The present chapter analyzes the different personal needs that consumers can address through luxury consumption. We propose that luxury consumption may enable consumers to construct and maintain favorable impressions about themselves in terms of efficacy, self-esteem, meaning, continuity, distinctiveness, and belonging. We provide an overview of research on the interplay between these motivations and luxury consumption. We discuss how luxury consumption allows consumers to signal favorable impressions both to themselves and to other people, and when this process may fail. We end with a discussion of new research opportunities.