LUXURY BRAND CONSUMPTION OF THAILAND’S YOUNGER GENERATION: TRENDS, PERCEPTION, AND INFLUENCING FACTORS

Abstract

Anything that is valued, and more than a basic requirement can be considered a luxury good, and buyers typically find that these items make their lives more enjoyable. The younger population in Thailand has shown a growing brand sensitivity over the past few years. This study aimed to identify the most significant predictor of purchase intention while also examining the link between trends and perceived brand value. Because the main goal of this article is to investigate "why" the younger generation in Thailand is willing to purchase luxury goods, a semi-structured interview style was chosen as the data gathering methodology for this study. This study concluded that social media, trends among the younger generation, and perceived brand value were important predictors of the desire to purchase luxury products, with perceived quality being the most powerful predictor. The study's conclusions have several applications that might help customers better understand the variables that influence their decision to spend money on luxury products. Additionally, since the product is manufactured from recycled materials, luxury goods companies may also develop new business strategies that focus on the quality of the items. These strategies will be more successful in this period. The younger generation is also more concerned about sustainability. This paper may also be used as a reference for upcoming managers and researchers who want to expand the premium markets and take on local brands in the future.