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Impact of Psychological Needs on Luxury Consumption

Author

Listed:
  • Ning Mao

    (China-ASEAN International College Dhurakij Pundit University, Thailand.)

  • Michael McAleer

    ( Department of Quantitative Finance National Tsing Hua University, Taiwan and Econometric Institute Erasmus School of Economics Erasmus University Rotterdam, The Netherlands and Department of Quantitative Economics Complutense University of Madrid, Spain And Institute of Advanced Sciences Yokohama National University, Japan.)

  • Shuyu Bai

    ( Limian Material Technology Corporation, China.)

Abstract

This paper examines the impact of psychological needs on luxury consumption. Veblen’s Theory of the Leisure Class (1899) invented the term “conspicuous consumption” to describe luxury goods and services, in which Veblen indicated the purpose of luxury consumption was to display wealth and social status. This paper integrates the following two papers: (1) Han and Zhou (2002), who proposed an integrative model, and argued that three variables, namely Country-of-Origin, Brand Name, and Price, were major predictors for overall product evaluation and purchase intentions; and (2) Han, Nunes and Dreze (2010), who proposed a taxonomy called The Luxury 4Ps, to explain the inductive and deductive psychological needs of luxury consumption.

Suggested Citation

  • Ning Mao & Michael McAleer & Shuyu Bai, 2017. "Impact of Psychological Needs on Luxury Consumption," Documentos de Trabajo del ICAE 2017-19, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    • Handle: RePEc:ucm:doicae:1719
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    References listed on IDEAS

    as
    1. Marie-Laure Salles-Djelic & Antti Ainamo, 1999. "The Coevolution of New Organizational Forms in the Fashion Industry: A Historical and Comparative Study of France, Italy, and the United States," Post-Print hal-01892019, HAL.
    2. Michael McAleer & Ning Mao, 2017. "Theravada Buddhism and Thai Luxury Fashion Consumption," Journal of Reviews on Global Economics, Lifescience Global, vol. 6, pages 58-67.
    3. Marie-Laure Djelic & Antti Ainamo, 1999. "The Coevolution of New Organizational Forms in the Fashion Industry: A Historical and Comparative Study of France, Italy, and the United States," Organization Science, INFORMS, vol. 10(5), pages 622-637, October.
    4. Holt, Douglas B, 1998. "Does Cultural Capital Structure American Consumption?," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 25(1), pages 1-25, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Psychological needs; Luxury consumption; Consumer behavior.;
    All these keywords.

    JEL classification:

    • N35 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Asia including Middle East
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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