This PhD study extends the existing knowledge on the consumption of luxuries, by bringing together the conspicuous consumption and luxury consumption literature with self-concept and trait theory, in order to develop a conceptual framework that explains the phenomenon of luxury consumption from a consumer behaviour perspective. The model developed in this study describes and explains a) the psychological antecedents of luxury consumption in the form of a general – personal or social – selfconcept orientation, as well as in the form of various luxury-specific individual traits, and b) describes and explains a range of different consumption patterns of luxury goods. It is shown how an individual’s self-concept impacts a variety of luxury consumption behaviours via these mediating trait mechanisms. This integrative and parsimonious model helps in understanding the behaviour of these consumers and assists managers a) to better segment their markets, and b) predict consumer reactions to changes in their offering or communications, based on the interaction of multiple controllable drivers of luxury product consumption. This study offers significant theoretical contributions, as well as having important practical implications. It is the first to: a) conceptualize and empirically verify a comprehensive model that explains both the dispositions and the behaviour of the consumers of luxury goods; b) shed more light and detail in an overall proposed personal vs. social orientation to luxury consumption; c) describe and explain in detail the various personality traits of the consumers of luxury goods; and d) delineate and demonstrate empirically the various behavioural patterns of such consumers