Cool brands and hot attachments: their effect on consumers’ willingness to pay more

Abstract

PurposeThis paper aims to explore how motivations to stand out and fit in through consumption affect consumers’ perceptions of subcultural and popular brand coolness. Importantly, how do perceptions of brand coolness affect consumers’ formations of hot, emotional brand attachments and their willingness to pay more?Design/methodology/approachThis study incorporates survey data from consumers regarding cool brands. A structural equation modeling approach is used to assess the relationship between the variables of interest.FindingsSusceptibility to influence is positively related to desire for unique consumption. While this desire may be fulfilled by both subcultural and popular perceptions of brand coolness, only subcultural coolness has a positive relationship with the willingness to pay more. The importance of an emotional brand attachment is established between both dimensions of brand coolness and price premiums.Research limitations/implicationsThis study is based on cross-sectional survey data. As brand coolness is often transitory, longitudinal research on trends focusing on different elements of brand coolness may shed light on the cool brand lifecycle.Practical implicationsFirms wanting to position brands as cool should emphasize how the brand can help consumers stand out. If a cool brand is already well-known, resources should be allocated to building hot, emotional attachments to command price premiums.Originality/valueThis research contributes to a nascent body of literature empirically exploring brand coolness. It builds on past literature that notes the tension between standing out and fitting in conceptualizations of coolness by assessing individual differences. Significantly, it examines specific attributes of cool brands to explore the differences in how subcultural and popular perceptions of brand coolness relate to important marketing outcomes.