An Empirical Investigation to the Factors Influencing Buying Decision of Luxury Goods: A Study of Y Generation
Global Management Journal for Academic & Corporate Studies, Volume 4, Number 2, 2014 ISSN: 2219-6145
11 Pages Posted: 7 Jan 2015
Date Written: December 31, 2014
This study aims to explore the main reasons of consumption of luxury branded goods. The research also gives an insight upon the main motivational values towards purchasing luxury branded products. The method chosen for analyzing the raw data collected through offline and online questionnaire survey, through snowball sampling technique, was quantitative models namely descriptive statistics and one way ANOVA, that was run through the help of SPSS. The study analyzes the four major motivational values, which motivate people to purchase and consume luxury branded goods, namely; personal values, functional values, individual values and social values. As a result, we find out that functional values were the most significant motivator in purchase decision-making followed by personal values, individual values and social values respectively. One-way ANOVA analysis interprets that four of these values are significant in term of decision-making process while purchasing luxury branded goods. Post Hoc tests showed us the relationship between these values. The social values and fundamental values were highly significant in all the purchase decisions criteria.
Keywords: Luxury goods, expensive brands, purchase decision criteria, Y Generation, Motivational Values
JEL Classification: C12, C42, D71, E20
Suggested Citation: Suggested Citation