Factors Influencing Price Perception for Fashion: Study of Millennials in India

Abstract

Indians are culturally conditioned to be price sensitive, but do the Indian millennials hold similar price perception for fashion. This paper provides new insights into the price perception of Indian millennials for fashion and is the first to examine the influence of fashion involvement and personality traits viz., self-confidence and public self-consciousness with fashion innovativeness as a mediator and zodiac signs as a moderator on price perception with specific focus on price-quality schema of Indian millennials. A conclusive, descriptive and single cross-sectional research design was used to collect data from Indian millennials using a self-completion questionnaire. The model fit and hypothesized relationships between the variables were assessed using AMOS, a covariance-based structural equation modeling technique. The results indicate a statistically significant relationship between personality traits and price perception of Indian millennials for fashion. The mediating effect of fashion innovativeness was not found. The moderating effect of zodiac signs was observed. This study contributes to the understanding of the price perception of Indian millennials and brings to light a new dimension of the moderating role of zodiac signs. The results provide valuable inputs to the marketers in designing their marketing strategies.