New luxury: Exploring consumers' personal values on luxury consumption values
Date
2020-05
Authors
Atkinson, Stephanie
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Abstract
The main purpose of this research is to gain an empirical understanding of new luxury trends, specifically for young consumers ages 18-44. This study examines the effects of personal values on new luxury consumption values, and further the effects of new luxury consumption values on consumers’ intention to engage with new luxury brands. Personal values include achievement, benevolence, ecocentrism, self-direction and self-esteem. New luxury consumption values include inconspicuous consumption, intrinsic experiential value, personal fulfillment, self-directed pleasure, and sustainability. The data were collected through an online survey method. A questionnaire was distributed to 450 participants through Amazon’s MTurk. After data collection and cleaning, a total of 318 responses were used for data analyses. Exploratory factor analysis, reliability analysis, and path analysis were performed using SPSS and AMOS statistical packages. The findings reveal that three components of new luxury consumption values (intrinsic experiential value, personal fulfillment, and sustainability) were statistically significant factors that directly affect intention to engage a new luxury brand. Furthermore, the results of indirect effect testing revealed that the other two consumption values (inconspicuous consumption and self-directed pleasure) played a role as significant mediators in the paths from personal values to intention to engage. In general, personal values were found to affect new luxury consumption values. The most notable effects of personal values on new luxury consumption values were found from achievement, personal fulfillment, ecocentrism, and sustainability. The main contribution is the creation of a framework for new luxury and the empirical findings that deepen the understanding of how young consumers’ personal values are driving these new luxury trends.
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Keywords
luxury, new luxury, value theory, sustainability, young consumers, millennials, gen-z, brand engagement, personal values, consumption values
Citation
Atkinson, S. (2023). New luxury: Exploring consumers' personal values on luxury consumption values (Unpublished thesis). Texas State University, San Marcos, Texas.