Exploring relationship between value perception and luxury purchase intention

Abstract

Purpose Although India is home to the world’s largest millennial population, so far, hardly any studies exist that explain the key drivers leading to the luxury goods consumption among this generational cohort. Therefore, the purpose of this paper is twofold: first, to develop and empirically test the conceptual framework designed to measure the relationship between luxury value perceptions and purchase intentions among the young Indian luxury consumers, and, second, to examine the moderating effect of gender in the relationship between luxury value perceptions and purchase intentions. Design/methodology/approach A purposive sampling technique was employed to collect the data from young luxury fashion consumers. Statistical tests including confirmatory factor analysis, multi-group analysis and structural equation modeling were applied for data analysis. Findings The findings show that the conspicuous value is the most significant determinant of luxury purchase intention followed by the experiential value, susceptibility to normative influence and utilitarian value. The uniqueness value was found to have weak relationship with purchase intention. Furthermore, results revealed that the relationship between the luxury values and the luxury buying intentions does not vary significantly between male and female. Originality/value This is one of the first studies that provides meaningful insights to the academicians and marketing practitioners about why millennials buy luxury fashion brands in emerging markets like India.

Personality traits influencing young adults' conspicuous consumption

“…Several studies have explored the attitudes and preferences related to luxury and new-luxury consumption (Chu & Kamal, 2011;Jain, 2019;Kim & Joung, 2015;Mundel et al, 2017). However, these studies did not jointly analyse young consumers and explore personality traits that influence new-luxury conspicuous consumption.…”

Pro‐environmental millennial consumers' responses to the fur conundrum of luxury brands

“…most significant consumer (Jain, 2019a) with substantial purchasing power (Arli et al, 2019;Moreno et al, 2017) who believe that environmental sustainability is everyone's responsibility (Hanson-Rasmussen & Lauver, 2018). In response to millennials' attitudes towards environmental concerns and sustainable development, Prada (following luxury brands such as Gucci, Chanel and Burberry) and the department store Macy's have announced that they will stop using or selling animal fur starting in 2020 (Prisco, 2019).…”

Luxury rental purchase intention among millennials—A cross‐national study

“…Previous studies suggest the role of subjective norm and attitude toward collaborative consumption to have a direct impact on the intention to consume (Roos & Hahn, 2017). Today, the role of subjective norm becomes more critical (Chalhoub, 2017; Jain, 2019) as social media purchases influenced global luxury purchases. The reviews of others, which amount to what users had seen, done, and heard online, affect affluent millennial shoppers mostly using social networks to research and share information about products and trends.…”

“…Data were collected by using the mall‐intercept questionnaire survey method. This method has been successfully used in several studies in the past (Bian & Forsythe, 2012; Jain, 2019; Jain, Khan, & Mishra, 2017). The survey was conducted in the English language in both countries, as it was easily understood by the respondents.…”

“…This segment of consumers appears to be driving the growth of fashion rental consumption due to multiple reasons like their desire to be perceived on social media as living fun and experience‐rich life. They value experience over product acquisition and are considered to be budget conscious and having concern for environmental sustainability (Jain, 2018; Jain, 2019). Consequently, getting fashion clothing on rent makes sense for them (Weinswig, 2017).…”