Discussion and Implications
Previous literature on luxury value focuses on the dimensions that underlie the luxury value construct but neglects relevant attitudinal outcomes of luxury value (see Table 1). Furthermore, studies that consider genuine luxury brands and actual luxury brand owners remain scarce. In addressing this gap, we use specific luxury brands and a sample of genuine luxury brand owners to investigate the dimensions and attitudinal outcomes of OBLV. Our results emphasize the relevance of OBLV as an influence on key attitudinal outcomes. In line with Wiedmann et al. (2009), they also confirm that luxury value consists of four dimensions: financial, functional, individual, and social perceptions. With regard to the moderator of the relationship between OBLV and its attitudinal outcomes, empirical results show that awareness of counterfeit existence exerts effects on the relations of OBLV with brand attachment and brand community behavior. However, in contrast with previous research findings based on samples of students and non-luxury owners (e.g., Amaral & Loken, 2016), our study indicates that awareness of counterfeit existence does not weaken the relationship between OBLV and brand loyalty. According to Keller (2001), brand loyalty leads directly to purchase and repeat purchase activities, and Nia and Zaichkowsky (2000, p. 485) assert that for some consumers “the availability of counterfeits negatively affects their purchase intentions of original luxury brands.” However, their findings are based on a sample that includes owners of premium brands (e.g., Calvin Klein, DKNY, Hugo Boss), and we reason that, unlike students (who typically lack the means to afford luxury brands) and non-owners, genuine luxury brand owners are familiar with luxury brands, possess first-hand knowledge of the luxury domain, and have experience-based attitudes toward luxury brands.
