Factors Affecting Consumers’ Willingness to Pay More for Socially Responsible Fashion Products

Abstract

This study addresses the influences of consumers’ demographics, psychographics (e.g. perception), and behavioristics (e.g. habits and past behaviors) on their willingness to pay more for socially responsible fashion products. An online Qualtrics-created survey was used for this study that 748 participants completed. The social responsibility issue in which participants were most interested was “support local businesses.” ANOVA was used to test differences by age group and gender. Stepwise multiple regression was used for hypothesis testing. Millennials were more likely to be satisfied with socially responsible fashion purchases than baby boomers. Women were more likely to purchase socially responsible fashion products, be satisfied with socially responsible fashion purchases, and believe the positive impact of socially responsible businesses than men. This study’s findings suggest that consumers who are older and purchase fashion products frequently are more willing to make financial sacrifices for socially responsible fashion products. Socially responsible fashion businesses should highlight the positive impact of socially responsible purchases to consumers in their marketing messages to increase consumers’ satisfaction with purchases and their willingness to pay more. Consumers’ knowledge of social responsibility motivates their socially responsible purchases.