Cross-Cultural Differences in Consumer Perceptions of Luxury Product Values: A Mixed-Method Analysis

Abstract

The study aimed to investigate the cross-cultural differences in how consumers perceive luxury products and to understand the underlying reasons for these perceptions. To achieve this goal, both quantitative and qualitative methods were employed to explore Hofstede’s four distinct cultural dimensions and examine four types of luxury value: functional, individual, social, and financial value. A survey conducted using social media questionnaires asked 100 consumers in Mongolia and 107 consumers in Taiwan about their knowledge and perception of the value of luxury goods. This mixed-method analysis led to several conclusions regarding the perceptions of luxury product values across the two cultures.