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

See all articles by Nawaz Ahmad

Nawaz Ahmad

RTS (Research, Trainings, and Solutions); Institute of Business Management (IoBM)

Muhammad Ashraf

Indus University Karachi

Khalid Shaikh

Bahria University

Date Written: December 31, 2014

Abstract

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

Ahmad, Nawaz and Ashraf, Muhammad and Shaikh, Khalid, An Empirical Investigation to the Factors Influencing Buying Decision of Luxury Goods: A Study of Y Generation (December 31, 2014). Global Management Journal for Academic & Corporate Studies, Volume 4, Number 2, 2014 ISSN: 2219-6145. Available at SSRN: https://ssrn.com/abstract=2545889

Nawaz Ahmad (Contact Author)

RTS (Research, Trainings, and Solutions) ( email )

9th Nishat Lane, DHA 6
9th Nishat Lane, DHA 6
Karachi, Sindh 75500
Pakistan
00923009292422 (Phone)

Institute of Business Management (IoBM) ( email )

Plot # 84
Korangi Creek
Karachi, Sindh 75190
Pakistan

HOME PAGE: http://www.faculty.iobm.edu.pk/staff/nawaz-ahmad/

Muhammad Ashraf

Indus University Karachi ( email )

Indus Institute of Higher Education
Indus University
Karachi, PA Sindh 75000
Pakistan

HOME PAGE: http://indus.edu.pk

Khalid Shaikh

Bahria University ( email )

Pakistan

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