Limited Edition Products: A Literature Review and Future Research Agenda

This chapter investigates the literature on limited edition products and elucidates both theoretical and empirical aspects of the literature. The review maps the current research domain and reflects avenues for future research in theory development, context, characteristics, and methodology (TCCM) in the two broad areas of limited edition products—limited quantity scarcity (LQS) and limited time scarcity (LTS). The major theories applied in limited edition research are commodity theory, uniqueness theory, reactance theory, and signaling theory, however, an overarching theory that governs the domain of limited edition research remains to be seen. Research has mostly been conducted in the USA and majorly encompasses the fashion and clothing industry, food and beverages, and consumer durables; suggesting ample scope of research in other developed and developing countries and in other industries as well to have a comprehensive understanding of the domain. Although the literature throws out different product-related constructs, brand-related constructs, the distinction between offline and online retailing and their effects on consumer decision-making with regard to limited edition products have not been explored and will be an important step for future researchers. The methods used have largely been quantitative and more specifically experimental. However, deeper insights are needed to understand the subject of limited edition products, both from the business side and consumer side. Hence, qualitative research is required, which will also enable researchers to develop an overarching theory for limited edition products.