Luxury fashion market in nigeria: the impact of consumers' socio-economic status on buying decisions

The purpose of the study is to investigate the relationship between socio economic status of consumers on their decision making of international luxury fashion brands and the effect of this socio economic status on their behavior, perception, purchase decision and social value dimension. The study describes the result obtained from a survey conducted on 182 respondents who either works or lives in Lagos or Abuja, Nigeria. About 50 percent of the respondents are within the working ages between the ages of 31 to 40 years. It could be deduced also from the result that many of the respondents are middle aged and in their active years Quantitative research approach method was adopted to gather information from respondents through questionnaires distributed online and hardcopies to explore the relationship between Nigerian consumers' behavior, consumers' perception, purchase decision and social value dimension of international luxury fashion brands and their socio economic status. Based on the factor analysis, consumers want to purchase luxury products that are not produced en masse, consumers buy a product because of its status and most consumers are interested in new products with status regardless of the price as long as the quality is superior to other brands. The results of the research indicate that socio-economic status of consumers has great influence on consumers' behavior, consumers' perception, consumers' purchase decision and social value dimension of international luxury fashion brands. Keywords: Consumers' Behavior, Consumers' Perception, Consumers' Purchase Decision, Luxury Products, and Socio Economic Status