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

Abstract

In the last few years, a radical shift has been observed in luxury consumption behavior, particularly in millennials who are increasingly inclined toward sustainability. There has been a tremendous rise in demand for services providing a non‐ownership model of consumption. However, hardly any study has focused on exploring the consumption behavior of the millennials for luxury fashion goods in the context of sharing economy. Hence, this research aims to examine the key drivers that affect millennials attitude and purchase intention of luxury fashion on rent. Data were collected via mall‐intercept questionnaire survey method from millennials in India and United Arab Emirates (UAE) who aspired to consume luxury fashion goods on rental basis. Statistical tests, including confirmatory factor analysis, multi‐group analysis, and structural equation modeling, were applied for data analysis. Furthermore, an integrated conceptual model based on self‐determination theory and theory of reasoned action is proposed to examine the key driving motivators that affect millennials' attitude and purchase intention of luxury fashion on rent in the UAE and India. The results reveal that significant differences exist across the nations. Experience value and identity projection value had a higher impact on UAE citizens than Indians. The current study is a pioneer study that attempted to understand the young consumer's attitude and purchase intention for luxury fashion rental consumption and examine differences and similarities of millennials across nations.

Examining the moderating role of perceived risk and web atmospherics in online luxury purchase intention

“…This study applied survey method for data collection as this approach has been widely used in past studies (Mishra et al, 2020;Jain and Mishra, 2020;Kim et al, 2015;Timperio et al, 2016). A total of 365 questionnaires were administered, of which 250 valid responses were obtained, 118 through mall-intercept interview and 132 through emailed questionnaires.…”

The Impact of Country of Origin, Trust, and Satisfaction on Online Purchase Intention in Emerging Markets: An Indian Perspective

“…The present study used a survey to obtain primary data, as did previous surveys (Mishra et al, 2021). The researchers used Google Forms to distribute links to an online questionnaire to potential respondents, and they were approached for participation.…”

Consumer Motivations for Luxury Fashion Rental: A Second-Order Factor Analysis Approach

“…LFR platforms provide a variety of choices in premium high-end fashion products to consumers who are interested in boosting their personality and enhancing their social image for special occasions, such as parties [6]. With the sharing economy's trend emphasising non-ownership [41,42], global online fashion rental marketing is expected to increase by approximately 10% by the end of 2023 [43].…”

“…Consumers' engagement in LFR may be related to a variety of motivations relevant to the luxury consumption and renting contexts. Few studies have explored consumers' motivations for engaging in LFR [6,13,43,44]; most have focused on motivational factors associated with consumers' engagement with the sharing economy in general, thereby neglecting the possibility that consumers' LFR motivations can originate from their desire for luxury goods [6,13]. However, given the growth of the luxury rental industry, consumers' motivations for LFR may be multifaceted.…”

“…Researchers note that consumers are excited about accessing a wide range of luxury product choices through renting [67]. Similarly, their enjoyment increases from having opportunities to experience high-end and high-quality luxury outfits that are normally unreachable [43]. In the LFR context, the hedonic value may also manifest in the form of excitement and enjoyment associated with increased access to trendy, high-quality, and otherwise inaccessible luxury products.…”