Defining “luxury” as expensive and exclusive products and brands that are differentiated from other offers based on their exquisite design and craftmanship, sensory appeal, and distinct socio-cultural narratives, this conceptual paper integrates the established view of wealth-based luxury with an alternative perspective focused on luxury competencies. These competencies include expertise, aesthetic taste, and sensitivity to luxury symbolism and are developed by learning and enjoying the unique luxury features relating to design and craftmanship, sensory appeal, and socio-cultural narratives. The relationship between the wealth-based and competencies-based perspectives is examined for consumption goals; considerations, choice and usage; and consumption outcomes. After identifying individual and societal moderating factors (socio-economic status and self-related factors as well as the effectiveness of social status symbols and the power structure of society), future research issues and research propositions are presented. This paper concludes by advising luxury managers to develop competencies-based strategies to address contemporary luxury challenges.

将“奢侈品”定义为昂贵且独特的产品和品牌，这些产品和品牌因其精致的设计和工艺、感官吸引力和独特的社会文化叙事而与其他产品和品牌区分开来，这篇概念性论文将基于财富的奢侈品的既定观点与专注于奢侈品能力的另类观点相结合。这些能力包括专业知识、审美品味和对奢侈品象征的敏感性，是通过学习和享受与设计和工艺、感官吸引力和社会文化叙事相关的独特奢侈品特征而发展起来的。以财富为基础和以能力为基础的观点之间的关系被检查为消费目标；考虑、选择和使用；和消费结果。在确定了个人和社会调节因素（社会经济地位和自我相关因素以及社会地位符号的有效性和社会权力结构）之后，提出了未来的研究问题和研究命题。