Abstract
The millennials are an important cohort in luxury market, because of their purchasing power and the power of social media interaction. However, little is known about factors underlying their attitudes toward luxury fashion brands and online purchase intentions. This study explores whether materialism, a need for uniqueness, susceptibility to informative influence, and social media usage affect millennials’ attitudes toward luxury fashion brands and online purchase intentions. In addition, this research examines cross-cultural differences between Russian and Korean millennials based on four cultural dimensions of Hofstede’s model. The results indicated that all factors significantly related to attitudes towards luxury brands, and this, in turn, positively effect on online purchase intentions. Moreover, the results indicated that millennials from Korea and Russia pursue a need for uniqueness, some differences were revealed regarding materialism, susceptibility to informative influence and social media usage. Theoretical and practical implications are further discussed.
Highlights
The millennials are an important generational group of consumers who purchase luxury online and to determine their attitude to luxury has become an important subject for this study
Using social comparison and social impact theories, this study describes conformity and nonconformity behaviors driving millennials’ attitudes toward luxury brands across cultures
A total of Russian and Korean millennials be involved in the research from September to November 2018
Summary
The millennials are an important generational group of consumers who purchase luxury online and to determine their attitude to luxury has become an important subject for this study. The millennials have different attitudes compared to other groups They are very savvy in the usage of new technologies and they are more concerned in online behavior like online shopping (Klapilova, 2016) where their purchasing rate is ranked to be the highest (Dhanapal et al, 2015). South Korea and Russia are both fast-growing luxury markets and are the biggest ecommerce markets in the world. South Korea and Russia are in top ten of the biggest ecommerce markets in the world, with annual sales of US$37 billion and US$20, respectively (business.com, 2017). No research has yet been found to explore factors driving attitudes toward luxury fashion brands within two countries, Russia and South Korea
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