Consumer Perceptions on Luxury Multi-brand Platforms: An Exploratory Approach to Korean Fashion E-commerce

Abstract

The Korean luxury market has recently experienced unusual growth. Despite the economic recession caused by COVID-19, transactions have increased. Additionally, flex culture (conspicuous consumption), and reselltech have increased the number of consumers who purchase expensive products such as luxury goods through online and mobile channels. This study determined the overall perceptions, sub-component factors, and perceived benefits of luxury fashion platforms covered by mass media (news), and investigated consumer attitudes and perceptions concerning luxury fashion platforms through user reviews. Keyword frequencies, TF-IDF, semantic network analysis, CONCOR analysis, and sentiment analysis were used. As a result of the analysis, perceptual structure of luxury fashion platforms consists of the state of luxury fashion platform, company evaluation, luxury fashion platform growth engine and marketing/service strategies. Factors that characterized the perceived benefit of the luxury fashion platform included economic benefits, convenience, and value as a data source. The platform also had entertainment values by providing aesthetic and pleasurable experiences to users. Further keyword-based sentiment analysis revealed that positive sentiment characterized 77.25% of the reviews. This study empirically investigated the perception of the luxury fashion platforms through a multidimensional analysis of the economic, affective, and informational value it provides.