present to others.
4.3 Discussion
4.3.1 Price elasticity of demand
The questionnaire has only shown a low percentage
(17.77%) of respondents that they think price is a
dominant factor when consuming luxury goods [16].
Concluding that consumers are less responsive to the
change in price. Moreover, there are no close substitutes
for the specific Lady Dior handbag. For consumers
especially fascinated about Lady Dior handbag, they
cannot use other handbags to substitute the more
expensive Lady Dior. Lady Dior handbag has its own
unique style and design, so it is hard for consumers to
find a similar handbag in the luxury market. Moreover,
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Dior has used a variety of valuable, scarce, and
expensive raw materials to produce Lady Dior. Fabrics
such as lizard skin, cattlehide, sheepskin, crocodile
leather, and ostrich skin. Dior has also collaborated with
world artists, allowing them to design limited edition
Lady Dior handbag. With the variety of raw material and
style, the market of Lady Dior handbag has lots of
choices, increasing the choices for consumers to
purchase. In this way, Dior has continued to expand its
Lady Dior handbag market.
Moreover, the manager claimed that Dior has a stable
consumer base, who have stable and high-income
resources, and these consumer groups are usually
careless towards the change in price. Normally, the price
of Lady Dior is between 30 thousand RMB to 60
thousand RMB. The price of one Lady Dior handbag
only consists of a small percentage of the total income
for wealthy consumers. Therefore, a fluctuation in Lady
Dior handbag will not be a serious problem for wealthy
consumers. They are careless of the change in price, thus
price elasticity for most Lady Dior handbag’s consumers
is inelastic, less sensitive to the change in price.
Lastly, the accessibility of luxury consumption is
limited by the pandemic. Many cities have locked down
in 2020, and even in 2022 some cities, like Shanghai, are
not totally free to travel around. Therefore, choices of
shops have greatly decreased due to COVID-19
restrictions, Chinese consumers can only purchase
luxury goods local. Choices are limited, thus demand for
Lady Dior is relatively more inelastic than before the
epidemic.
4.3.2 The Veblen effect
This theory refers to the positive impact of the price of a
product on the quantity demand of that product. Where
quantity demand increases as price increases. The luxury
consumption in this effect is called as conspicuous
consumption, quantity demand is conspicuous demand,
and price of the luxury is conspicuous price. The theory
represents the change in quantity demand after the
turning point of the demand curve of consumers
represent below (Figure 1).
Figure 1. The Veblen effect [16]
The curve of the demand curve is ‘C’ shape. When
price is below P1, the demand follows the law of
demand, where quantity demand falls as price rises.
When price rises from P3 to P2, the quantity demand
falls from Q3 to Q2, follows the law of demand.
However, when price is above P1, the demand obeys
the law of demand. The quantity demand rises as price
rises, which is the Veblen effect. Thus, quantity demand
rises as price rises after the turning point (P1) of demand
curve.
In the case of the increase in total revenue of Lady
Dior can be explained by the Veblen effect. The Lady
Dior handbag is a Veblen product where the change in
quantity demand does not follow the law of demand
(Figure 1).
Figure 2. The Veblen Effect in Luxury Market [16]
In the figure 2, there are 5 brands, and the y-axis
represents the price of each of their price in increasing
order. Coach and MichaelKors are considered as quite
affordable brands, where consumers are attracted to the
low price. For these two brands, the law of demand holds.
If price of Coach and MichaelKors falls, handbags are
more attractive to consumers, consumers are more
willing to buy the handbag, thus the quantity demand for
the brand’s handbag will increase. However, Bottega
Veneta is considered as the turning point of the demand
for luxury handbag, because BV has both expensive and
relatively more affordable products. Brands above
Bottega Veneta, like Hermes, the law of demand does
not hold. For these brands, price is not only a demand
factor, but also a monetary value of the symbol of luxury
goods. Price of a Hermes Birkin or price of a Lady Dior
represents status, wealth, and power. The higher the
price, the stronger the symbol of these identities.
Therefore, consumers’ quantity demand for handbag
rises as price of the product increases.
Therefore, the Veblen effect is the theory for
explaining the phenomenon of the luxury consumption.
As Lady Dior handbag’s price increases, the quantity
demand rises, leading to a rise in total revenue. After the
price have reached a certain high level, the law of
demand does not hold anymore. The price factor is
different from what people thought before, but the price
has other meanings. The price after it reached P1, it also
represents status, wealth, power, and symbol. The price
after P1 is a monetary value of these symbols. Therefore,
when the price of a product is high enough, price is a
symbol of those identities, where other factors like
intrinsic needs, external goals, and psychological needs
influences the quantity demand, which explains the
increase in demand for Lady Dior as it becomes more
expensive.
4.3.3 The Bandwagon effect
This effect is a psychological phenomenon in behavior
economy where people do something because others are
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doing it, even though they intentionally don’t want to do
it.
In luxury consumption, the Bandwagon effect
explains luxury consumption psychologically why
quantity demand for Lady Dior rises. Consumers can
easily be influenced by comments of others. Chinese
consumers often evaluate the quality and value of a
product by relying on the opinions from other consumers.
Under the environment of this thinking, consumers are
indirectly accepting this misleading information. For
example, consumers are influenced by celebrities and
popular culture. The certain style celebrities wear, or the
certain item famous person wear is a symbol of
themselves. People are influenced by the status of the
wearer, and consumers may think that buying the same
item or wearing the same style can be like that person.
The Bandwagon effect can happen positively and
negatively. If people’s initial preferences are similar,
consumptions are rational, and they have accurate
information of the quality of product. Therefore, it
makes sense for consumers to follow the trend and make
consumption. However, the bandwagon effect in luxury
consumption can be misleading because it indirectly
gives consumers the signal to purchase goods that they
intentionally do not want to buy. Luxury goods are not
necessities thus there is no need for consumers to buy
extra expensive handbag. Also, some consumers are not
that wealthy, and they probably do not like the Lady
Dior handbag, but they still buy one at the store.
Additional consumption of Lady Dior handbag may be
considered as a waste of resources. Rationally,
consumers do not need extra handbag. Nevertheless,
consumers in practice are irrational and their motivations
for buying luxury goods is not juts marginal utility
anymore.
All in all, the Bandwagon effect explains the luxury
consumption psychologically, through explaining the
consumer behaviour. Meaning that people can be
influenced by others, can following the consumption if
others are buying too. Though the influence may be
rational, but in luxury consumption it is often seen as
irrational and misleading.
4.3.3 The Snob effect
The Snob effect refers to the phenomenon that quantity
demand for certain consumer falls because others are
increasing their demand for a product. It explains the
psychological reason of the fall in quantity demand is
due to the feeling of being unique. Thus, these types of
consumers pay less attention towards popular brands and
popular products. Therefore, as Lady Dior is getting
more and more popular, some consumers are decreasing
their demand for Lady Dior.
4.3.5 The desire to achieve psychological goals:
symbolism, self-satisfaction and perfectionism
Other factors may influence luxury consumption more--
Materialism. Luxury goods does not only present to
other people about the wearer’s social status, also
provides hedonistic effects and psychological
satisfaction. Materialistic consumers mainly consider the
symbolism of luxury goods, and what luxury goods can
represent them.
The Chinese luxury consumption motivations mainly
includes individuals internal desire and external
stimulations. In research done by Silverstein and Fiske, it
has a result that many consumers who purchase luxury
goods are not rich, but they still spend a large amount of
money on luxury brands. This motivation from these
consumers can be explained by individuals’ self-esteem.
Although consumer do not consider luxury goods as
necessitates, they still spend a large proportion of their
income to purchase on of them.
Chinese consumers care about the feeling during the
consumption and what the product can bring them, such
as superiority, self-satisfying, recognition, and ‘saving
face’. There is a strong connection between the
motivation of luxury consumption and psychological
satisfaction. Chinese consumers are obsessed with
luxury goods and often consume luxury goods to satisfy
themselves, for internal needs, or to satisfy their desire in
owning one of it.
Furthermore, Chinese consumers luxury consumption
is also relevant to social needs rather just only internal
demands. Many job now requires employees to dress up,
for instance, job in a fashion industry and business
industry. Having a delight suit of Dior or having a
classic Lady Dior handbag may give the business partner
or employers a good impression. Moreover, Chinese care
about their figure in public and their reputation among
people. Self-recognition is one of the motivations for
luxury consumption. When others give effective
response towards luxury clothes, shoes, or accessories,
this satisfies consumers’ psychological needs and
increases consumer’s recognition. Thus, Chinese tries to
present themselves by owning luxury brands. Chinese
purchase luxury goods because they think luxury goods
is a symbolic of an extravagant lifestyle. In order to
directly show they are rich and live in an affluent
lifestyle, Chinese are particularly interested in well-
known brands with obvious logo on the products. The
other motivation is the specific term, often use only in
China, is ‘saving face’. Saving face always occurs in
social occasions and even in daily-get-along between
friends and families. Consumers depend on the well-
known brand, expensive price, and the symbolic
meaning from luxury goods to show-off or use luxury
goods as a communication.
Purchasing luxury goods provides consumers
hedonistic rewards. Consumers are interested in
satisfying their own thoughts and feelings, which factors
other than price influence on decision making more.
Thus, price is one of the factors that consumers will
consider whether to purchase luxury or not, but it is does
not cover most of the decision making. The rises in price
of Lady Dior handbag will lead to a fall in quantity
demand but proportionately smaller than the rise in price.
Overall, the total revenue increases.
5 Conclusion
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5.1 Main findings
The reason why an increase in the price of Lady Dior
handbag led to an increase in total revenue is due to the
Veblen effect, the Bandwagon effect, and the luxury
consumption behavior of Chinese consumers. The paper
also draws conclusion that consumers have price
inelastic demand for Lady Dior. Though price influences
the quantity demand of Lady Dior, it only has a small
impact on the change in demand. demand of Lady Dior,
it only has a small impact on the change in demand.
Price has always been the demand factor, either when
price of the product is low or high. What the Veblen
effect meant is that when price is high enough, the price
factor also represents more. The price is not only a
demand factor, but also a monetary value of the internal
symbols of the Lady Dior. Furthermore, price is an
indicator of the quality. Thus, consumers may think
products with higher price has better quality.
Other motivations for consuming luxury include
fulfill self-satisfaction, materialistic motivations, achieve
intrinsic and external goals, and ‘saving face’.
5.2 Limitations and suggestions
Both questionnaire and interview have shown tendency
about the importance of other factors for consumers to
consider during luxury consumption. Motivations for
Chinese consumers to purchase luxury goods contains
their desire to satisfy their psychological needs and their
desire to be served, as well as to enjoy the sale’s services.
Besides these needs, consumers buy luxury goods as a
reward to themselves.
However, the result coming from questionnaire may
be inaccurate and biased. Since the answers are
previously set by the questionnaire designer, respondents
can only choose the closest answer, but not the most
accurate one. Thus, the results are inaccurate. Future
researchers can avoid this problem by not providing any
choices and let respondents to type down their answers.
Nevertheless, this will lead to disincentive to answer the
questionnaire.
Moreover, questionnaire is only answered by limited
numbers of people, the sample subject is not large
enough, so the answers are not representative.
Researchers can use big data or random sample to
improve the representative.
Also, interview is time consuming and it needs time
to analyse the answers given by the respondents. Also, it
is difficult to practice in large scale, thus the answers
may be not representative and subjective. One of the
solutions is to interview more managers with high status.
Therefore, there are more answers, and their answers are
more objective.
Lastly, the turning point of the Veblen effect is
inaccurate and hard to measure. Everyone has different
standards of the level considered as a start of the Veblen
effect.
Though the reasons for the increase in sales can be
predicted before the study, the investigation is surely
worth it. The study can provide information to firms in
what problems do firms have if their promotion failed,
how to adjust business strategies and what firms need to
do to have greater opportunity to success. The research
of Dior provides a great example for how business
should do to improve their product and enhance
consumer loyalty. Dior has designed a variety of colors
and fabrics of Lady Dior. And collaborated with famous
artists in the world, to make Lady Dior more various so
that most consumers can buy one of them. Thus, the
research suggests that luxury firms should also find ways
to make their supply more flexible and elastic, in order
to face different kinds of demand.
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SHS Web of Conferences 188, 03009 (2024) https://doi.org/10.1051/shsconf/202418803009
ICDDE 2024