Factors influencing luxury product consumption in Thai consumers.

Abstract

This research was designed as explanatory research. Quantitative research method was chosen because it is best appropriate for proving a relationship between focused factors. Questionnaire survey was distributed through online to 180 Thai young-adult consumers aged 22-30 years old. The sample was selected using convenience sampling technique as a means to ease time and budget constraints. The data were analyzed using descriptive (mean, frequency and standard deviation) and inferential statistics (regression). The hypothesis testing showed that two forms of value (financial and individual value) were significant in the purchase intention for fashion luxury goods, but two (functional and social value) were not. Salesperson influence was also not significant. The results were contradicted with many studies regarding the influence of functional and social values and salesperson on luxury goods’ purchase intention (Borges, et al., 2013; Cevellon & Coudriet, 2013; Hennings, et al., 2012; Monkhouse, et al., 2012). One obvious reason is that perceptions of the value of luxury goods are not consistent across cultures as noted by Hennigs, et al. (2012) as well as Wiedmann, et al. (2007). Marketers should focus on the financial value and hedonic aspects of the luxury purchase, rather than placing a heavy emphasis on its functional or utilitarian value and social value. Future research may focus on cultural preferences of Thai luxury product consumers and non-consumers in order to develop further understanding of cultural norms and their influence on luxury products.