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Mia Yang Kristen Foster CO 150.400 21 October, 2013 Should People Spend Money on Luxury Goods when Generic Goods are Available? An Annotated Bibliography This annotated bibliography aims to probe the growing controversial topic of purchasing luxury goods. Nowadays, with the raise of peoples income, they tend to have higher quality of life, which directly induces the sharp increase in the demand of luxuries. My hometown, China, has already become one of the largest countries purchasing luxury goods, eliciting my interest to think about the motivation to buy luxury goods and the factors shaping peoples choices between luxury goods and generic goods. Since the deeper cogitation behind this phenomenon can reflect the conflict between peoples consumption concept and culture background differences, it is a controversial issue which deserved to be examined. In order to process the research project, I post questions guided the research: 1) why people are indulged in luxury goods? 2) What are the advantages and disadvantages when shopping luxury goods? Through the process of seeking the answers for these questions, I may determine the true reasons why more people interested in luxuries, since the great tendency to buy them have already formed a significant impact on the whole global market. I conducted the research on October.3 to October 18 in 2013. Four sources are included in my bibliography: one op-ed piece from popular magazine and three of which are academic articles published on peer-reviewed scholarly journals.

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Park, Kwang-Soo, and Yvette Rcisinger. Cultural Difference in Shopping for Luxury Goods: Western, Asian, and Hispanic Tourists. Journal of Travel & Tourism Marketing 26.8(2009):762-777.Web.14 October 2013. This scholarly article shows other researchers who interested in luxuries, how the sharp differences in cultural background influence people's choice when purchasing luxuries in tourism. To explore the luxury tourist-shopper market, Park uses first primary research to acquaint different consumers preferences; and the analysis of existing statistics for pervious researches since the article contains a literature review. The specific motivations which diverse customer groups focus on, like gifts for others (768) and premium quality (769), are emphasized by the authors, because they try to reveal that the various intentions to buy luxuries leave more chances for individual goods to adjust themselves to meet the demand of culturally different shoppers (774), which inflates the luxuries market.

The publication is an applied research journal which ranked No.4 in the tourism journals (Journal of Travel & Tourism Marketing) and the primary research has formed strong evidence for its rigor and completeness. But the limitation is, the selected sample, not random, will make generalizations in the process of research.

The cultural differences in luxury market, brought by the article, helps me broaden my purviews when exploring reasons purchasing luxuries, giving me a fresh way to track my research and gets to know more about the stakeholders, consumers, perspectives.

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Rhee, Seung Yoon. A Study on Why Luxury Goods Sell and their Effects on the Economy. International Proceedings of Economics Development & Research 46.10

(2012):48-56.Web.7 October 2013. This scholarly article gives readers of International Proceedings of Economics Development & Research a relatively complete research process about shopping on luxury goods. It includes: 1) introduction about luxury goods; 2) the context of current luxury goods market; 3) different motivations to buy luxuries; 4) impact on the whole economy. Quotations, statistics, graphs and secondary research are used as evidence in the article. Rhee tries to convince the audience that numerous factors (52) are contributed to the reasons why luxury goods are welcoming, especially for its outstanding quality and its implicit function of showing high social status for the holders.

The article has a good currency condition for it was published in 2012, not far from now. Also, the publication is a peer-reviewed magazine (IPEDR), which enhances the credibility of the article. But one problem with the article is the unclear idea illustrated in the part of motivations, because author uses too many quoted contents.

This source provides me the basic evidence of my research project, helping me to support one of the perspectives in my essay, meanwhile, showing the larger stakeholder groups involved in the transactions of luxuries, consumers, the common consumption concept toward luxuries.

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Tuttle, Brad. Brand Names Just Dont Mean as Much Anymore. Time.com. Time Inc., 1 November 2012. Web. 9 October 2013. This op-ed piece written for readers of Time and the people have specific interest in brands, mainly discusses the alteration of peoples taste from brand-name goods to generic goods due to the economic recession. Tuttle uses secondary research, data from different the third party agencies, to indicate the tendency that people have changed their shopping customs. To endorse the thesis, Tuttle describes two facets of the generic goods: the good quality make the consumers think that they are worth to buy; the high profits make the sellers deliberate that they deserved to offer. The win-win situation eventually forms the shift of consumers taste.

The article was published in the past twelve months, which guarantees the topic talked about the data used might not be out of date. In addition, the author, Brad Tuttle, who has a lot of experience in writing topic of finance and used to be the senior editor and the author of two books (Brad Tuttle), which makes him trustworthy to the readers. However, the article does not include any in-text citation and the reference to the data which has been used at the end part of the article, let people doubt the authenticity and the conclusions lead by those data.

This source brings out the advantage of generic goods and the new idea that brand-name is not as important as we used to concern, exploiting a new area in the overwhelming luxuries-control market, helping to find an alternative perspective in the research.

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Tynan, Caroline, Mckechnie, Sally, and Celine Chhuon. Co-creating Value for Luxury Brands. Journal of Business Research 63.11(2010):1156-1163.Web.18 October 2013. The co-creating value, the luxury companies and consumers produced together, which comes across in this scholarly article, gives other scholars who have particular pursuits in luxuries a new view about the marketing strategies of those luxuries companies. In order to find different types of value delivered and sought (1159), Tynan listed large amounts of theoretical sources (1159), trying to display the importance of the value which consumers think that the brand offers. Also, the authors focus on how the shift from firm-centered market to the experience-centric market influences customers perspectives on luxury brand, highlights the win-win situation in luxuries market can be closely relevant to the brand-related commutations. (1161)

Since the publication is a peer-reviewed journal (Guide for Authors) and the first editor Tynan is a professor of marketing in Nottingham University Business School, who is also the President of the Academy of Marketing (Professor Caroline Tynan), this source is quite credible and deserved to be referred in my research. However, the examples used in the article are limited in one country, which may lead to generalizations.

This source furnishes my research by proposing a different viewpoint, the co-creating value, which enriches my thought on the market of luxury market and gives a rational reason why people tend to purchase luxuries regardless of the high price. In addition, the two stakeholders, the consumer and luxuries companys perspectives have been reflected.

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Work Cited Brad Tuttle. Time Inc., n.d. Web. 13 October 2013. Guide for Authors. Elsebier B.V, n.d. Web. 21 October 2013. IPEDR. International Association of Computer Science and Information Technology Press, n.d. Web. 13 October 2013. Journal of Travel & Tourism Marketing. Scimago Lab, n.d. Web. 21 October 2013. Park, Kwang-Soo, and Yvette Rcisinger. Cultural Difference in Shopping for Luxury Goods: Western, Asian, and Hispanic Tourists. Journal of Travel & Tourism Marketing 26.8(2009):762-777.Web.14 October 2013. Professor Caroline Tynan. 2009 Academy of Marketing, n.d. Web. 21 October 2013. Rhee, Seung Yoon. A Study on Why Luxury Goods Sell and their Effects on the Economy. International Proceedings of Economics Development & Research 46.10

(2012):48-56.Web.7 October 2013. Tynan, Caroline, Mckechnie, Sally, and Celine Chhuon. Co-creating Value for Luxury Brands. Journal of Business Research 63.11(2010):1156-1163.Web.18 October 2013.